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EPlus Reports Third Quarter Financial Results

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 e Plus 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, 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.

 
e Plus 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
 
 
e Plus 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
         
  NET EARNINGS PER COMMON SHARE—BASIC $1.05 $1.08 $3.35 $2.33
NET EARNINGS PER COMMON SHARE—DILUTED $1.05 $1.07 $3.35 $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 7,778,174 8,184,382
 
 
e Plus inc. AND SUBSIDIARIES
STATEMENTS OF OPERATIONS BY SEGMENT
 
  Three months ended December 31,
  2012 2011
  Technology Sales Business Segment Financing Business Segment Technology Sales Business Segment Financing Business Segment
  (amounts in thousands)
Sales of product and services $228,053  $ --  $212,314  $ --
Financing revenue  -- 12,510  -- 9,028
Fee and other income 1,360 102 1,755 931
TOTAL REVENUE 229,413 12,612 214,069 9,959
         
Cost of sales, product and services 188,103 -- 173,603  --
Direct lease costs  -- 2,934  -- 2,245
Professional and other fees 2,041 457 2,546 392
Salaries and benefits 24,330 3,205 22,923 2,673
General and administrative expenses 4,733 176 4,594 284
Interest and financing costs  19 498  19 315
TOTAL COSTS AND EXPENSES 219,226 7,270 203,685 5,909
         
EARNINGS BEFORE PROVISION FOR INCOME TAXES  $10,187  $5,342  $10,384  $4,050
         
         
  Nine months ended December 31,
  2012 2011
  Technology Sales Business Segment Financing Business Segment Technology Sales Business Segment Financing Business Segment
  (amounts in thousands)
Sales of product and services  $712,513  $ --  $575,128  $ --
Financing revenues  -- 27,823  -- 23,767
Fee and other income 4,953 1,511 5,792 1,895
TOTAL REVENUES 717,466 29,334 580,920 25,662
         
Cost of sales, product and services 587,693  -- 472,706   --
Direct lease costs  -- 7,638  -- 6,419
Professional and other fees 6,804 1,514 6,607 1,111
Salaries and benefits 72,826 7,982 65,303 7,389
General and administrative expenses 14,183 792 12,629 789
Interest and financing costs  70 1,298  57 1,007
TOTAL COSTS AND EXPENSES 681,576 19,224 557,302 16,715
         
EARNINGS BEFORE PROVISION FOR INCOME TAXES  $35,890  $10,110  $23,618  $8,947
CONTACT: Kleyton Parkhurst, SVP
         ePlus inc.
         investors@eplus.com
         703-984-8150

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