Parts.com Reports Sales Down 10% for Third Quarter

SANFORD, Fla., Nov. 20 -- Parts.com, Inc., a marketplace and software solutions provider for the parts industry, today announced its results for the third quarter ended September 30, 2001.

Revenues for the third quarter of 2001 were $317,879, down 10 percent from the same period last year. Pro forma net loss for the quarter was $67,153 or a loss of $.02 per share. During the corresponding quarter in 2000, the comparable pro forma net loss was $746,152 or a loss of $0.31 per share.

For the three-month period ended September 30, 2001, the Company reported net sales of $317,879 a 36 percent decrease compared to net sales of $493,058 for the quarter ended June 30, 2001. As stated in the Company's 10Q report, it records only its net transaction fees on parts sales.

For the quarter ended September 30, 2001, the Company reduced its Other Selling, General and Administrative Expenses to $244,134 from $881,426 for the comparable quarter in 2000.

Pro forma results exclude stock-based employee compensation; stock-based consulting fees, amortization, depreciation, and interest expense.

``Considering the difficult business environment during the third quarter, we are pleased with our results,'' stated Shawn D. Lucas President and CEO. ``Although revenues for the quarter were down 10 percent, the Company successfully reduced its operating cost by 76 percent compared to the second quarter of 2001.''

``Parts.com is working with its secured creditors/investors, the Internal Revenue Service and its vendors to complete a financial workout before our fiscal year-end which is December 31, 2001. Parts.com can make no assurances that it will resolve these obligations, as several unresolved issues still remain that will dictate the final outcome of the Company's debt obligations. I am hopeful this restructuring will be completed in the coming weeks, allowing Parts.com's management and employees to focus 100% of their time on sales for 2002,'' concluded Mr. Lucas.

About Parts.com

Parts.com, based in Sanford, Florida, provides business-to-business electronic commerce software and parts procurement platform provider. The Company's e-procurement solutions enable corporations to use electronic automation to streamline business transactions and reduce costs. In addition to automating existing relationships between buyers and seller, Parts.com also provides a marketplace where buyers and sellers can conduct transactions electronically.