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Letter to the Editor

eAutoclaims Announces Gains in Q1 Fiscal 2002 Financial Results

PALM HARBOR, Fla. -- eAutoclaims has announced its financial results for the first quarter ending October 31, 2001. eAutoclaims' fiscal year 2002 ends July 31, 2002.

Total revenues for the first quarter were $7,690,921 compared to $6,354,758 in the fourth quarter ending July 31, 2001. The first quarter fiscal 2002 revenues represent a 246 percent increase over last year's first quarter revenues of $2,219,267. Net loss for the first quarter ended October 31, 2001 was $1,338,328, or $0.15 per share, compared to a net loss of $1,537,090, or $0.18 per share, in the fourth quarter and compared to a net loss of $2,922,588, or $0.26 per share, in the first quarter of fiscal 2000. Included in the company's October 31, 2001 loss were non-cash charges of $639,799, which includes $555,551 of debenture discount amortization. Non-cash charges also include $43,659 of stock issued to purchase an option to buy an office facility and $40,589 of stock to pay board of director and professional fees.

Eric Seidel, President and CEO of eAutoclaims, commented, "We are pleased with our first quarter growth in revenues. Collision repair management is continuing to lead the way as our core business. eAutoclaims is excited to expand its client portfolio as exemplified by the addition of California State Automobile Association (CSAA), the second-largest member organization of the national AAA organization serving more than four million members. Our client roster has grown to 36 clients.

"Long term, our strategy of building our client base with quality insurance companies, along with the development and release of new products, will strengthen our business overall and will enhance the bottom line. We are thrilled with the early feedback of a new major product which we will release in January 2002," concluded Mr. Seidel.

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