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ECMN Financials released A/H yesterday, +.02 vs. -.13!
http://biz.yahoo.com/prnews/020515/phw059_1.html

Wednesday May 15, 6:02 pm Eastern Time
Press Release
SOURCE: eChapman, Inc.
eChapman, Inc. Reports First Quarter 2002 Financial Results
BALTIMORE, May 15 /PRNewswire-FirstCall/ -- eChapman, Inc. (Nasdaq: ECMN - News; "Company") today reported financial results of consolidated operations for the quarter ended March 31, 2002.

The Company reported Net Income of $245,000 for the quarter ended March 31, 2002 compared to a Net Loss of $1.6 million for the prior comparable period. This represents income per share of $0.02 for the first quarter of 2002, compared to a loss per share of $0.13, for the prior comparable period.

These reported results include non-cash charges for depreciation and amortization of $26,000 for the quarter ended March 31, 2002 and $402,000 for the prior comparable period and a charge of $769,000 for a market value adjustment to investments during the prior period ended March 31, 2001.

Excluding these charges, eChapman realized an operating gain of $271,000 compared to an operating loss of $445,000, for the prior comparable period, representing an improvement of $716,000. This translates to income of $0.02 per share for the quarter ended March 31, 2002 compared to a loss of $0.04 per share for the prior comparable period.

eChapman's first quarter results reflect modifications to its operating strategy, implemented during 2001 to position eChapman for competitive opportunities and profitability during the current operating period. The modified strategy focuses eChapman's resources on its existing core businesses of investment banking, asset management and brokerage services. The company continues to adjust its cost structure to support sustained profitability in this very challenging operating climate while pursuing new growth opportunities.

Nathan A. Chapman, Jr., the Company's President and Chief Executive Officer stated that, "The company's repositioned cost structure, combined with its focus on key revenue drivers, resulted in significant improvement during this quarter, compared to the prior comparable quarter. We are on target with expected performance results and we intend to continue these efforts to drive future earnings growth."

Note: This document contains "forward-looking statements" (within the meaning of the Private Securities Litigation Act of 1995) that inherently involve risks and uncertainties. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of unforeseen external factors. As discussed in the Company's filings with the SEC, these factors may include, but are not limited to, general economic and business conditions in the Company's market area, inflation, fluctuations in interest rates, changes in government regulations, competition and the ability of the Company to implement its business strategy and other risks discussed in the Company's Registration Statement on Form SB-2 (File No. 333-90987) as it was declared effective by the Securities and Exchange Commission, and in other reports filed by the Company.

SOURCE: eChapman, Inc.