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Letter to the Editor

eAutoclaims Announces Fourth Quarter and Fiscal Year 2001 Financial Results

PALM HARBOR, Fla. -- eAutoclaims, a company that provides the insurance industry with online claims management solutions through both an ASP and outsourcing solutions services, has announced its results for the fourth quarter and for the fiscal year 2001, ending July 31, 2001.

Total revenues for the fiscal year ended July 31, 2001 were $20,188,249, a nearly eleven-fold increase compared to $1,751,710 for fiscal year 2000. Total net loss for fiscal 2001 was $7,637,926, or $1.05 per share, compared to $3,075,757, or $0.29 per share, in fiscal 2000. Of this loss, $4,680,869 represents non-cash expenses mainly from the issuance of stock and stock options for services. Another $182,693 expense resulted from the write-off of the cost of filing a registration statement that was subsequently withdrawn.

Total revenues for the fourth quarter were $6,354,758 compared to $6,679,358 in the third quarter. Net loss for the fourth quarter ended July 31, 2001 was $1,537,090, or $0.18 per share, compared to a net loss of $4,474,438, or $0.40 per share, in the third quarter. The company's cash balance was $485,092 on July 31, 2001. Of this loss, $389,060 represents non- cash expenses from the issuance of stock and stock options for services. The company took a $182,693 write-off for the cost of filing a registration statement that was subsequently withdrawn.

In the past year, eAutoclaims added to its client base with a strategic alliance with Alamo Rent a Car. The partnership provides eAutoclaims and Alamo's insurance company clients direct access to the Alamo Mpowerment system through eAutoclaims' Bricks to Clicks system once the assignment form has been completed. During the fiscal year ended July 31, 2001, eAutoclaims expanded its network of auto body shops from 2,000 to over 3,100 and glass repair shops from 4,000 to over 5,500, covering 48 states. The company formed an exclusive licensing and joint marketing agreement with Parts.com, and entered into a five-year agreement with Royal & SunAlliance, the company's largest insurance client to date.

Eric Seidel, President and CEO of eAutoclaims, commented, "Long term, our strategy of building our client base with quality insurance companies, along with the release of new products under development, will strengthen our business overall and will enhance the bottom line. Looking to the future, we anticipate reaching a positive cash balance on a monthly basis by the second quarter of fiscal 2002 and our cash break-even point by third quarter of fiscal 2002."

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