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EPlus Reports Third Quarter Financial Results

Stocks in this article: PLUS

HERNDON, Va., Feb. 6, 2013 (GLOBE NEWSWIRE) -- ePlus inc. (Nasdaq:PLUS), a leading provider of technology solutions, today announced financial results for its third quarter of fiscal year 2013, which ended December 31, 2012. Total revenues for the quarter increased 8.0% to $242.0 million compared to $224.0 million in the quarter ended December 31, 2011. During the quarter, the Company processed a number of advanced integration projects which were not scheduled to be shipped by quarter end, and as a result, deferred revenue increased to $51.3 million from $16.8 million reported on December 31, 2011. In addition, the Company had a larger than normal balance of open orders of $73.3 million at December 31, 2012, as compared to $56.0 million in the prior year.

Net earnings increased 3.3% to $9.0 million in the third quarter of fiscal year 2013, as compared to $8.7 million in the prior year. However, due to the amount of the special dividend declared during the quarter, fully diluted earnings per common share decreased to $1.05 per share compared from $1.07 per share in the prior period.

For the nine months ended December 31, 2012, total revenue increased 23.1% to $746.8 million, and total costs and expenses increased 22.1% to $700.8 million. Net earnings were $27.1 million for the nine months or $3.35 per diluted share, an increase of 45.0%, as compared to $19.5 million, or $2.31 per diluted share, during the nine months ended December 31, 2011.

"We are pleased with our financial results for the quarter," stated Phillip G. Norton, chairman, president and CEO of ePlus. "We are very focused on building ePlus-branded, value-added solutions to enhance and strengthen our customer relationships and gain incremental revenue and margin. These solutions include managed services, staff augmentation, and extending our OneSourceIT software such as the future release of the OneSource Asset Management module. Over the past several quarters, we have added staff and invested in these key ePlus-branded solutions, to both differentiate ePlus from our peers and maximize the value of our customer base."

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