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eAutoclaims Revenues Grow 72%

    OLDSMAR, Fla.--March 13, 2002--eAutoclaims, Inc. (OTCBB:EACC) which provides online claims management solutions for the auto insurance industry through both an applications services provider (ASP) and outsourcing services, announced financial results for its second fiscal quarter ended January 31, 2002.
    Total revenues for the second quarter were $8,481,094 versus $4,934,856 in the period ended January 31, 2001, an increase of 72% over the prior year-ago period. Net loss for the period ended January 31, 2002 was $508,468 compared with $636,339 in the prior comparable period. The losses for both periods reflect several non-cash items. Non-cash expenses created approximately $152,000 and $210,000 of losses in these periods, respectively. Net loss per share was $0.04 for the period versus $0.21 per share in the quarter ended January 31, 2001. The weighted-average shares outstanding basic and diluted for the quarter was 13,280,782 compared to 11,193,181 in the prior comparable period.
    For the six-month period ended January 31, 2002, total revenues were $16,172,015 versus $7,154,123 in the comparable six months ended January 31, 2001, an increase of 126%. Net loss for the most recent six-month period was $1,846,796, a decrease compared with a loss of $1,626,392 a year-ago. The losses for both periods reflect several non-cash items. Non-cash expenses created approximately $903,000 and $430,000 of losses in these periods, respectively. Net loss per share for the period decreased to $0.18 from $0.46 per share in the six months ended January 31, 2001. The weighted average shares outstanding for the six months ended January 31, 2002 was 12,769,285 compared with 11,163,218 in the prior comparable period.
    Eric Seidel, president and chief executive officer, commented, "Our revenue growth continues to meet our expectations. Specifically, our collision repair management revenues were up 84% compared with last years' second quarter, and up 162% for the six-month period versus last year. We anticipated that collision repairs management would drive our growth, moving forward, and we are pleased to report that we are right on track."
    Seidel said that particularly noteworthy in this quarter's performance was the increase in the Company's fee and other revenue category, which was up 168% and 187% for the six and three-months periods, respectively. "A portion of this increase in revenue consists of click fees that we earn from our service partners and clients. These click fees add additional margin to a quickly increasing revenue stream."
    Seidel added that the company should experience additional click fee revenue from the official release of the eJusterSuite(TM) during the third fiscal quarter. "With eJusterSuite, we can now provide carriers with an ASP and an outsource based processing solution. This will increase the breadth and scope of our marketing operations."
    eAutoclaims, Inc., established in March 2000, provides the insurance industry with claims management through both ASP and integrated outsourcing solutions. The Company's clients are insurance companies, fleet management companies and large fleet operators. The Company's solutions streamline the claims handling process, decreasing the overall time required to process a collision claim and reducing average paid losses for its clients.

    This announcement contains "forward-looking statements." Words such as "anticipate," "believe," "estimate," "expect" and other similar expressions as they relate to the Company and its management are intended to identify such forward-looking statements. Although the Company and its management believe that the statements contained in this announcement are reasonable, it can give no assurances that such statements will prove correct. Factors that could affect the occurrence of events or results discussed herein are included with those mentioned in the Company's filings with the Securities and Exchange Commission.