Increased Revenues for eAutoclaims

eAutoclaims Inc., a provider of online claims management for the auto insurance industry, announced higher revenues for the three month period ended October 31, 2002. The company, which is based in Oldsmar, Fla., had total revenues of $8,164,826 first quarter of fiscal 2003 versus $7,690,921 in the period ended October 31, 2001, an increase of 6 percent.

Net loss for the first quarter was $876,852 compared with $1,338,328 in the prior comparable period, a 34 percent decrease. The losses for both periods reflect several non-cash items. Non-cash expenses created $237,564 and $751,164 of losses in these periods, respectively. Net loss per share was $0.05 for the period versus $0.15 per share in the quarter ended October 31, 2001. The weighted-average shares outstanding basic and diluted for the quarter was 18,782,334 compared to 12,257,787 in the prior comparable period.

Eric Seidel, president and chief executive officer, commented, “We continue to bear down, as profitability approaches. We opted to take a one- time restructuring charge in the quarter of $127,685, which should enable us to save approximately $1.2 million yearly, going forward. Our collision repair management revenues were up 10 percent over last year’s first quarter, while our fee and other revenue increased 63 percent. We expect our fee and other revenue stream to continue to improve our operating margin in the coming quarters.”

Topics Profit Loss