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Letter to the Editor

eAutoclaims Still Losing, But Less than Last Year

For the fiscal year-ended July 31, 2002, total revenues were $32,283,363 versus $20,188,249 in fiscal 2001, an increase of 60%. Net loss for the fiscal year was $4,210,954, compared with a loss of $7,637,926 in the prior fiscal year, a 45% decrease. The losses for both fiscal year periods reflect several non-cash items. Non-cash expenses created $2,082,808 and $4,856,194 of losses in these periods, respectively. Net loss per share for the year decreased to $0.32 from $1.09 per share in the year-ended July 31, 2001. The weighted average shares outstanding for fiscal 2002 was 14,813,549 compared with 11,252,514 in the prior comparable period.

Eric Seidel, president and chief executive officer, commented, "We are pleased to report solid top-line growth for the year. As expected, our collision repair management revenues continue to drive this growth, up 76% compared with fiscal 2001. In addition, our fee and other revenue, which was up 131% over last year, continue to help us improve our margins."

"Profitability is within reach, as we look to fiscal 2003," Seidel said. "We have eliminated a significant amount of expenses in an effort to reach that goal, particularly in our SG&A expenses, which we reduced by 23% over last fiscal year. We continue to sign new customers and expand our services with existing customers, while becoming a leaner, more efficient operation. We believe eAutoclaims is poised for its most successful year ever."

Total revenues for the fourth quarter were $8,061,882 versus $6,390,912 in the quarter ended July 31, 2001, an increase of 26%. While the company posted losses for both periods, cash losses in the quarter decreased 42%, from $1,016,667 in 2001 to $591,991 in 2002, while non-cash expenses and one-time charges created a loss of $896,259 in 2002 versus a non-cash expense of $514,993 in 2001. Total net loss for the quarter ended July 31, 2002 was $1,488,250 compared with $1,531,660 in the prior comparable quarter, a 3% decrease. Net loss per share was $0.08 for the period versus $0.18 per share in the quarter ended July 31, 2001. The weighted-average shares outstanding basic and diluted for the quarter was 18,218,487 compared to 11,428,530 in the prior comparable quarter.

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