Internet auto retailer Autobytel Inc. reported a second-quarter net loss of $57.3 million, largely because of a $52.1 million impairment charge taken in the quarter.
Excluding the impairment charge, Autobytel reported a loss from continuing operations of $5.3 million in the quarter ending June 30. That compares with a net loss of $2.0 million in the second quarter of 2007.
The company said the impairment charge was taken because of the decline of its stock price in the quarter. Shares of Autobytel lost more than 34 percent of their value in the second quarter and closed trading at $1.42 a share on June 30.
Revenue fell to $18.9 million in the second quarter of 2008, compared with $21.6 million in the same period last year. Autobytel cited lower advertising rates and revenue and reduced spending on search engine marketing.
For the first half of the year, Autobytel said it posted a net loss of $59.2 million on revenue of $39.7 million, compared with net income of $5.6 million on revenue of $43.6 million during the same half of 2007.
In a statement, CEO Jim Riesenbach said the company has removed more than $15 million in annualized expenses and will continue to operate as efficiently as possible.
We continue to work diligently on attracting new users to our Web properties while enhancing the value of our products to meet the growing demand of automotive marketers in the online arena, Riesenbach said.
Autobytel, of Irvine, Calif., launched its first car-buying Web site in 1995.