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Letter to the Editor
Tuesday June 3
eAutoclaims Reports Profitable Quarter But Net Loss Still Large
eAutoclaims has reported that income before non-cash expense for the three-months ended April 30, 2003 totaled approximately $309,000 compared to a loss before non-cash expenses of approximately $609,000 for the three-month period ended April 30, 2002, an improvement of approximately $918,000.Net income for the three-months ended April 30, 2003 totaled approximately $184,000 compared to a net loss of approximately $876,000 for the three-months ended April 30, 2002, an improvement of approximately $1,060,000. Revenue for the fiscal third quarter was approximately $9.4 million. This represents a 17 percent increase from the $8.0 million of revenue for three-months ended April 30, 2002.
"Our results for the third quarter are extremely gratifying," said Eric Seidel, President and CEO. "During the fiscal second quarter we executed the first part of our strategic plan, the plan made structural modifications of our business model in order to achieve profitability. Our efforts included a complete and total assessment of every account, function, and procedure in order to measure contribution to profit. We have achieved the initial goal of profitability and now are engaged in a much more comprehensive planning process for the coming fiscal year." Seidel continued, "Our goals were all achieved in this last quarter inclusive of maintaining our superior service level, reduction of claims cycle time, and meaningful enhancements to our application."
Total revenue for the nine-months ended April 30, 2003 was $25.4 million, a five percent increase from the $24.2 million of revenue for the nine-months ended April 30, 2002. Net loss for the nine-months ended April 30, 2003 totaled $1.2 million compared to $2.7 million for the nine-months ended April 30, 2002, a 55 percent decrease. Editor's Note: This is still a big million dollar loss! Non-cash expenses created approximately $563,000 and $1,165,000 of those losses, respectively.
eAutoclaims is a business services company that provides the insurance industry with claims management services through both ASP and integrated outsourcing solutions.
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