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DCAP Group, Inc. (NASDAQ: DCAP), the largest chain of independent storefront insurance agencies in the Northeast, today reported a net loss for the first quarter of 2008 of $229,658 (or ($0.08) per diluted share) as compared to net income of $88,794 in 2007 (or $0.03 per diluted share). Net loss from continuing operations was $109,548 in 2008 as compared to a net income from continuing operations of $50,929 in 2007. Loss from discontinued operations, net of tax, was $120,110, in 2008, as compared to a net income of $37,865 in 2007. First Quarter commentary �The difficult market conditions experienced during calendar years 2006 and 2007 continue, but seem to be abating,� said Barry Goldstein, DCAP�s Chairman and CEO. �Our company-owned and franchised stores continue to feel the commission declines caused by the rate decreases taken in the two prior years. While it appears that the market is now poised to increase premium rates, the timing is anything but certain. The first signs of a turnaround in premium rates were seen in late 2007 and early in 2008 with rate increases by both Progressive and GEICO being approved by the NYS Insurance Department. Although we believe that rate levels have bottomed out, signaling an end to this �soft market,� there is no indication whether the auto insurance specialist�s loss of market share has stopped or will stop.� Mr. Goldstein indicated, "The process of converting Commercial Mutual Insurance Company (�CMIC�) to a stock company continues. CMIC has submitted its conversion plan to the Insurance Department. The plan will be discussed at a public hearing, the date of which has not yet been confirmed. There can be no assurance that the conversion will be completed.� Mr. Goldstein concluded, �Our Board and management continually address the opportunities and challenges of the insurance marketplace, and are actively reviewing our short-term and long-term plans with an eye towards rationalizing our various corporate businesses." Financial Results � � � Quarter ended March 31, 2008 2007 � Commissions and fees 1,316,691 1,613,239 (Loss) income from continuing operations, net of tax (109,548) 50,929 (Loss) income from discontinued operations, net of tax (120,110) 37,865 � Net (loss) income (229,658) 88,794 � Diluted Per Share Information: (Loss) income from continuing operations (.04) .02 (Loss) income from discontinued operations (.04) .01 (Loss) income per common share (.08) .03 � Weighted Average Diluted Shares Outstanding 2,969,024 3,283,525 About DCAP Group DCAP Group, Inc. owns and operates the largest chain of independent storefront insurance agencies in the Northeast. Through DCAP Insurance, Barry Scott Insurance, Atlantic Insurance Agency and Accurate Agency, DCAP Group provides automobile insurance (and to a lesser extent, motorcycle and homeowners), enhanced by complimentary premium financing capabilities, to retail customers in New York and Pennsylvania. Other products include automobile club service for roadside emergencies and income tax preparation services. As of May 16, 2008, there were 67 owned or franchised storefront locations. Forward Looking Statements Statements in this press release may contain �forward-looking statements� within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. These statements are based on management�s current expectations and are subject to uncertainty and changes in circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those included in forward-looking statements due to a variety of factors. More information about these factors can be found in DCAP�s latest Annual Report filed with Securities and Exchange Commission under Form 10-KSB. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.