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Insurance ASP Claims Revenue Growth

eAutoclaims Inc. , an Oldsmar, Fla.-based ASP and application outsourcer that provides online claims management solutions for the auto insurance industry, today announced financial results for its third quarter, which ended April 30, 2002.

Total revenues for the quarter were $8 million, up 21 percent from last year's $6.7 million Q3 mark. Net loss for the quarter was $875,907 compared with a $4.5 million loss for last year's third quarter.

Total revenues for the first three fiscal quarters were $24 million versus $14 million for the nine-month period that ended on April 30, 2001 with reported net losses of $2.7 and $6.1 million, respectively.

"We are pleased to report solid top-line growth, quarter over quarter. As expected, our collision repair management revenues continue to drive our growth, up 31 percent compared with last year's third quarter, and up 96 percent for the nine-month period versus last year," said Eric Seidel, president and CEO.

Seidel also noted eAutoclaims growth in fee and other revenue, with increases of 110 percent and 143 percent for the three- and nine-month periods, respectively. "Moving forward, this revenue stream, which includes 'click fees' that we earn from our service partners and clients, will allow us to improve our operating margins."

Seidel said that the company's recently released ASP solution, eJusterSuite, has been "widely accepted by our clients and is already providing eAutoclaims with added 'click fee' revenue."

"We are poised for a strong finish to fiscal 2002," Seidel concluded, "and remain on-track to achieve profitability from operations during the fourth quarter."

eAutoclaims clients are insurance companies, fleet management companies and insurance services companies. eAutoclaims' solutions are designed to streamline the claims handling process, reducing the time and expense required to process a collision claim. Repair estimates, repair audits and systems administration services for automobile claims are processed and tracked through eAutoclaims Web-based platform and network of service providers.


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