eAutoclaims Announces Third Fiscal Quarter Results
June 21 2004 - 6:03PM
PR Newswire (US)
eAutoclaims Announces Third Fiscal Quarter Results eAutoclaims
Prepares for Additional Business From Co-Marketing Agreement
OLDSMAR, Fla., June 21 /PRNewswire-FirstCall/ -- eAutoclaims
(OTC:EACC) (BULLETIN BOARD: EACC) reports the financial results for
their third fiscal quarter ended April 30, 2004. The net loss for
the nine-months ended April 30, 2004, was $1,552,261 compared to
$1,230,879 for the nine-months ended April 30, 2003. The Company
incurred a non-cash, one-time charge of $861,006 relating to the
issuance of incentive stock options grants to management as a
result of the Company executing a significant contract with ADP
Claims Services, Inc. (ADP). The Company also incurred set-up costs
to prepare for additional business that is expected from a
Co-Marketing Agreement with ADP. Revenue for the nine-months ended
April 30, 2004 was $22,763,090. This represents a 10% decrease from
the $25,387,571 of revenue for nine-months ended April 30, 2003.
The Company's decrease in revenue is predominately related to the
reduction in business, as announced last year, from the Company's
largest customer. The Company's largest customer sold approximately
50% of their auto physical damage business to another insurance
company. The customer has retained their remaining business and is
continuing to use eAutoclaims repair network. Eric Seidel,
President and Chief Executive Officer, commented, "While we are
disappointed the company is having to incur the partial loss of
business from our largest client in this quarter's results, and
expect the fourth quarter results to continue this trend, the loss
in business was not unexpected. We are pleased with the new
business recently announced, as it is the first step in
management's plans to replace the lost revenue. We are also excited
by the progress we have made with our Co-Marketing Agreement with
ADP. We are laying the groundwork for an exciting fiscal year
2005." The revenue for the three-months ended April 30, 2004, was
$6,563,222 compared to 9,388,172 for the three-months ended April
30, 2003. The Company reported a net loss of $1,338,336 for the
three-months ended April 30, 2004 compared to net income of
$183,631 for the same time period in 2003. The net loss in the
three-months ended April 30, 2004 includes the non-cash, one-time
charge of $861,006 relating to the issuance of incentive stock
options grants described above. For: eAutoclaims, Inc. For More
Information: Jeff Dickson, Chairman 813-749-1020, Ext. - 202 About
eAutoclaims: eAutoclaims (OTC:EACC) (BULLETIN BOARD: EACC) is a
business services company that provides the insurance industry with
claims management services through both ASP and integrated
outsourcing solutions. The Company's clients are insurance
companies, fleet management companies and insurance services
companies. eAutoclaims' solutions streamline the claims handling
process, decreasing the overall time and cost required to process a
collision claim and reducing average paid losses for its clients.
The Company handles repair estimates, repair audits and claims
systems administration services for automobile claims that are
processed and tracked via the eAutoclaims Web-based platform and
network of service providers. This announcement contains
"forward-looking statements." Words such as anticipate, believe,
estimate, satisfies, expect and other similar expressions as they
relate to the Company and its management are intended to identify
such forward-looking statements. Although the Company and its
management believe that the statements contained in this
announcement are reasonable, it can give no assurances that such
statements will prove correct. Factors that could affect the
occurrence of events or results discussed herein are included with
those mentioned in the Company's filings with the Securities and
Exchange Commission. DATASOURCE: eAutoclaims, Inc. CONTACT: Jeff
Dickson, Chairman of eAutoclaims, Inc., +1-813-749-1020, ext. 202,
or Web site: http://www.eautoclaims.com/
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