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EPlus Reports Fiscal 2011 Third Quarter Results

HERNDON, Va., Feb. 3, 2011 (GLOBE NEWSWIRE) -- e Plus inc. (NasdaqPLUS), a leading provider of technology solutions, today announced financial results for its fiscal third quarter ended December 31, 2010.

Revenues totaled $230.5 million, an increase of $51.8 million or 29.0%, compared to $178.7 million in the fiscal third quarter of 2010. Net earnings increased $5.2 million to $7.5 million or $0.89 per diluted share, as compared to $2.3 million, or $0.27 per diluted share, in the same period last year. During the fiscal third quarter of 2010, the Company recorded a $4.0 million pre-tax goodwill impairment charge relating to its leasing reporting unit. Excluding this impairment charge, non-GAAP net earnings totaled $4.6 million, or $0.54 per diluted share in the fiscal third quarter of 2010.

"We were pleased to see the strong demand from our customers continue during the December quarter, as we benefited from the overall strength in IT spending and achieved another strong quarter," said Phillip G. Norton, Chairman, President and Chief Executive Officer. "Moreover, to facilitate and accommodate business growth, we continue to add experienced staff to our key solutions areas, enabling us to better align our go-to-market and engineering delivery capabilities with the market opportunities afforded by the cloud. By leveraging our deep virtualization experience with our multi-vendor expertise, we are providing a full range of cloud solutions, from architecture through enablement and managed services to help our customers capture the benefits of cloud computing."

During the quarter, e Plus acquired Interchange Technologies, Inc., a Tandberg Platinum Partner with advanced expertise in visual communication and collaboration technologies. With the acquisition, e Plus gained Tandberg Platinum Partner status, adding to its current credentials as a Cisco TelePresence authorized technology provider as well as a Cisco Master Unified Communications specialized and Cisco WebEx certified collaboration solutions partner. The acquisition enables ePlus to provide customers a single source for a full spectrum of solutions and services in the teleconferencing, audio and video, unified communications, and collaboration market space to meet their diverse business communications needs. Tandberg was acquired by Cisco in April 2010.

On January 31, 2011, e Plus announced that a jury in the United States District Court for the Eastern District of Virginia unanimously found that Lawson Software, Inc. infringed e Plus patents relating to electronic procurement systems and that all e Plus patent claims tried in court were valid. The lawsuit, which was filed in May 2009, originally included three additional defendants.  e Plus previously reached settlements with each of those defendants.

Quarterly Results

Sales of product and services totaled $219.2 million, an increase of $56.0 million or 34.3%, as compared to $163.2 million in the fiscal third quarter of 2010. The gross margin on products and services improved to 15.4% compared to 13.4% in the same quarter last year due to an improvement in margin from hardware sales and manufacturer incentives.

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