eAutoclaims Notes Second Straight Profitable Quarter; Collision Repair Management Drives Profitability

Florida-based eAutoclaims reportedly just completed its second profitable quarter. Net income for the six-months ended July 31, 2003 totaled $230,102 compared to a net loss of $2,364,056 for the six-months ended July 31, 2002, an improvement of $2,594,158.

Revenue for the six-months ended July 31, 2003 was $18,061,673. This represents a 12 percent increase from the $16,111,348 of revenue for six-months ended July 31, 2002. The basic net income per share was $0.01 for the six-month period versus net loss per share of $0.14 per share in the six-month period ended July 31, 2002. The basic weighted-average shares outstanding for the six-month period was 21,263,892 compared to 16,891,697 in the prior comparable six-month period.

For the fiscal year-ended July 31, 2003, total revenues were $34,061,072 versus $32,283,363 in fiscal 2002, an increase of 6 percent. Net loss for the fiscal year was $1,184,253, compared with a loss of $4,210,954, a 72 percent decrease. The losses for both fiscal year periods reflect several non-cash items. Net loss per share for the year decreased to $0.06 from $0.32 per share in the year- ended July 31, 2002. The weighted average shares outstanding for fiscal 2003 was 20,209,634 compared with 14,813,549 in the prior comparable period.

Eric Seidel, president and CEO, commented, “We are pleased to report that we were profitable for the last six months of the fiscal year. As expected, our collision repair management revenues continue to grow, up 6 percent compared with fiscal 2002.

“In addition, our focus on higher margin products has increased our margins over last year. We have eliminated a significant amount of expenses in an effort to reach our profitability goal, particularly in our SG&A expenses, which we reduced by 21 percent over last fiscal year. We focused our efforts on improving efficiencies through technology which reduced costs and improved our cycle time for our customers.”