Carbiz Inc.
TSX VENTURE : CZ

Carbiz Inc.

June 29, 2005 07:00 ET

Carbiz Inc. Reports First-Quarter Earnings

SARASOTA, FLORIDA--(CCNMatthews - June 29, 2005) - Carl Ritter, chief executive officer of Carbiz Inc. (TSX VENTURE:CZ) (Carbiz), reported that expansion in the company's Carbiz Auto Credit center division pushed year-over-year revenue up 28 percent. First-quarter earnings were $80,802 compared to a loss of $502,247 in the same period last year.

"The impact of the first two Carbiz Auto Credit centers is beginning to show in the company's earnings," Ritter said. "By the third quarter, we will begin to see results from credit center expansion fueled by the joint venture announced earlier this year. The outcome will be continued increases in year-over-year revenue throughout this fiscal year."



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Quarter Ending Quarter Ending
April 30, 2005 April 30, 2004
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Revenue $1,277,096 $996,895
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Cost of sales $540,063 $444,716
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Operating expenses $568,508 $697,318
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Operating profit (loss) $168,525 $(145,139)
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Interest income (expense) $(52,265) $(36,404)
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Amortization/depreciation $35,458 $320,704
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Net profit (loss) $80,802 $(502,247)
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Profit (loss) per common share $0.001 $(0.01)
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About Carbiz

Based in Sarasota, Florida and Toronto, Canada, Carbiz is a leading provider of Internet and software solutions to the North American automotive industry. Carbiz's suite of business solutions includes dealer software products focused on the finance, sub-prime finance and "buy-here, pay-here" markets. Carbiz has 40 full-time employees and provides finance solutions, lead generation, Internet capability and training services. Carbiz supports more than 3,000 dealers with a recurring revenue model, in addition to individual product sales. Carbiz also provides a tax refund service and refund anticipation loans at a facility in Sarasota, Florida that employs 90 people on a seasonal basis.

In calendar year 2004, Carbiz began to leverage its industry knowledge and software products into company-owned credit centers, which are used-car dealerships that offer financing to customers with poor credit. Carbiz opened its first two credit centers in Palmetto and St. Petersburg, Florida in 2004. The company intends to open a third credit center in Tampa, Florida in mid-2005. Each credit center originates, funds, manages and collects loans for vehicles sold to customers.

For more information about Carbiz and its services, visit Carbiz's web site: www.carbiz.com.

Forward-Looking Statements

All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the future plans and objectives of Carbiz. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Carbiz assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Heidi Smith Communications, Inc.
    Media Contact: Heidi Smith
    (941)504-2803
    or
    Carbiz Inc.
    Carl Ritter
    Chief Executive Officer
    (941)952-9255, ext. 1014