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ePlus Issues Revised EPS for Its Third Quarter Financial Results


Earnings Conference Call Scheduled for February 7
HERNDON, VA - February 7, 2013 - ePlus inc. (Nasdaq NGM: PLUS - news), 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 As of
  December 31, 2012   March 31, 2012
ASSETS
Cash and cash equivalents  $              42,153  $          33,778
Short-term Investments  $                1,228  $            7,396
Accounts receivable, net of allowance for doubtful                 221,917            174,599
Notes receivable                  21,763              24,337
Inventories                  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
Nonrecourse notes payable                  34,648              26,328
Deferred tax liability                    5,781                5,786
Total Liabilities                  270,319              214,061
COMMITMENTS AND CONTINGENCIES (Note 7)                          -                    

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