eAutoclaims Reports Second Straight Profitable Quarter
30 October 2003 - 6:39AM
PR Newswire (US)
eAutoclaims Reports Second Straight Profitable Quarter Collision
Repair Management Drives Profitability; SG&A Down Sharply
OLDSMAR, Fla., Oct. 29 /PRNewswire-FirstCall/ -- eAutoclaims
(BULLETIN BOARD: EACC) has 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% 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%. Net loss for the fiscal year was $1,184,253, compared with a
loss of $4,210,954, a 72% 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 chief executive
officer, 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 growth, up 6%
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% over last fiscal year," Seidel said. "We
focused our efforts on improving efficiencies through technology
which reduced costs and improved our cycle time for our customers."
About eAutoclaims: eAutoclaims (OTC:EACC) (BULLETIN BOARD: EACC) is
a business services company that provides the insurance industry
with claims management services through both ASP and integrated
outsourcing solutions. The Company's clients are insurance
companies, fleet management companies and insurance services
companies. eAutoclaims' solutions streamline the claims handling
process, decreasing the overall time and cost required to process a
collision claim and reducing average paid losses for its clients.
The Company handles repair estimates, repair audits and claims
systems administration services for automobile claims that are
processed and tracked via the eAutoclaims Web-based platform and
network of service providers. 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. DATASOURCE: eAutoclaims, Inc. CONTACT: Jeff
Dickson, Chairman, eAutoclaims, Inc., +1-813-749-1020, ext. 202, or
Web site: http://www.eautoclaims.com/
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