Autobytel Inc.s net loss more than tripled in the fourth quarter, the company said Thursday, extending the troubled Internet marketing companys string of red ink.
The fourth quarter net loss widened to $15.1 million from $4.4 million during the same quarter of 2007. Revenue fell 24.8 percent to $14.2 million.
For all of 2008, the company said it posted a net loss of $79.9 million, compared with $5.4 million in 2007. Autobytels 2008 revenue fell 15.7 percent to $71.2 million.
Autobytel, a pioneer in online lead referrals to auto dealerships, last reported a net profit in 2004. It has had a full-year net profit only twice in the past 14 years.
CEO Jeffrey Coats said the company is returning to its roots in search of a money-making future. New top executives have shifted away from a media-centric, advertising-driven business and are focusing on re-establishing Autobytel as the quality and value leader for in-market car leads through our core lead referral business, he said.
In December, Coats took over as the companys third CEO since March 2006.
The company said it has begun an aggressive program to improve cash flow, stabilize operations and return Autobytel to profitability.