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<TEXT>

                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-KSB

(MARK ONE)

[X]  ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
     1934

                    For the fiscal year ended March 31, 2003

[ ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
     OF 1934

                   For the transition period from ____ to ____

                         Commission file number 0-14807

                        AMERICAN CLAIMS EVALUATION, INC.
                 (NAME OF SMALL BUSINESS ISSUER IN ITS CHARTER)

                  New York                                11-2601199
       (State or other jurisdiction of                 (I.R.S. Employer
       incorporation or organization)                 Identification No.)


                      One Jericho Plaza, Jericho, NY 11753
               (Address of principal executive offices) (Zip Code)

                    Issuer's telephone number: (516) 938-8000
      Securities registered under Section 12(b) of the Exchange Act: None.
         Securities registered under Section 12(g) of the Exchange Act:
                          Common Stock, $.01 par value
                                (Title of class)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days: Yes [X] No [ ]

Check if there is no disclosure of delinquent  filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure  will be contained,  to
the  best  of  registrant's   knowledge,  in  definitive  proxy  or  information
statements  incorporated  by  reference  in Part III of this Form  10-KSB or any
amendment to this Form 10-KSB. [X]

The issuer's revenues for the fiscal year ending March 31, 2003 were $1,197,700.

On June 13, 2003, the aggregate  market value of the  registrant's  common stock
held by non-affiliates was $2,578,408.  For purposes of this disclosure,  shares
of common stock held by directors,  officers and  stockholders  whose  ownership
exceeds five percent of the common stock outstanding were excluded. Exclusion of
shares held by any person  should not be construed to indicate  that such person
possesses  the power,  direct or indirect,  to direct or cause the  direction of
management  or policies of the issuer,  or that such person is  controlled by or
under common control of the issuer.

The number of the  registrant's  common stock  outstanding  on June 13, 2003 was
4,259,800.

                       DOCUMENTS INCORPORATED BY REFERENCE
None.

Transitional Small Business Disclosure Format (check one): Yes [ ]  No [X]


<PAGE>


                                     PART I

ITEM 1.  DESCRIPTION OF BUSINESS.

American Claims  Evaluation,  Inc. (the "Company") was incorporated in the State
of New York and commenced  operations in April 1982. The Company provides a full
range of vocational  rehabilitation and disability  management services designed
to maximize injured  workers'  abilities in order to reintegrate them into their
respective communities through its wholly owned subsidiary, RPM Rehabilitation &
Associates, Inc. ("RPM").

The functional capabilities of the injured workers referred to the Company vary.
Comprehensive, in-house vocational evaluations are utilized to assess aptitudes,
interests,  values and  abilities.  Issues of medical  restrictions,  functional
overlays,  illiteracy and  occupational  diseases are assessed and factored into
the development of a rehabilitation strategy.

Specifically,  in working  with injured  workers,  the purpose and intent are to
bring the  injured  worker  back to work with the  employer of injury as soon as
medically  feasible.  The role of a vocational  rehabilitation  consultant is to
convene  the  claimant,   the  employer  of  injury,   and  associated   medical
professionals  to  facilitate  an  expedited  return  to  work,   utilizing  the
principles of job  accommodation,  job modification  and  transitional  work. In
addition, the consultant can provide medical monitoring of the worker's progress
through pain clinics and work hardening programs. Coordination of these services
assists  the  worker in  building  strength  and  motivation  to return to their
employer and/or  occupation at the time of injury.  The Company's  philosophy is
that timely  coordination  of professional  services  coupled with education and
liaison with the employer  community  provides  positive results for all parties
concerned.

Some early intervention  activities include contacting  employers at the time of
injury to develop return to work strategies such as work  restructuring  and job
modification,  on site analysis,  local labor market analysis and obtaining work
histories.  Feedback  from  clients'  claims  managers  regarding  the Company's
responsive  interventions indicates a trusting, team approach,  which allows for
clear and accurate assessments that expedite the adjudication process, resulting
in timely and successful case closure.

RPM  provides  vocational   rehabilitation  services  to  the  Washington  State
Department  of Labor & Industries  ("L&I").  During  2001,  L&I  eliminated  the
process of awarding contracts to qualifying firms in favor of a new system which
created the opportunity for any firm or individual meeting L&I's requirements to
provide  services.  To be eligible  under this new system,  a provider must only
meet certain business practice standards and consultant  credentialing  criteria
without the necessity of being awarded a contract. All RPM consultants have been
transitioned  into the new system and have  until  December  1, 2006 to meet the
credentialing standards. The Company has instituted a program to assure that all
consultants not currently meeting L&I's credentialing requirements will do so by
the imposed  deadline.  For the year ended March 31, 2003, L&I accounted for 55%
of the Company's total revenues.

MARKETING AND ADVERTISING

The  President of the Company and the President of RPM are  responsible  for the
Company's  sales and  marketing  program.  In  addition to direct  contact  with
leading  health  care  payers,  the  Company  advertises  its  services in trade
magazines.

                                       2
<PAGE>


COMPETITION

The vocational rehabilitation field is highly competitive.  The Company competes
with a number  of  businesses  that  provide  the same  services.  Many of these
competitors have a longer operating history,  greater financial  resources,  and
provide  other  services to the  insurance  companies  that the Company does not
provide.

Principal competitors in vocational  rehabilitation include national firms, such
as  Concentra,  Inc. and  Crawford & Company,  as well as many  regional  firms.
Quality of  service,  high  caliber  consultants,  proper  pricing  and range of
services  offered  are the  principal  factors  that will  enable the Company to
compete effectively.

EMPLOYEES

As of March 31, 2003,  the Company had  seventeen  full-time  employees and four
part-time  employees.  Of these full-time  employees,  three were in management,
nine were vocational rehabilitation consultants and five were in administration.


ITEM 2.  DESCRIPTION OF PROPERTY.

The Company  leases  approximately  2,700 square feet of space at its  executive
office in  Jericho,  New York  under a lease,  as  extended,  which  expires  in
November  2003.  RPM leases  approximately  3,300 square feet of office space in
Spokane,  Washington under a lease, as extended, which expires in June 2005. RPM
also  maintains  an  office  in Moses  Lake,  Washington,  which is  leased on a
month-to-month basis.

The Company  believes  that its  existing  facilities  are  adequate to meet its
present  needs.  However,  should the  Company  require  additional  space it is
assumed that such space will be available.


ITEM 3.  LEGAL PROCEEDINGS.

The Company is not engaged in any material litigation.


ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

No  matters  were  submitted  to a vote of  security  holders  during the fourth
quarter of the year ended March 31, 2003.

                                       3
<PAGE>


                                     PART II

ITEM 5.   MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

The Company's common stock,  par value $.01 (the "Shares"),  trade on the Nasdaq
SmallCap Market under the symbol "AMCE".

The  following  table sets forth the range of high and low sales  prices for the
Company's  Shares for each quarter during the period April 1, 2001 through March
31, 2003:

                                                     High              Low
              Fiscal 2002:
                4/01/01 -  6/30/01                    2.40              1.75
                7/01/01 -  9/30/01                    2.20              1.36
               10/01/01 - 12/31/01                    1.75              1.33
                1/01/02 -  3/31/02                    1.60              1.29

              Fiscal 2003:
                4/01/02 -  6/30/02                    2.19              1.35
                7/01/02 -  9/30/02                    1.85              1.33
               10/01/02 - 12/31/02                    1.80              1.40
                1/01/03 -  3/31/03                    1.70              1.34

The number of holders of the Company's Shares was approximately 674 on March 31,
2003,  computed by the number of record  holders,  inclusive of holders for whom
Shares are being held in the name of brokerage houses and clearing agencies.

The Company has never paid a cash  dividend  and does not  presently  anticipate
doing so in the foreseeable future, but expects to retain earnings,  if any, for
use in its business.

                                       4
<PAGE>


ITEM 6.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

RESULTS OF OPERATIONS

For the  fiscal  year  ended  March  31,  2003  ("Fiscal  2003"),  revenue  from
vocational  rehabilitation services totaled $1,197,700,  a decrease of 5.0% from
the  $1,260,913  reported  for the fiscal  year ended  March 31,  2002  ("Fiscal
2002").  This decrease was caused by a decrease in the volume of cases  referred
to the Company for case  management  services  during Fiscal 2003 as compared to
the prior year. Revenue for Fiscal 2002 had experienced a 9.5% increase from the
$1,151,006  generated in the fiscal year ended March 31, 2001 ("Fiscal 2001") as
a result of the  addition of nurse case  management  services  to the  Company's
product offerings.

The cost of vocational  rehabilitation services was 47.8% of revenues for Fiscal
2003 as compared to 49.1% of revenues for Fiscal 2002. The cost of services as a
percentage  of revenues  decreased  as a result of the  decrease in revenue from
case management services which incur higher fees than the Company's  traditional
vocational rehabilitation services.

Selling,  general and administrative  expenses were $1,474,350 and $1,147,695 in
Fiscal 2003 and Fiscal 2002, respectively. During the fourth quarter of the year
ended March 31, 2003,  the Company  performed its annual  impairment  testing of
goodwill as required by  Statement of Financial  Accounting  Standards  No. 142,
GOODWILL  AND OTHER  INTANGIBLE  ASSETS.  As a result of this test,  the Company
concluded  the goodwill was impaired due to its continued  operating  losses and
decreases in market capitalization.  Specifically, the fair value of the Company
at the consolidated level based on its market capitalization was compared to its
carrying  value.  This  process  indicated  that the  Company's  carrying  value
exceeded  its fair  value.  The fair  value  was  then  allocated  to all of the
Company's assets and  liabilities.  There was no excess fair value over the fair
value  allocated to the Company's net assets  indicating  that goodwill had been
impaired.  As a result,  the Company  recorded a non-cash  charge of $371,536 to
operations  to  reflect  this  impairment  of  goodwill.  Fiscal  2002  included
amortization  expense  totaling  $32,425 which was recorded in  accordance  with
accounting principles generally accepted in the United States in effect prior to
the issuance SFAS No. 142.

Interest  income  decreased  to  $144,479  during  Fiscal  2003,  as compared to
interest  income of  $265,040  for Fiscal 2002 as a direct  result of  continued
declines in prevailing market interest rates.

During Fiscal 2001, the Company had recorded an impairment charge of $916,967 on
its  investment  in IVC  Industries,  Inc.  ("IVCO")  common stock for which the
decline in market  value was deemed to be other than  temporary.  During  Fiscal
2002,  IVCO and Inverness  Medical  Innovations,  Inc.  consummated a definitive
merger  agreement.  The  Company  received  $2.50 in cash for each share of IVCO
common stock owned on the merger date. Accordingly,  the Company recorded a gain
on the sale of marketable  securities of $450,069 ($0.11 net earnings per share)
during Fiscal 2002 based on the adjusted cost after the impairment charge.

During  Fiscal 2003 and 2002,  the  Company  recognized  income tax  benefits of
$34,000 and $94,000, respectively, as a result of the utilization of Federal tax
operating loss carrybacks  related to operating  losses  incurred,  net of state
taxes. As of March 31, 2003, the Company has net operating loss and capital loss
carryforwards of $277,000 and $467,000, respectively, which will be available to
reduce future taxable income.

LIQUIDITY AND CAPITAL RESOURCES

The Company's primary source of cash is internally generated funds. At March 31,
2003,  the  Company  had working  capital of  $7,227,674  as compared to working
capital of $7,511,469 at March 31, 2002.

                                       5
<PAGE>


During Fiscal 2003,  operating  activities  used $242,633,  primarily due to its
operating loss. The Company used $18,924 in its financing activities to purchase
shares of its common stock during the year ended March 31, 2003.

The  Company  continues  its review of  strategic  alternatives  for  maximizing
shareholder  value.  Potential  acquisitions  will be  evaluated  based on their
merits within its current line of business, as well as other fields.  Management
believes that the Company has sufficient  cash resources and working  capital to
meet its capital resource requirements for the foreseeable future.

RECENT ACCOUNTING PRONOUNCEMENTS

In June 2002, the Financial  Accounting Standards Board ("FASB") issued SFAS No.
146,  ACCOUNTING FOR COSTS  ASSOCIATED WITH EXIT OR DISPOSAL  ACTIVITIES,  which
addresses  accounting for restructuring and similar costs. SFAS No. 146 requires
that the liability  for costs  associated  with an exit or disposal  activity be
recognized  when  the  liability  is  incurred  and  also  establishes  that the
liability should initially be measured and recorded at fair value.  Accordingly,
SFAS No. 146 may affect the timing of recognizing future  restructuring costs as
well as the amount  recognized and the recognition of  discontinued  operations.
The  Company has  adopted  the  provisions  of SFAS No. 146 for exit or disposal
activities  initiated after December 31, 2002. The adoption of the provisions of
SFAS No.  146 did not  have a  material  impact  on the  Company's  consolidated
financial statements.

In November 2002, the FASB issued Interpretation No. 45, GUARANTOR'S  ACCOUNTING
AND DISCLOSURE  REQUIREMENTS FOR GUARANTEES,  INCLUDING  INDIRECT  GUARANTEES OF
INDEBTEDNESS  OF OTHER (FIN 45).  FIN 45 requires  that at the  inception of the
guarantee, a liability be recorded on the guarantor's balance sheet for the fair
value of the obligation undertaken in issuing the guarantee. In addition, FIN 45
requires disclosures about the guarantees that an entity has issued. The Company
will apply the  recognition  provisions  of FIN 45  prospectively  to guarantees
issued after December 31, 2002. Adoption of the recognition provisions of FIN 45
will  not  have a  material  effect  on  the  Company's  consolidated  financial
statements.

In December  2002,  the FASB issued SFAS No.  148,  ACCOUNTING  FOR  STOCK-BASED
COMPENSATION  - TRANSITION  AND  DISCLOSURE - AN AMENDMENT OF SFAS NO. 123. This
statement amends SFAS No. 123 to provide alternative methods of transition for a
voluntary change to the fair value method of accounting for stock-based employee
compensation.  In addition, this Statement amends the disclosure requirements of
SFAS No.  123 to  require  prominent  disclosures  in both  annual  and  interim
financial  statements.  The  Company  will  continue  to follow  the  disclosure
requirements  of SFAS No.  123, as amended by SFAS No.  148.  The FASB  recently
indicated  that  they  will  require  stock-based  employee  compensation  to be
recorded  as a charge to  earnings  pursuant  to a standard  they are  currently
deliberating,  which they believe  will become  effective  January 1, 2004.  The
Company will continue to monitor their progress on the issuance of this standard
as well as evaluate its position with respect to current guidance.

CRITICAL ACCOUNTING POLICIES

The Company makes  estimates and assumptions in the preparation of its financial
statements in conformity with accounting  principles  generally  accepted in the
United States of America.  Actual results could differ  significantly from those
estimates  under  different  assumptions  and  conditions.  The Company does not
consider any of its accounting  policies to be critical.  Note 1 of the notes to
the  consolidated  financial  statements  includes a summary of the  significant
accounting  policies used in the  preparation of the  accompanying  consolidated
financial  statements,  which are those that are most important to the portrayal
of the Company's financial condition and results of operations and which require
management's most difficult and subjective  judgments,  often as a result of the
need to  make  estimates  about  the  effect  of  matters  that  are  inherently
uncertain.

                                       6
<PAGE>


FORWARD LOOKING STATEMENTS

Except for the historical information contained herein, the matters discussed in
this report on Form 10-KSB and the Company's  other  periodic  reports and other
documents  incorporated  by reference or  incorporated  herein as exhibits,  may
contain  forward-looking  statements that involve risks and  uncertainties.  The
Company's actual results may differ materially from the results discussed in the
forward-looking statements.  Factors that might cause such a difference include,
but are not limited to, general  economic and market  conditions,  the potential
loss or  termination  of existing  clients and  contracts and the ability of the
Company  to  successfully   identify  and  thereafter  consummate  one  or  more
acquisitions.


ITEM 7.  FINANCIAL STATEMENTS.

The  financial  statements  required  by this  Item are set  forth at the  pages
indicated in Item 13 on page 13 of this report.


ITEM 8.  CHANGES  IN  AND  DISAGREEMENTS  WITH  ACCOUNTANTS  ON  ACCOUNTING  AND
         FINANCIAL DISCLOSURE.

None.

                                       7
<PAGE>


                                    PART III

ITEM 9.   DIRECTORS,   EXECUTIVE   OFFICERS,   PROMOTERS  AND  CONTROL  PERSONS;
          COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT.

The executive officers and directors of the Company are as follows:

              NAME                        AGE         POSITION

              Gary Gelman                 56          Chairman of the Board,
                                                      President and
                                                      Chief Executive Officer

              Gary J. Knauer              43          Chief Financial Officer,
                                                      Treasurer and Secretary

              Edward M. Elkin, M.D.       64          Director

              Peter Gutmann               74          Director

Gary Gelman,  the founder of the Company,  has been  Chairman of the Board since
July 1,  1985 and  President,  Chief  Executive  Officer  and a  director  since
inception.  Mr. Gelman served as Treasurer from inception to October 1991. Since
1973,  Mr.  Gelman has also been Chief  Executive  Officer  and a  principal  of
American Para  Professional  Systems,  Inc.,  which provides  nurses who perform
physical  examinations  of  applicants  for life  and/or  health  insurance  for
insurance  companies.  He received a B.A. from Queens  College.  Since 1996, Mr.
Gelman has been Chairman of the Board of Directors of Misonix,  Inc., a publicly
traded  company  engaged  in  the  design,   development  and  manufacturing  of
ultrasonic devices including medical instruments.

Gary J. Knauer joined the Company as its  Controller in July 1991 and has served
as Chief  Financial  Officer and  Treasurer  since October 1991 and as Secretary
since March 1993. Before joining the Company,  he was employed from October 1984
to June  1991 by the  accounting  firm of KPMG  LLP.  He is a  Certified  Public
Accountant and holds a B.S. from the State University of New York at Binghamton.
Since  February  1994,  Mr.  Knauer  also serves as Chief  Financial  Officer of
American Para Professional Systems, Inc.

Edward M. Elkin, M.D. has been a director of the Company since July 1, 1985. For
more than the past five years, Dr. Elkin has been performing  services  relating
to utilization  review and quality assurance in hospitals for the New York State
Department of Health.  He is certified by the American  Board of Pediatrics  and
the American Board of Quality Assurance and Utilization  Review  Physicians.  He
received his B.A.  from Harvard  College and his M.D.  from New York  University
School of Medicine.

Peter  Gutmann has been a director of the Company  since July 1, 1985.  For more
than the past twenty years,  he has been a Professor of Economics and Finance at
Baruch  College,  City  University of New York and was Chairman of the Economics
and  Finance  Department  from 1971 to 1977.  He received a B.A.  from  Williams
College,  a B.S.  from  Massachusetts  Institute  of  Technology,  an M.A.  from
Columbia University and a PhD. from Harvard University.

                                       8
<PAGE>


Section 16(a) Beneficial Ownership Reporting Compliance

Under Federal securities laws, the Company's  directors,  its executive officers
and any person  holding  more than 10% of the  Company's  Shares are required to
report their ownership of the Company's Shares and any changes in that ownership
to the Securities and Exchange Commission ("SEC") on the SEC's Forms 3, 4 and 5.
Based on its  review of the copies of such forms it has  received,  the  Company
believes  that all  officers,  directors  and owners of greater  than 10% of the
Company's  equity  securities  complied  on  a  timely  basis  with  all  filing
requirements applicable to them with respect to transactions during Fiscal 2003.


ITEM 10.  EXECUTIVE COMPENSATION.

The following table sets forth all compensation paid or accrued to the Company's
Chief Executive  Officer and another executive officer for each of the Company's
last three fiscal years. No other executive  officer had total annual salary and
bonus which exceeded $100,000 during the fiscal year ended March 31, 2003.


                           SUMMARY COMPENSATION TABLE

                                                         Long-Term
                                                       Compensation
                              Annual Compensation         Awards
                         -----------------------------  ----------
                                                        Securities
Name and                                  Other Annual  Underlying    All Other
Principal        Fiscal  Salary    Bonus  Compensation    Options   Compensation
Position          Year     ($)      ($)     ($) (1)         (#)       ($) (2)
---------         ----   --------  -----  ------------  ----------  ------------

Gary Gelman       2003   $244,311    --       --          500,000     $2,496
 Chairman,        2002    244,311    --       --               --      2,546
 President        2001    244,311    --       --          250,000      2,511
 and CEO
Gary J. Knauer    2003   $111,462    --       --           50,000     $1,672
 Treasurer,       2002    106,081    --       --               --      1,340
 Secretary        2001     98,595    --       --           25,000      1,403
 and CFO

(1)  The aggregate  amount of all perquisites  and other personal  benefits paid
     were not greater than either  $50,000 or 10% of the total annual salary and
     bonus reported for the respective officers.

(2)  Consists of  matching  contributions  made by the Company  under the 401(k)
     plan  for  the  fiscal  years  ended  March  31,   2003,   2002  and  2001,
     respectively.

COMPENSATION PLANS

The following  describes plans adopted by the Company  pursuant to which cash or
non-cash  compensation was paid or distributed  during the years ended March 31,
2003, 2002 and 2001 or pursuant to which such compensation may be distributed in
the future, to the Chief Executive Officer and another executive officer.

                                       9
<PAGE>


401(k) Profit Sharing Plan

The Company sponsors a profit sharing plan covering all employees having reached
the age of 21 with one or more years of service which is qualified under Section
401(k) of the Internal  Revenue Code. The Company matches 50 percent of employee
contributions  up to 3  percent  of  compensation.  Under the terms of the plan,
there is a vesting  requirement  with  respect  to  Company  contributions,  but
employees are fully vested in their own salary deferral contributions.

Stock Option Plans

In July 1985,  the  Company's  Board of Directors  adopted the 1985 Stock Option
Plan  (the  "1985  Plan").  The 1985  Plan has  expired,  except  as to  options
outstanding (consisting of 27,500 options outstanding at March 31, 2003), and no
additional options may be granted.

In March 1991,  the Board of Directors  adopted the Company's  1991 Stock Option
Plan (the "1991  Plan") and in October  1991,  the  shareholders  of the Company
ratified,  approved and adopted the 1991 Plan.  The 1991 Plan has also  expired,
except as to options  outstanding  (consisting  of 150,000  options at March 31,
2003), and no additional options may be granted.

On May 7, 1997, the Board of Directors  adopted the 1997 Incentive  Stock Option
Plan (the "1997 Plan") covering 750,000 Shares.  The shareholders of the Company
ratified and approved the 1997 Plan in September 1997.

On August 25, 2000, the Board of Directors adopted the 2000 Incentive Stock Plan
(the "2000  Plan").  The Company's  shareholders  ratified and approved the 2000
Plan in October  2000.  The 2000 Plan  permits the  granting of an  aggregate of
750,000 Shares.

Under  both the 1997 Plan and 2000  Plan,  either  incentive  stock  options  or
nonstatutory  options may be granted as an incentive to key employees (including
directors  and  officers  who  are  key  employees),   non-employee   directors,
independent  contractors  and  consultants  of  the  Company  and  to  offer  an
additional inducement in obtaining the services of such individuals.

The  exercise  price of the Shares under each option  shall be  determined  by a
committee  appointed  by the Board of  Directors;  provided,  however,  that the
exercise price shall not be less than the fair market value of the Shares on the
date of the grant. The term of each option granted pursuant to the 1997 and 2000
Plans is  established by the committee  appointed by the Board of Directors,  in
its sole discretion,  provided that the term shall not exceed ten years from the
date of the grant.

On June 6, 2002,  the  Company  granted  options to  purchase a total of 606,000
Shares  under  the 2000  Plan at an  exercise  price of $1.80  per  Share to the
Company's executive officers and outside directors.

Both the 2000 and 1997 Plans provide that the number of Shares  subject  thereto
and the outstanding  options and their exercise  prices are to be  appropriately
adjusted for mergers, consolidations,  recapitalizations, stock dividends, stock
splits or combinations of shares.

The current option  committee  appointed by the Board of Directors to administer
the Company's stock option plans consists of Messrs.  Gelman, Gutmann and Elkin.
The Board of Directors  may at any time  terminate or from time to time amend or
alter any of the existing stock option plans.

                                       10
<PAGE>


                        OPTION GRANTS IN LAST FISCAL YEAR

                        Number of      % of Total
                        Securities     Options
                        Underlying     Granted to        Exercise
                        Options        Employees         Price        Expiration
Name                    Granted (#)    in Fiscal Year    ($/sh)       Date
----                    -----------    --------------    --------     ----------

Gary Gelman             500,000        82.5%             $1.80        06/06/2012
  Chairman,
  President and CEO
Gary J. Knauer           50,000         8.3%             $1.80        06/06/2012
  Treasurer,
  Secretary and CFO

    AGGREGATED OPTION EXERCISES IN LAST FISCAL YEAR AND FY-END OPTION VALUES

The following table summarizes the number and dollar value of unexercised  stock
options at March 31, 2003 for the Named Executive Officers.

                                                    Number of
                                                    Securities     Value of
                                                    Underlying     Unexercised
                                                    Unexercised    In-the-Money
                                                    Options at     Options at
                                          Value     FY-End (#)     FY-End ($)(1)
                       Shares Acquired   Realized   Exercisable/   Exercisable/
Name                   on Exercise(#)      ($)      Unexercisable  Unexercisable
--------------------   ---------------   --------   -------------  -------------

Gary Gelman,                 --             --      1,150,000/-      $111,000/-
  Chairman
  President and CEO
Gary J. Knauer
  Treasurer,                 --             --      111,250/68,750   -/-
  Secretary and CFO

(1)  The closing price of the Company's  Shares on March 31, 2003 as reported by
     the Nasdaq SmallCap Market was $1.62 per Share.

Employment Agreements

Mr.  Gelman's  employment  agreement  with the  Company  provides  for him to be
employed as Chairman of the Board of Directors and Chief Executive Officer at an
annual salary of $238,800,  plus accrued sick and vacation pay of  approximately
$6,000.  In  addition,  Mr.  Gelman is entitled to  participate  in all employee
benefit  programs and other policies and programs of the Company.  Mr. Gelman is
not  required  to devote any  specific  number of hours to the  business  of the
Company.  He is subject to a non-competition  and non-disclosure  covenant for a
period of two years following termination of employment with the Company.

Director Compensation

The Company's policy is to pay its non-employee  directors a uniform fee of $400
for each Board of Directors'  meeting and/or Audit Committee meeting attended in
person.

                                       11
<PAGE>


ITEM 11.  SECURITY  OWNERSHIP OF CERTAIN  BENEFICIAL  OWNERS AND  MANAGEMENT AND
          RELATED STOCKHOLDER MATTERS.

The  following  table and notes  thereto  set forth  information  regarding  the
beneficial  ownership  of the  Company's  Shares as of June 13, 2003 by (i) each
person known by the Company to be the  beneficial  owner of more than 5% of such
voting  security,  (ii) each  director of the  Company  and (iii) all  executive
officers and  directors  of the Company as a group.  The  percentages  have been
calculated by taking into account all Shares owned on the record date as well as
all such  Shares  with  respect  to which  such  person has the right to acquire
beneficial ownership at such date or within 60 days thereafter. Unless otherwise
indicated,  all persons listed below have sole voting and sole investment  power
over the Shares owned.

                                       Amount and Nature
Name and Address                         of Beneficial       Percent of Voting
of Beneficial Owner                    Ownership (1) (4)         Securities (1)
-------------------                    -----------------     -----------------

Gary Gelman (2)                            3,446,400               63.7%
Peter Gutmann (2)                            116,000(3)             2.7%
Edward M. Elkin, M.D. (2)                     96,200                2.2%
Gary J. Knauer (2)                           111,250                2.5%
J. Morton Davis                              388,024(5)             9.1%
Kinder Investments, L.P.                     292,500(6)             6.9%
All executive officers and directors
   as a group (four persons)               3,769,850               66.5%


(1)  Based on a total of 4,259,800  Shares issued and  outstanding and 1,407,250
     Shares issuable upon the exercise of presently exercisable stock options by
     persons described in the preceding table.

(2)  Address is c/o the Company, One Jericho Plaza, Jericho, NY 11753.

(3)  Includes  4,000  Shares  owned  by the  wife of Mr.  Gutmann,  as to  which
     beneficial ownership is disclaimed by the respective reporting person.

(4)  Includes the presently  exercisable  portions of outstanding  stock options
     (aggregating  1,407,250  Shares)  which,  in the  case of  Messrs.  Gelman,
     Gutmann,  Elkin,  and Knauer are  1,150,000,  70,000,  76,000,  and 111,250
     Shares, respectively.

(5)  386,924  of these  Shares  are  owned of record  by D.H.  Blair  Investment
     Banking Corp.,  whose address is 44 Wall Street, New York, New York ("Blair
     Investment").  Mr. Davis has reported that Blair Investment's Shares may be
     deemed  to be  beneficially  owned by him.  Mr.  Davis  owns  1,100  Shares
     directly.

(6)  These Shares are owned of record by Kinder  Investments,  L.P.  ("Kinder"),
     Nesher, LLC, the general partner of Kinder ("Nesher") and Dov Perlysky, the
     managing member of Nesher  ("Perlysky").  The reporting  parties'  business
     address is 100 Park Avenue,  New York,  NY. Nesher and Kinder may be deemed
     to beneficially own 292,500 Shares.  Perlysky may be deemed to beneficially
     own 292,572  Shares,  consisting of 292,500 Shares owned directly by Kinder
     and 72 Shares owned directly by Perlysky's wife.

                                       12
<PAGE>


                      EQUITY COMPENSATION PLAN INFORMATION


                   Number of securities   Weighted-average  Number of securities
                    to be issued upon      exercise price   remaining available
                       exercise of         of outstanding   for future issuance
                   outstanding options,  options, warrants      under equity
   Plan category   warrants and rights       and rights      compensation plans
   -------------   -------------------   -----------------  --------------------
Equity compensation
plans approved by
security holders        1,488,500              $1.95             189,000

Equity compensation
plans not approved
by security holders             0                N/A                   0
          Total         1,488,500              $1.95             189,000


ITEM 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

None.

                                       13
<PAGE>


                                     PART IV


ITEM 13.  EXHIBITS AND REPORTS ON FORM 8-K.

DOCUMENTS FILED WITH THIS REPORT

     1.   FINANCIAL STATEMENTS:

          Independent Auditors' Report

          Consolidated Balance Sheets as of March 31, 2003 and 2002

          Consolidated  Statements of  Operations  for the years ended March 31,
          2003 and 2002

          Consolidated  Statements  of  Stockholders'  Equity and  Comprehensive
          Income (Loss) for the years ended March 31, 2003 and 2002

          Consolidated  Statements  of Cash Flows for the years  ended March 31,
          2003 and 2002

          Notes to Consolidated Financial Statements

          FINANCIAL STATEMENT SCHEDULES

          Financial  statement  schedules have been omitted because the required
          information is inapplicable or because the information is presented in
          the financial statements or related notes.

     2.   EXHIBITS

          23        Consent of Independent Auditors.

          99.1      Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
                    Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

          99.2      Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
                    Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

EXHIBITS

     The  following  was filed as an exhibit to the  Company's  Annual Report on
     Form  10-KSB  for its year  ended  March 31,  2001 and is  incorporated  by
     reference herein:

     1.   Employment Agreement between the Company and Gary Gelman.

     The following was filed as Exhibit A to the Company's Proxy Statement dated
     September 11, 2000 and is incorporated by reference herein:

     1.   2000 Stock Incentive Plan.

     The  following  was filed as an exhibit to the  Company's  Annual Report on
     Form  10-KSB  for its year  ended  March 31,  2000 and is  incorporated  by
     reference herein:

     1.   Lease  Renewal  Agreement  with  respect to the RPM  Rehabilitation  &
          Associates,  Inc.  office located at 901 East Second Avenue,  Spokane,
          WA.

                                       14
<PAGE>


     The  following  was filed as an exhibit to the  Company's  Annual Report on
     Form  10-K  for its year  ended  March  31,  1998  and is  incorporated  by
     reference herein:

     1.   Lease  Extension  and  Modification  Agreement  with  respect  to  the
          Company's office at One Jericho Plaza, Jericho, NY.

     The  following  was  filed  as an  exhibit  to the  Company's  Registration
     Statement on Form S-8 (File No. 333-39071) and is incorporated by reference
     herein:

     1.   1997 Stock Incentive Plan.

     The  following  was filed as an exhibit to the  Company's  Annual Report on
     Form  10-K  for its year  ended  March  31,  1995  and is  incorporated  by
     reference herein:

     1.   Lease Agreement with respect to the RPM  Rehabilitation  & Associates,
          Inc. office at 901 East Second Avenue, Spokane, WA.

     The  following  was filed as an exhibit to the  Company's  Annual Report on
     Form  10-K  for its year  ended  March  31,  1994  and is  incorporated  by
     reference herein:

     1.   Lease  Agreement  with respect to the Company's  office at One Jericho
          Plaza, Jericho, NY.

     The  following  was filed as an exhibit to the  Company's  Annual Report on
     Form  10-K  for its year  ended  March  31,  1989  and is  incorporated  by
     reference herein:

     1.   Certificate of Amendment of Certificate of Incorporation.

     The  following  were  filed  as  exhibits  to  the  Company's  Registration
     Statement  on Form  S-18  (File No.  2-99625-NY)  and are  incorporated  by
     reference herein:

     3.1  Certificate of Incorporation of the Company as amended.

     10.3 1985 Stock Option Plan.

     The  following  were  filed  as  exhibits  to  the  Company's  Registration
     Statement on Form S-3 (File No. 33-40200) and are incorporated by reference
     herein:

     3.2  By-Laws of the Company.

     10.5 1991 Stock Option Plan.

     Exhibits to the Company's  reports on Form 8-K dated September 14, 1993 and
     April 21, 1997 are incorporated by reference herein.

REPORTS ON FORM 8-K

     There were no reports on Form 8-K filed during the quarter  ended March 31,
     2003.

                                       15
<PAGE>


ITEM 14.  CONTROLS AND PROCEDURES.

Disclosure controls and procedures are designed to ensure the reliability of the
financial  statements and other disclosures  included in this report.  Within 90
days prior to the date of this report,  the Company  carried out an  evaluation,
under the supervision and with the  participation  of the Company's  management,
including the Company's Chief Executive Officer and Chief Financial Officer,  of
the  effectiveness  of the  design and  operation  of the  Company's  disclosure
controls and  procedures  pursuant to Exchange Act Rule 13a-14.  Based upon that
evaluation,  the Chief Executive  Officer and Chief Financial  Officer concluded
that the Company's  disclosure  controls and  procedures are effective in timely
alerting them to material  information  required to be included in the Company's
periodic Securities and Exchange Commission filings.

There have been no significant  changes in the Company's internal controls or in
other factors that could  significantly  affect these controls subsequent to the
date the Company carried out its evaluation.


                                       16
<PAGE>


                                   SIGNATURES

In  accordance  with  Section 13 or 15(d) of the Exchange  Act,  the  registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                           AMERICAN CLAIMS EVALUATION, INC.


                                           By: /s/  Gary Gelman
                                               ---------------------------------
                                               Gary Gelman
                                               Chairman of the Board, President
                                               and Chief Executive Officer

DATE:   June 20, 2003

In  accordance  with the Exchange  Act, this report has been signed below by the
following  persons on behalf of the  registrant and in the capacities and on the
dates indicated:


SIGNATURES                            TITLE                           DATE
----------                            -----                           ----


 /s/ Gary Gelman                Chairman of the Board,             June 20, 2003
---------------------------     President and Chief
Gary Gelman                     Executive Officer
                                (Principal Executive Officer)


 /s/ Gary J. Knauer             Chief Financial Officer,           June 20, 2003
---------------------------     Treasurer (Principal Financial
Gary J. Knauer                  and Accounting Officer)
                                and Secretary


 /s/ Edward M. Elkin            Director                           June 20, 2003
---------------------------
Edward M. Elkin, M.D.


 /s/ Peter Gutmann              Director                           June 20, 2003
---------------------------
Peter Gutmann


                                       17
<PAGE>


                                 CERTIFICATIONS

I, Gary Gelman, certify that:

1.   I have  reviewed  this  annual  report on Form  10-KSB of  American  Claims
     Evaluation, Inc.;

2.   Based on my  knowledge,  this  annual  report  does not  contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this annual report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information included in this annual report,  fairly present in all material
     respects the financial  condition,  results of operations and cash flows of
     the registrant as of, and for, the periods presented in this annual report;

4.   The  registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

         a)   designed such  disclosure  controls and  procedures to ensure that
              material  information  relating to the  registrant,  including its
              consolidated  subsidiaries,  is made known to us by others  within
              those  entities,  particularly  during  the  period in which  this
              annual report is being prepared;

         b)   evaluated  the   effectiveness  of  the  registrant's   disclosure
              controls and  procedures  as of a date within 90 days prior to the
              filing date of this annual report (the "Evaluation Date"); and

         c)   presented  in  this  annual  report  our  conclusions   about  the
              effectiveness  of the disclosure  controls and procedures based on
              our evaluation as of the Evaluation Date;

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent functions):

         a)   all  significant  deficiencies  in  the  design  or  operation  of
              internal  controls which could adversely  affect the  registrant's
              ability to record,  process,  summarize and report  financial data
              and have  identified  for the  registrant's  auditors any material
              weaknesses in internal controls; and

         b)   any fraud,  whether or not material,  that involves  management or
              other  employees who have a significant  role in the  registrant's
              internal controls; and

6.   The  registrant's  other  certifying  officers and I have indicated in this
     annual  report  whether or not there were  significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

Date: June 20, 2003

/s/  Gary Gelman

Gary Gelman
Chief Executive Officer

                                       18
<PAGE>


                                 CERTIFICATIONS

I, Gary J. Knauer, certify that:

1.   I have  reviewed  this  annual  report on Form  10-KSB of  American  Claims
     Evaluation, Inc.;

2.   Based on my  knowledge,  this  annual  report  does not  contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this annual report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information included in this annual report,  fairly present in all material
     respects the financial  condition,  results of operations and cash flows of
     the registrant as of, and for, the periods presented in this annual report;

4.   The  registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

         a)   designed such  disclosure  controls and  procedures to ensure that
              material  information  relating to the  registrant,  including its
              consolidated  subsidiaries,  is made known to us by others  within
              those  entities,  particularly  during  the  period in which  this
              annual report is being prepared;

         b)   evaluated  the   effectiveness  of  the  registrant's   disclosure
              controls and  procedures  as of a date within 90 days prior to the
              filing date of this annual report (the "Evaluation Date"); and

         c)   presented  in  this  annual  report  our  conclusions   about  the
              effectiveness  of the disclosure  controls and procedures based on
              our evaluation as of the Evaluation Date;

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent functions):

         a)   all  significant  deficiencies  in  the  design  or  operation  of
              internal  controls which could adversely  affect the  registrant's
              ability to record,  process,  summarize and report  financial data
              and have  identified  for the  registrant's  auditors any material
              weaknesses in internal controls; and

         b)   any fraud,  whether or not material,  that involves  management or
              other  employees who have a significant  role in the  registrant's
              internal controls; and

6.   The  registrant's  other  certifying  officers and I have indicated in this
     annual  report  whether or not there were  significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

Date: June 20, 2003

/s/  Gary J. Knauer

Gary J. Knauer
Chief Financial Officer

                                       19
<PAGE>


                          INDEPENDENT AUDITORS' REPORT



The Board of Directors
American Claims Evaluation, Inc. and Subsidiary:


We have audited the accompanying  consolidated balance sheets of American Claims
Evaluation,  Inc. and  subsidiary as of March 31, 2003 and 2002, and the related
consolidated  statements of operations,  stockholders'  equity and comprehensive
income  (loss),  and  cash  flows  for  each  of the  years  then  ended.  These
consolidated  financial  statements  are  the  responsibility  of the  Company's
management.  Our  responsibility is to express an opinion on these  consolidated
financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the  United  States of  America.  Those  standards  require  that we plan and
perform the audit to obtain reasonable  assurance about whether the consolidated
financial  statements  are free of  material  misstatement.  An  audit  includes
examining,  on a test basis,  evidence supporting the amounts and disclosures in
the  consolidated  financial  statements.  An audit also includes  assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation.  We believe that our
audits provide a reasonable basis for our opinion.

In our opinion, the consolidated  financial statements referred to above present
fairly,  in all material  respects,  the financial  position of American  Claims
Evaluation,  Inc. and  subsidiary as of March 31, 2003 and 2002, and the results
of their  operations  and their  cash  flows for each of the years then ended in
conformity with accounting principles generally accepted in the United States of
America.

As discussed in Note 1 to the  consolidated  financial  statements,  the Company
adopted Statement of Financial  Accounting Standards No. 142, GOODWILL AND OTHER
INTANGIBLE ASSETS as of April 1, 2002.



/s/  KPMG LLP



May 20, 2003



<PAGE>


                 AMERICAN CLAIMS EVALUATION, INC. AND SUBSIDIARY
                           Consolidated Balance Sheets
                             March 31, 2003 and 2002

                                     ASSETS              2003           2002
                                                     -----------     ----------
Current assets:
  Cash and cash equivalents                          $ 7,179,340      7,440,897
  Accounts receivable (net of allowance
    for doubtful accounts of $1,000 in
    2003 and 2002)                                       101,597         99,571
  Prepaid expenses                                        35,526         33,329
  Prepaid and recoverable income taxes                     8,736         59,535
  Deferred income taxes                                    2,527          2,527
                                                     -----------     ----------
       Total current assets                            7,327,726      7,635,859
Property and equipment, net                               87,297        121,724
Goodwill                                                      --        371,536
                                                     -----------     ----------
       Total assets                                  $ 7,415,023      8,129,119
                                                     ===========     ==========

                     LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accounts payable                                   $    14,852         34,811
  Accrued expenses                                        85,200         89,579
                                                     -----------     ----------
       Total current liabilities                         100,052        124,390
                                                     -----------     ----------
Commitments (note 8)
Stockholders' equity:
  Common stock, $0.01 par value. Authorized
    10,000,000 shares; issued 4,450,000 shares;
    outstanding 4,259,800 shares                          44,500         44,500
  Additional paid-in capital                           3,515,699      3,515,699
  Retained earnings                                    4,071,913      4,742,747
                                                     -----------     ----------
                                                       7,632,112      8,302,946
  Treasury stock, at cost                               (317,141)      (298,217)
                                                     -----------     ----------
       Total stockholders' equity                      7,314,971      8,004,729
                                                     -----------     ----------
       Total liabilities and stockholders' equity    $ 7,415,023      8,129,119
                                                     ===========     ==========

See accompanying notes to consolidated financial statements.


                                      F-2
<PAGE>


                 AMERICAN CLAIMS EVALUATION, INC. AND SUBSIDIARY
                      Consolidated Statements of Operations
                       Years ended March 31, 2003 and 2002


                                                         2003           2002
                                                     -----------     ----------
Revenues                                             $ 1,197,700      1,260,913
Cost of services                                         572,663        619,488
                                                     -----------     ----------
       Gross margin                                      625,037        641,425
Selling, general, and administrative expenses          1,474,350      1,147,695
                                                     -----------     ----------
       Operating loss                                   (849,313)      (506,270)
Other income:
  Interest income                                        144,479        265,040
  Gain on sale of marketable securities                       --        450,069
                                                     -----------     ----------
       Earnings (loss) before income tax benefit        (704,834)       208,839
Income tax benefit                                       (34,000)       (94,000)
                                                     -----------     ----------
       Net earnings (loss)                           $          302,839
                                                     ===========     ==========
Earnings (loss) per share - basic                    $     (0.16)          0.07
Earnings (loss) per share - diluted                        (0.16)          0.07
Weighted average shares - basic                        4,259,800      4,273,500
Potential dilutive shares                                     --          9,773
                                                     -----------     ----------
Weighted average shares - diluted                      4,259,800      4,283,273
                                                     ===========     ==========


See accompanying notes to consolidated financial statements.

                                      F-3
<PAGE>


                 AMERICAN CLAIMS EVALUATION, INC. AND SUBSIDIARY
 Consolidated Statements of Stockholders' Equity and Comprehensive Income (Loss)
                       Years ended March 31, 2003 and 2002

<TABLE>
<CAPTION>
                                                                       ACCUMULATED
                                        COMMON STOCK      ADDITIONAL      OTHER                    TREASURY STOCK         TOTAL
                                   ---------------------    PAID-IN   COMPREHENSIVE  RETAINED    -------------------   STOCKHOLDERS'
                                    SHARES     PAR VALUE    CAPITAL   INCOME (LOSS)  EARNINGS    SHARES     AMOUNT        EQUITY
                                   ---------   ---------  ----------  -------------  ---------   -------   ---------   -------------
<S>                                <C>          <C>        <C>            <C>        <C>         <C>       <C>           <C>
Balance at March 31, 2001          4,450,000    $44,500    3,515,699      (75,022)   4,439,908   176,500   $(298,217)    7,626,868
Comprehensive income:
  Net earnings                            --         --           --           --      302,839        --          --       302,839
  Unrealized gain on available-
    for-sale marketable securities        --         --           --       75,022           --        --          --        75,022
                                                                                                                        ----------
       Total comprehensive income                                                                                          377,861
                                   ---------    -------    ---------    ---------    ---------   -------   ---------    ----------
Balance at March 31, 2002          4,450,000     44,500    3,515,699           --    4,742,747   176,500    (298,217)    8,004,729
Comprehensive loss:
  Net loss                                --         --           --           --     (670,834)       --          --      (670,834)
                                                                                                                        ----------
       Total comprehensive
         loss                                                                                                             (670,834)
                                                                                                                        ----------
Purchase of common stock                  --         --           --           --           --    13,700     (18,924)      (18,924)
                                   ---------    -------    ---------    ---------    ---------   -------   ---------    ----------
                                                                                                                        ----------
Balance at March 31, 2003          4,450,000    $44,500    3,515,699           --    4,071,913   190,200   $(317,141)    7,314,971
                                   =========    =======    =========    =========    =========   =======   =========    ==========
</TABLE>

See accompanying notes to consolidated financial statements.

                                      F-4
<PAGE>


                 AMERICAN CLAIMS EVALUATION, INC. AND SUBSIDIARY
                      Consolidated Statements of Cash Flows
                       Years ended March 31, 2003 and 2002

                                                           2003         2002
                                                        ----------    ---------
Cash flows from operating activities:
   Net (loss) earnings                                  $ (670,834)     302,839
   Adjustments to reconcile net earnings
     (loss) to net cash used in
     operating activities:
       Goodwill impairment                                 371,536           --
       Depreciation and amortization                        34,427       67,726
       Gain on sale of marketable securities                    --     (450,069)
       Deferred income taxes                                    --        3,000
       Changes in assets and liabilities:
         Accounts receivable                                (2,026)        (493)
         Prepaid expenses                                   (2,197)      (3,875)
         Prepaid and recoverable income taxes               50,799      (59,535)
         Accounts payable                                  (19,959)       8,005
         Accrued expenses                                   (4,379)       8,380
         Income taxes payable                                   --      (40,866)
                                                        ----------    ---------
           Net cash used in operating activities          (242,633)    (164,888)
                                                        ----------    ---------
Cash flows from investing activities:
  Proceeds from sales of marketable securities                  --      750,155
  Capital expenditures                                          --      (34,760)
                                                        ----------    ---------
           Net cash provided by investing activities            --      715,395
                                                        ----------    ---------
Cash flows from financing activities:
  Purchase of treasury stock                               (18,924)          --
                                                        ----------    ---------
           Net cash used in investing activities           (18,924)          --
                                                        ----------    ---------
           Net (decrease) increase in cash
             and cash equivalents                         (261,557)     550,507
Cash and cash equivalents - beginning of year            7,440,897    6,890,390
                                                        ----------    ---------
Cash and cash equivalents - end of year                 $7,179,340    7,440,897
                                                        ==========    =========
Supplemental disclosure of cash flow information:
  Cash paid during the year for:
    Income taxes                                        $    1,058        3,401

See accompanying notes to consolidated financial statements.

                                      F-5
<PAGE>


                 AMERICAN CLAIMS EVALUATION, INC. AND SUBSIDIARY

                   Notes to Consolidated Financial Statements

                             March 31, 2003 and 2002


(1)  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     (a)  NATURE OF BUSINESS

          American Claims  Evaluation,  Inc. (the Company)  operates in a single
          segment that  provides a full range of vocational  rehabilitation  and
          disability  management  services through its wholly owned  subsidiary,
          RPM Rehabilitation & Associates, Inc.

     (b)  PRINCIPLES OF CONSOLIDATION

          The  Company's  financial  statements  are prepared on a  consolidated
          basis and include the Company  and its wholly  owned  subsidiary.  All
          intercompany   transactions  and  balances  have  been  eliminated  in
          consolidation.

     (c)  REVENUE RECOGNITION

          Revenue for vocational rehabilitation services are recognized when the
          related services are provided.

     (d)  CASH AND CASH EQUIVALENTS

          All highly liquid  investments with a maturity of three months or less
          at the date of purchase are  considered to be cash  equivalents.  Cash
          equivalents are comprised of short-term commercial paper of $6,997,521
          and $6,595,381 as of March 31, 2003 and 2002, respectively.

     (e)  PROPERTY AND EQUIPMENT

          Property  and   equipment  are  stated  at  cost,   less   accumulated
          depreciation.  Depreciation is computed using the straight-line method
          over the estimated useful lives of the respective assets.

     (f)  GOODWILL

          Goodwill  represents  the  excess of  acquisition  costs over the fair
          value of net assets  acquired.  Effective  April 1, 2002,  the Company
          adopted the provisions of Statement of Financial  Accounting  Standard
          (SFAS) No. 142, GOODWILL AND OTHER INTANGIBLE  ASSETS,  which requires
          that the  amortization  of goodwill be replaced with periodic tests of
          the  goodwill's   impairment  at  the  reporting  unit  level.  If  an
          indication of impairment  exists, the Company is required to determine
          if such reporting  unit's implied fair value is less than the carrying
          value in order to determine the amount, if any, of the impairment loss
          required to be recorded.

          During  the  fourth  quarter of the year  ended  March 31,  2003,  the
          Company  performed  its  annual  impairment  testing  of  goodwill  as
          required  by SFAS No.  142.  As a result  of this  test,  the  Company
          concluded  the goodwill was  impaired due to its  continued  operating
          losses and decreases in market capitalization.  Specifically, the fair
          value of the  Company at the  consolidated  level  based on its market
          capitalization  was  compared  to its  carrying  value.  This  process
          indicated  that the Company's  carrying value exceeded its fair value.
          The fair value was then  allocated to all of the Company's  assets and
          liabilities.  There  was no  excess  fair  value  over the fair  value
          allocated to the  Company's  net assets  indicating  that goodwill had
          been impaired.  As a result, the Company recorded a non-cash charge of
          $371,536 to operations to reflect this impairment of goodwill which is
          included  in  selling,  general  and  administrative  expenses  in the
          accompanying statements of operations.

                                      F-6
                                                                     (Continued)
<PAGE>

                 AMERICAN CLAIMS EVALUATION, INC. AND SUBSIDIARY

                   Notes to Consolidated Financial Statements

                             March 31, 2003 and 2002


          During the year ended March 31, 2002,  amortization expense of $32,425
          was  recorded  in  accordance  with  accounting  principles  generally
          accepted in the United States of America prior to the adoption of SFAS
          No. 142. Had the Company recorded this amortization  expense in fiscal
          year 2003, the loss per share would have increased  $0.01 per share on
          a basic and diluted loss per share basis.

          The following table provides the comparable effects of the adoption of
          SFAS No. 142 for the fiscal years ended March 31, 2003 and 2002:

                                                            2003         2002
                                                        -----------    ---------
          Reported net (loss) earnings                  $  (670,834)     302,839
          Add back: Goodwill amortization                        --       32,425
                                                        -----------    ---------
          Adjusted net (loss) earnings                  $  (670,834)     335,264
                                                        ===========    =========

          Basic earnings (loss) per share               $     (0.16)        0.07
          Goodwill amortization                                0.00         0.01
                                                        -----------    ---------
          Adjusted net (loss) income per basic share    $     (0.16)        0.08
                                                        ===========    =========
          Diluted earnings (loss) per share             $     (0.16)        0.07
          Goodwill amortization                                0.00         0.01
                                                        -----------    ---------
          Adjusted net (loss) income per diluted share  $     (0.16)        0.08
                                                        ===========    =========


     (g)  INCOME TAXES

          Income taxes are accounted  for under the asset and liability  method.
          Deferred  tax  assets  and  liabilities  are  recognized  based on the
          temporary  differences  between  the  carrying  amounts  of assets and
          liabilities for financial  statement  purposes and income tax purposes
          using enacted tax rates expected to be in effect when such amounts are
          realized  and   settled.   The  effect  on  deferred  tax  assets  and
          liabilities  of a change in tax rates is  recognized  in income in the
          period that includes the enactment date.

     (h)  EARNINGS (LOSS) PER SHARE

          Basic  earnings  (loss) per share is computed on the weighted  average
          common shares outstanding.  Diluted earnings (loss) per share reflects
          the maximum dilution from potential common shares issuable pursuant to
          the exercise of stock options,  if dilutive,  outstanding  during each
          period.  Employee stock options totaling 1,488,500 and 584,500 for the
          years ended March 31, 2003 and 2002,  respectively,  were not included
          in the diluted  earnings (loss) per share  calculations  because their
          effect would have been anti-dilutive.

     (i)  FAIR VALUE OF FINANCIAL INSTRUMENTS

          The book  values of the  Company's  monetary  assets  and  liabilities
          approximate  fair value as a result of the  short-term  nature of such
          assets and liabilities.

                                      F-7
                                                                     (Continued)

<PAGE>

                 AMERICAN CLAIMS EVALUATION, INC. AND SUBSIDIARY

                   Notes to Consolidated Financial Statements

                             March 31, 2003 and 2002


     (j)  USE OF ESTIMATES

          The  preparation of  consolidated  financial  statements in conformity
          with accounting  principles generally accepted in the United States of
          America  requires  management to make estimates and  assumptions  that
          affect  the  reported  amounts  of  assets  and  liabilities  and  the
          disclosure of  contingent  assets and  liabilities  at the date of the
          consolidated financial statements and the reported amounts of revenues
          and expenses during the reported  period.  Actual results could differ
          from those estimates.

     (k)  STOCK OPTION PLANS

          The Company has adopted the "disclosure  only"  provisions of SFAS No.
          123, ACCOUNTING FOR STOCK-BASED COMPENSATION, and will continue to use
          the  intrinsic   value-based   method  of  accounting   prescribed  by
          Accounting  Principles  Board  Opinion  No. 25,  ACCOUNTING  FOR STOCK
          ISSUED TO EMPLOYEES.  Accordingly,  no  compensation  expense has been
          recognized for the Company's  stock option plans as the exercise price
          of our stock option  grants  equaled or exceeded the fair value of our
          common stock at the date of grant.  Had  compensation  expense for the
          Company's stock option plans been  determined  based on the fair value
          at the grant date for awards during the years ended March 31, 2003 and
          2002  consistent  with the provisions of SFAS No. 148,  ACCOUNTING FOR
          STOCK-BASED  COMPENSATION  - TRANSITION AND  DISCLOSURE,  and SFAS No.
          123, the Company's net earnings  (loss) and earnings  (loss) per share
          would have been reduced to the pro forma amounts indicated below:

                                                         2003             2002
                                                     -----------        --------
          Net earnings (loss):
            As reported                              $  (670,834)        302,839
            Pro forma                                 (1,281,662)        278,126

          Basic earnings (loss) per share:
            As reported                                    (0.16)           0.07
            Pro forma                                      (0.30)           0.07

          Diluted earnings (loss) per share:
            As reported                                    (0.16)           0.07
            Pro forma                                      (0.30)           0.07


          The fair value of each stock option grant was estimated at the date of
          the grant  using  the  Black-Scholes  option  pricing  model  with the
          following  weighted  average  assumptions for the year ended March 31,
          2003:  expected dividend yield 0%; expected option lives of 7.5 years;
          risk-free interest rate of 5.08%; and expected  volatility of 48%. The
          weighted  average fair value of options  granted during the year ended
          March 31, 2003 was $1.04.

          The pro forma effects on net earnings  (loss) and earnings  (loss) per
          share  for  the  years  ended  March  31,  2003  and  2002  may not be
          representative  of  the  pro  forma  effects  in  future  years  since
          compensation  cost is  allocated  on a  straight-line  basis  over the
          vesting periods of the grants, which extend beyond the reported years.

                                      F-8
                                                                     (Continued)
<PAGE>

                 AMERICAN CLAIMS EVALUATION, INC. AND SUBSIDIARY

                   Notes to Consolidated Financial Statements

                             March 31, 2003 and 2002


     (l)  RECENT ACCOUNTING PRONOUNCEMENTS

          In June 2002, the Financial  Accounting  Standards Board (FASB) issued
          SFAS No. 146,  ACCOUNTING FOR COSTS  ASSOCIATED  WITH EXIT OR DISPOSAL
          ACTIVITIES,  which addresses  accounting for restructuring and similar
          costs.  SFAS No. 146 requires that the liability for costs  associated
          with an exit or disposal  activity be recognized when the liability is
          incurred and also  establishes  that the liability should initially be
          measured  and  recorded at fair value.  Accordingly,  SFAS No. 146 may
          affect the timing of recognizing future restructuring costs as well as
          the amount recognized and the recognition of discontinued  operations.
          The Company has  adopted  the  provisions  of SFAS No. 146 for exit or
          disposal activities initiated after December 31, 2002. The adoption of
          the  provisions of SFAS No. 146 did not have a material  impact on the
          consolidated financial statements.

          In November 2002, the FASB issued  Interpretation  No. 45, GUARANTOR'S
          ACCOUNTING  AND  DISCLOSURE  REQUIREMENTS  FOR  GUARANTEES,  INCLUDING
          INDIRECT  GUARANTEES  OF  INDEBTEDNESS  OF  OTHERS  (FIN  45).  FIN 45
          requires  that at the  inception  of the  guarantee,  a  liability  be
          recorded on the  guarantor's  balance  sheet for the fair value of the
          obligation  undertaken in issuing the guarantee.  In addition,  FIN 45
          requires  disclosures  about the guarantees that an entity has issued.
          The  Company  will  apply  the   recognition   provisions  of  FIN  45
          prospectively to guarantees  issued after December 31, 2002.  Adoption
          of the  recognition  provisions  of FIN 45 will  not  have a  material
          effect on the Company's consolidated financial statements.

(2)  MARKETABLE SECURITIES

     During March 2002,  the Company held an  investment in common shares of IVC
     Industries,  Inc.  (IVCO).  IVCO and Inverness  Medical  Innovations,  Inc.
     (Inverness) consummated a definitive merger agreement. The Company received
     $2.50 in cash for each share owned on the merger date and ceased to own any
     shares of IVCO common stock. During the previous year ended March 31, 2001,
     the Company had recorded an impairment  charge of $916,976  related to this
     investment  which was judged to have  experienced  an other than  temporary
     decline in value. As a result, the Company recognized a gain on the sale of
     its marketable  securities of $450,069 during the year ended March 31, 2002
     based upon the  adjusted  cost after the  impairment  charge.  The realized
     loss, based upon the Company's original  unadjusted cost, totaling $466,907
     will be available as a capital loss tax carryforward.

(3)  PROPERTY AND EQUIPMENT

     Property  and  equipment  at  March  31,  2003  and  2002  consists  of the
     following:

                                                                     ESTIMATED
                                             2003        2002       USEFUL LIFE
                                           --------    --------    -------------
     Equipment                             $193,289     193,289    5 years
     Furniture and fixtures                  72,366      72,366    5 to 10 years
                                                       --------    -------------
                                            265,655     265,655
     Less accumulated depreciation          178,358     143,931
                                           --------    --------
                                           $ 87,297     121,724
                                           ========    ========

                                      F-9
                                                                     (Continued)
<PAGE>

                 AMERICAN CLAIMS EVALUATION, INC. AND SUBSIDIARY

                   Notes to Consolidated Financial Statements

                             March 31, 2003 and 2002


     Depreciation  expense for the years ended March 31, 2003 and 2002  amounted
     to $34,427 and $35,301, respectively.

(4)  INCOME TAXES

     Income tax benefit for the years ended March 31, 2003 and 2002 is comprised
     of the following:

                                                           YEAR ENDED MARCH 31
                                                           --------------------
                                                             2003        2002
                                                           --------     -------
     Current:
       Federal                                             $(36,000)    (98,000)
       State                                                  2,000       1,000
                                                           --------     -------
                                                            (34,000)    (97,000)
     Deferred:
       Federal                                                   --       3,000
                                                           --------     -------
                                                           $(34,000)    (94,000)
                                                           ========     =======

     Total income tax benefit  differed from that which would have resulted when
     applying the statutory Federal income tax rate as a result of the following
     items:

                                                YEAR ENDED MARCH 31
                                     -----------------------------------------
                                            2003                   2002
                                     ------------------     ------------------
     Expected income tax expense
       (benefit) at the statutory
       Federal tax rate              $(240,000)     (34%)   $  71,000       34%
     Goodwill impairment               127,000       18            --       --
     Increase (decrease) in
       valuation allowance              78,000       11      (179,000)     (86)
     State taxes, net of Federal
       tax benefit                       1,000       --         1,000        1
     Amortization of goodwill               --       --        11,000        5
     Effect of graduated tax
       rates and other                      --       --         2,000        1
                                     ---------    -----     ---------    -----
             Actual income tax
               benefit               $ (34,000)      (5%)   $ (94,000)     (45%)
                                     =========    =====     =========    =====



                                      F-10
                                                                     (Continued)

<PAGE>

                 AMERICAN CLAIMS EVALUATION, INC. AND SUBSIDIARY

                   Notes to Consolidated Financial Statements

                             March 31, 2003 and 2002


     The tax effects of temporary differences  comprising the Company's deferred
     income tax assets at March 31, 2003 and 2002 are as follows:

                                                         2003            2002
                                                      ---------        --------
     Deferred tax assets:
       Capital loss carryforwards                     $ 159,000         159,000
       Net operating loss carryforwards                  78,000              --
       Depreciation                                       2,527           2,527
       Valuation allowance                             (237,000)       (159,000)
                                                      ---------        --------
                                                      $   2,527           2,527
                                                      =========        ========

     At  March  31,  2003,  the  Company  had net  operating  and  capital  loss
     carryforwards of  approximately  $277,000 and $467,000,  respectively,  for
     Federal  income tax  purposes  which  will be  available  to reduce  future
     taxable  income.  The  utilization of such net operating  losses (NOLs) and
     capital losses is subject to certain  limitations  under Federal income tax
     laws.  Capital losses may only be used to offset future capital gains. NOLs
     and capital  losses are  scheduled  to expire in the years ending March 31,
     2023 and March 31, 2007, respectively.

     Based upon the  uncertainty  of whether the Company's NOLs and capital loss
     carryforwards   may  ultimately  be  utilized  prior  to  their  respective
     expirations,  increases in valuation  allowances  of $78,000 were  recorded
     during 2003. Benefits currently  considered  unrealizable could be adjusted
     in the future if estimates of future taxable income during the carryforward
     period are revised.

(5)  MAJOR CUSTOMERS

     The  Company  has one  customer,  Washington  State  Department  of Labor &
     Industries,  that accounted for 55% of revenues for each of the years ended
     March 31, 2003 and 2002,  respectively.  The  Company has another  customer
     that  accounted  for 10% of revenues  for each of the years ended March 31,
     2003 and 2002, respectively.

(6)  STOCK OPTIONS

     The Company has four stock option  plans,  the 1985 Stock Option Plan (1985
     Plan),  the 1991 Stock Option Plan (1991 Plan),  the 1997  Incentive  Stock
     Option  Plan (1997  Plan) and the 2000  Incentive  Stock  Option Plan (2000
     Plan).  The 1985 Plan and the 1991 Plan have  expired  except as to options
     outstanding.  The 1997  Plan and the 2000 Plan  provide  for  incentive  or
     nonqualified  stock  options  to be  granted  to key  employees,  officers,
     directors,  independent contractors and consultants of the Company, for the
     purchase of up to 750,000 shares per Plan.

     Under the 1997 and 2000  Plans,  options  may be granted at prices not less
     than the fair  market  value on the date the  option  is  granted.  Options
     become exercisable as determined at the date of grant by a committee of the
     board of directors. Options expire ten years after the date of grant unless
     an  earlier  expiration  date is set at the  time  of  grant.  The  vesting
     schedules for the options are from zero to five years.

                                      F-11
                                                                     (Continued)
<PAGE>

                 AMERICAN CLAIMS EVALUATION, INC. AND SUBSIDIARY

                   Notes to Consolidated Financial Statements

                             March 31, 2003 and 2002


     Changes in the  options  outstanding  during the years ended March 31, 2003
     and 2002 are summarized in the following table:

                                                 NUMBER OF           AVERAGE
                                                   SHARES         EXERCISE PRICE
                                                ----------        --------------
     Outstanding - March 31, 2001                  920,500             $2.04
       Options forfeited                           (36,000)             1.95
                                                ----------
     Outstanding - March 31, 2002                  884,500              2.05
       Options granted                             606,000              1.80
       Options forfeited                            (2,000)             2.25
                                                ----------
     Outstanding - March 31, 2003                1,488,500              1.95
                                                ==========

     As of March 31, 2003,  45,000 and 144,000  options were available for grant
     under the 1997 Plan and 2000 Plan, respectively.

     The following table sets forth the exercise  prices,  the number of options
     outstanding and  exercisable,  and the remaining  contractual  lives of the
     Company's stock options at March 31, 2003:

                                                        WEIGHTED       WEIGHTED
                                                        AVERAGE        AVERAGE
                             NUMBER OF OPTIONS       EXERCISE PRICE  CONTRACTUAL
                        --------------------------   OF EXERCISABLE      LIFE
      Exercise price    OUTSTANDING    EXERCISABLE       OPTIONS      REMAINING
     ----------------   -----------    -----------       -------      ---------
           $1.25           300,000        300,000        $  1.25       4 years
       $1.80 - $1.88       636,000        586,000           1.80      8.9 years
       $2.10 - $2.56       552,500        533,750           2.49      5.4 years
                         ---------      ---------        -------      ---------
                         1,488,500      1,419,750        $  1.94      7.2 years
                         =========      =========        =======      =========


(7)  RETIREMENT PLAN

     The Company  sponsors a retirement  plan pursuant to Section  401(k) of the
     Internal Revenue Code (the Code) for all employees  meeting certain service
     requirements.  Participants may contribute a percentage of compensation not
     to exceed the  maximum  allowed  under the Code.  The plan  provides  for a
     matching  contribution by the Company which amounted to $12,626 and $13,057
     for the years ended March 31, 2003 and 2002, respectively.

                                      F-12
                                                                     (Continued)
<PAGE>

                 AMERICAN CLAIMS EVALUATION, INC. AND SUBSIDIARY

                   Notes to Consolidated Financial Statements

                             March 31, 2003 and 2002


(8)  COMMITMENTS

     Rental  expense  under  noncancelable  operating  leases for  office  space
     amounted to $139,019  and  $134,407  for the years ended March 31, 2003 and
     2002,  respectively.  Minimum lease payments under noncancelable  operating
     leases, exclusive of future escalation charges, as of March 31, 2003 are as
     follows:

               2004                                      $ 97,000
               2005                                        53,000
               2006                                        13,000
                                                         --------
                      Total minimum lease payments       $163,000
                                                         ========


                                      F-13

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>3
<FILENAME>c28584_ex-23.txt
<TEXT>

                                                                      EXHIBIT 23







                          INDEPENDENT AUDITORS' CONSENT


The Board of Directors
American Claims Evaluation, Inc. and Subsidiary:


We consent to the incorporation by reference in the registration statement (No.
333-39071) on Form S-8 of American Claims Evaluation, Inc. and subsidiary of our
report dated May 20, 2003 on the consolidated balance sheets of American Claims
Evaluation, Inc. and subsidiary as of March 31, 2003 and 2002, and the related
consolidated statements of operations, stockholders' equity and comprehensive
income (loss) and cash flows for the years then ended, which report appears in
the March 31, 2003 annual report on Form 10-KSB of American Claims Evaluation,
Inc. and subsidiary.


/s/  KPMG LLP

Melville, New York
June 20, 2003


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>c28584_ex99-1.txt
<TEXT>

                                                                    EXHIBIT 99.1

                            CERTIFICATION PURSUANT TO
                             18 U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

     In connection  with the Annual Report of American Claims  Evaluation,  Inc.
(the  "Company")  on Form 10-KSB for the period  ending  March 31, 2003 as filed
with the Securities and Exchange  Commission on the date hereof (the  "Report"),
I, Gary Gelman, Chief Executive Officer of the Company,  certify, pursuant to 18
U.S.C.  ss. 1350, as adopted  pursuant to ss. 906 of the  Sarbanes-Oxley  Act of
2002, that:

     (1)  The Report fully  complies with the  requirements  of section 13(a) or
15(d) of the Securities Exchange Act of 1934; and

     (2)  The  information  contained  in the  Report  fairly  presents,  in all
material  respects,  the  financial  condition  and result of  operations of the
Company.


/s/ Gary Gelman

Chief Executive Officer
June 20 2003


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>5
<FILENAME>c28584_ex99-2.txt
<TEXT>

                                                                    EXHIBIT 99.2

                            CERTIFICATION PURSUANT TO
                             18 U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

     In connection  with the Annual Report of American Claims  Evaluation,  Inc.
(the  "Company")  on Form 10-KSB for the period  ending March 31, 2003, as filed
with the Securities and Exchange  Commission on the date hereof (the  "Report"),
I, Gary J. Knauer,  Chief Financial Officer of the company,  certify pursuant to
18 U.S.C. ss. 1350, as adopted pursuant to ss. 906 of the  Sarbanes-Oxley Act of
2002, that:

     (1)  The Report fully  complies with the  requirements  of section 13(a) or
15(d) of the Securities Exchange Act of 1934; and

     (2)  The  information  contained in the Report  fairly  represents,  in all
material  respects,  the  financial  condition  and result of  operations of the
Company.


/s/ Gary J. Knauer

Chief Financial Officer
June 20, 2003


</TEXT>
</DOCUMENT>
</SUBMISSION>
