Florida-based eAutoclaims, Inc., 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 third fiscal quarter ended April 30, 2002.
Total revenues for the third quarter were $8,049,466 versus $6,679,358 in the period ended April 30, 2001, an increase of 21 percent. Net loss for the period ended April 30, 2002 was $875,907 compared with $4,474,438 in the prior comparable period, an 80 percent decrease. The losses for both periods reflect several non-cash items. Non-cash expenses created approximately $196,000 and $3,910,000 of losses in these periods, respectively. Net loss per share was $0.06 for the period versus $0.40 per share in the quarter ended April 30, 2001. The weighted-average shares outstanding basic and diluted for the quarter was 15,520,183 compared to 11,236,149 in the prior comparable period.
Eric Seidel, president and CEO, commented, “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. Also noteworthy is the growth in our 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.”
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
Trigger Warning: Cyber Policy Wordings to Impact Coverage for Tech Outage 
How California’s Homeowners Insurance Crisis Is Affecting Brokers 
Allstate, State Farm Sued Over $4 Billion Maui Fire Settlement 
Progressive Q2 Net Income Skyrockets Over 320% 
