Carbiz Inc.
TSX VENTURE : CZ

Carbiz Inc.

October 03, 2005 07:00 ET

Carbiz Inc. Reports Second-Quarter Growth

SARASOTA, FLORIDA--(CCNMatthews - Oct. 3, 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 and higher software revenues pushed year-over-year revenue up 34 percent. Six month revenues were $2,286,269 compared to $1,703,434 in the same period last year.

"The first two Carbiz Auto Credit centers continue to drive growth by increasing revenues from credit center operations" Ritter said. "We expect the third quarter to continue demonstrating strong year-over-year growth."



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Six months ending Six months ending
July 31, 2005 July 31, 2004
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Revenue $2,286,269 $1,703,434
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Cost of sales $1,103,134 $757,893
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Operating expenses $1,170,214 $1,433,073
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Operating profit (loss) $12,921 $(487,532)
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Interest income (expense) $(117,675) $(61,884)
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Amortization/depreciation $73,203 $370,278
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Net profit (loss) $(177,957) $(919,694)
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Profit (loss) per common share $0.000 $(0.03)
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About Carbiz

Based in Sarasota, Florida, Carbiz is a leading provider of software, training and consulting solutions to the U.S. automotive industry. Carbiz's suite of business solutions includes dealer software products focused on the "buy-here pay-here", sub-prime finance and automotive accounting markets. Carbiz also operates a chain of "buy-here pay-here" dealerships in Florida which are wholly owned and joint venture companies. Carbiz also provides a tax refund service, distributed through automobile dealers across the United States on a seasonal basis. 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.
    Heidi Smith
    Media Contact
    (941) 504-2803
    or
    Carbiz Inc.
    Carl Ritter
    Chief Executive Officer
    (941) 952-9255, ext. 1014
    www.carbiz.com