Securities and Exchange Commission
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
June 2, 2003
Commission file number 0-23903
eAutoclaims.com, Inc.
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(Exact name of small business issuer as specified in its charter)
Nevada 95-4583945
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
110 East Douglas Road, Oldsmar, Florida 34677
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(Address of principal executive offices)
(813) 749-1020
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(Issuer's telephone number)
ITEM 9. REGULATION FD DISCLOSURE.
1. The Company issued the earnings press release, attached below, for the
quarter ended April 30, 2003. The press release included a non-GAAP measure,
"income (loss) before non-cash expenses," in order to provide the reader with
additional information regarding the Company's liquidity. The amount of net
income (loss) was also included in the press release. The difference between
income (loss) before non-cash expenses and net income (loss) consisted of
depreciation and commons stock issued for services in the three-month period
ended April 30, 2003 and consisted of depreciation, amortization, increase
allowance for doubtful accounts and common stock issued for services and
interest for the three month period ended April 30, 2002.
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eAutoclaims Reports Profitable Quarter
eAutoclaims will report 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. Additionally,
eAutoclaims will report that 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% 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, which
is a 5% 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%
decrease. Non-cash expenses created approximately $563,000 and $1,165,000 of
those losses, respectively.
About eAutoclaims:
eAutoclaims (OTC BB: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", "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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
eAutoclaims.com, Inc.
Dated 6/6/03
/s/ Eric Seidel
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President