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Letter to the Editor

Parts.com Reports Second Quarter Revenues Increase 46 Percent

SANFORD, Fla. -- Parts.com, Inc.has announced its results for the second quarter ended June 30, 2001.

Revenues for the second quarter of 2001 were $493,058, up 46 percent from the same period last year. Pro forma net profit for the quarter was $50,835, or a profit of $.02 per share. During the corresponding quarter in 2000, the comparable pro forma net loss was $1,114,287, or a loss of $0.47 per share.

For the three-month period ended June 30, 2001, the Company reported net sales of $493,058, a 268 percent increase compared to net sales of $134,128 for the quarter ended March 31, 2001. The company records only its net transaction fees on parts sales.

For the quarter ended June 30, 2001, the company reduced its Other Selling, General and Administrative Expenses to $320,479 from $1,262,317 for the comparable quarter in 2000.

"Despite the challenging environment, we reported better than expected revenue and pro forma earnings results this quarter," said Shawn D. Lucas, President and CEO. "We are pleased with the early progress of our cost control initiatives and we continue to implement best practices for ways to run the business more efficiently. We made some very difficult decisions early this year with regards to workforce reduction and our expense structure. We made it through some challenging times and we will continue to execute industry specific solutions that bring value to our trading partners.

"Parts.com continues to work on our initiatives in Europe and recently Cap Gemini Ernst & Young has agreed to broaden our relationship into other parts verticals," continued Mr. Lucas. "As the economy slowed here in the U.S. it has had a dramatic impact on the European initiatives, as large corporations have slashed their IT budgets. However, parts.com and Cap Gemini are working on several projects and our relationship continues to strengthen,'' concluded Mr. Lucas.

Parts.com, based in Sanford, Florida, provides business-to-business electronic commerce software and a parts procurement platform provider.

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