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EPLUS INC
Symbol U : PLUS
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ePlus Issues Revised EPS for Its Third Quarter Financial Results

2013-02-07 14:02 ET - News Release

HERNDON, Va., Feb. 7, 2013 (GLOBE NEWSWIRE) -- ePlus inc. (Nasdaq:PLUS), a leading provider of technology solutions, today announced revised earnings per share calculations for the three and nine month periods ended December 31, 2012. The Company has revised its quarterly basic and diluted earnings per share to $1.11 from $1.05. For the nine months ended December 31, 2012, ePlus has revised its basic and diluted earnings per share for the nine month period to $3.42 and $3.38, respectively, from $3.35.

Based on additional consultations with the Company's independent registered public accounting firm, the Company determined that the initially reported earnings per share calculation had incorrectly used the number of actual shares, rather than the weighted-average number of shares, in respect of the cash dividend declared during the quarter. In particular, the Company declared a dividend of $2.50 per share based on shares outstanding on December 17, 2012 of 8,151,201. In the prior calculation of earnings per share, the Company accounted for the dividend, or distributed earnings, using actual shares outstanding rather than the weighted-average shares for the three- and nine-month periods. The revised calculation is based on weighted-average shares for the three and nine months ended December 31, 2012 for both distributed and undistributed earnings.

Except for the changes to earnings per share and weighted average shares outstanding-diluted referenced herein, there were no other changes reported.

Conference Call Information

The Company will host a conference call on Thursday, February 7, 2013, at 2:00 p.m. Eastern Time to review and discuss the Company's results for the third quarter of fiscal year 2013. The call can be accessed live over the phone by dialing (877) 870-9226, or for international callers, (973) 890-8320. Passcode 92711842. A live webcast will be available via the Company's investor relations Web site at http://www.eplus.com/investors.

A replay will be available shortly after the call and can be accessed by dialing (855) 859-2056, or for international callers, (404) 537-3406. Passcode 92711842. The replay will be available until February 11, 2013, and the webcast will also remain available for replay via the Company's investor relations page of its Web site.

About ePlus inc.

ePlus is a leading integrator of technology solutions. ePlus enables organizations to optimize their IT infrastructure and supply chain processes by delivering world-class IT products from top manufacturers, managed and professional services, flexible lease financing, proprietary software, and patented business methods and systems. Founded in 1990, ePlus has more than 850 associates serving federal, state, municipal, and commercial customers nationally. The Company is headquartered in Herndon, VA. For more information, visit www.eplus.com, call 888-482-1122, or email info@eplus.com. Connect with ePlus on Facebook at www.facebook.com/ePlusinc and on Twitter at www.twitter.com/ePlusinc.

ePlus® and ePlus products referenced herein are either registered trademarks or trademarks of ePlus inc. in the United States and/or other countries.

Forward-Looking Statements

Statements in this press release that are not historical facts may be deemed to be "forward-looking statements." Actual and anticipated future results may vary materially due to certain risks and uncertainties, including, without limitation, additional consultations with the Company's independent registered public accounting firm and the final review by the independent registered public accounting firm of the Company's quarterly financial statements; possible adverse effects resulting from financial market disruption and general slowdown of the U.S. economy such as our current and potential customers' delaying or reducing technology purchases, increasing credit risk associated with our customers and vendors, reduction of vendor incentive programs, the possibility of additional goodwill impairment charges, and restrictions on our access to capital necessary to fund our operations; our ability to design, improve or remediate, as necessary, internal controls to address identified issues; the demand for and acceptance of, our products and services; our ability to adapt our services to meet changes in market developments; our ability to adapt to changes in the IT industry and/or rapid change in product standards; our ability to hire and retain sufficient personnel; our ability to realize our investment in leased equipment; our ability to protect our intellectual property; our ability to consummate and integrate acquisitions; the creditworthiness of our customers; our ability to raise capital and obtain non-recourse financing for our transactions; our ability to reserve adequately for credit losses; the impact of competition in our markets; the possibility of defects in our products or catalog content data; and other risks or uncertainties detailed in our reports filed with the Securities and Exchange Commission. All information set forth in this press release is current as of the date of this release and ePlus undertakes no duty or obligation to update this information.

ePlus inc. AND SUBSIDIARIES    
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS  
     
  As of 
December 31, 2012
As of
March 31, 2012
ASSETS (amounts in thousands)
     
Cash and cash equivalents $42,153 $33,778
Short-term investments 1,228 7,396
Accounts receivable—net 221,917 174,599
Notes receivable—net 21,763 24,337
Inventories—net 23,866 23,514
Investment in leases and leased equipment—net 101,316 115,974
Property and equipment—net 2,244 2,086
Deferred costs 41,600 9,391
Other assets 14,999 14,169
Goodwill 28,787 28,444
TOTAL ASSETS $499,873 $433,688
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
     
LIABILITIES    
     
Accounts payable—equipment $8,850 $17,268
Accounts payable—trade 53,522 26,719
Accounts payable—floor plan 81,748 85,911
Salaries and commissions payable 10,639 9,500
Deferred revenue 51,342 15,935
Accrued expenses and other liabilities 22,247 24,887
Recourse notes payable 1,542 1,727
Non-recourse notes payable 34,648 26,328
Deferred tax liability 5,781 5,786
Total Liabilities 270,319 214,061
     
COMMITMENTS AND CONTINGENCIES    
     
STOCKHOLDERS' EQUITY    
     
Preferred stock, $.01 par value; 2,000,000 shares authorized; none issued or outstanding  -- --
Common stock, $.01 par value; 25,000,000 shares authorized; 12,900,881 issued and 8,151,201 outstanding at December 31, 2012 and 12,692,224 issued and 7,999,895 outstanding at March 31, 2012  129 127
Additional paid-in capital 98,595 93,545
Treasury stock, at cost, 4,749,680 and 4,692,329 shares, respectively (67,306) (65,416)
Retained earnings 197,656 190,906
Accumulated other comprehensive income—foreign currency translation adjustment 480 465
Total Stockholders' Equity 229,554 219,627
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $499,873 $433,688
         
ePlus inc. AND SUBSIDIARIES        
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS      
         
  Three Months Ended
December 31,
Nine Months Ended
December 31,
  2012 2011
As
restated
2012 2011
As
restated
  (amounts in thousands, except shares and per share data)
Sales of product and services $228,053 $212,314 $712,513 $575,128
Financing revenue 12,510 9,028 27,823 23,767
Fee and other income 1,462 2,686 6,464 7,687
         
TOTAL REVENUES 242,025 224,028 746,800 606,582
         
COSTS AND EXPENSES        
         
Cost of sales, product and services 188,103 173,603 587,693 472,706
Direct lease costs 2,934 2,245 7,638 6,419
  191,037 175,848 595,331 479,125
         
Professional and other fees 2,498 2,938 8,318 7,718
Salaries and benefits 27,535 25,596 80,808 72,692
General and administrative expenses 4,909 4,878 14,975 13,418
Interest and financing costs 517 334 1,368 1,064
  35,459 33,746 105,469 94,892
         
TOTAL COSTS AND EXPENSES  226,496 209,594 700,800 574,017
         
EARNINGS BEFORE PROVISION FOR INCOME TAXES 15,529 14,434 46,000 32,565
         
PROVISION FOR INCOME TAXES 6,496 5,691 18,872 13,055
         
NET EARNINGS $9,033 $8,743 $27,128 $19,510
         
  $1.11 $1.08 $3.42 $2.33
NET EARNINGS PER COMMON SHARE—BASIC
NET EARNINGS PER COMMON SHARE—DILUTED $1.11 $1.07 $3.38 $2.31
         
WEIGHTED AVERAGE SHARES OUTSTANDING—BASIC 7,843,153 7,818,666 7,778,174 8,092,404
WEIGHTED AVERAGE SHARES OUTSTANDING—DILUTED 7,843,153 7,898,041 7,867,982 8,184,382
CONTACT: Kleyton Parkhurst, SVP 
         ePlus inc.
         investors@eplus.com
         703-984-8150

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