ePlus Issues Revised EPS for Its Third Quarter Financial Results

ePlus Issues Revised EPS for Its Third Quarter Financial Results

Earnings Conference Call Scheduled for February 7

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       As of
                                              December 31, March 31, 2012
                                               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 129          127
12,692,224 issued and 7,999,895 outstanding at
March 31, 2012
Additional paid-in capital                     98,595       93,545
Treasury stock, at cost, 4,749,680 and         (67,306)     (65,416)
4,692,329 shares, respectively
Retained earnings                              197,656      190,906
Accumulated other comprehensive income—foreign 480          465
currency translation adjustment
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     Nine Months Ended
                          December 31,           December 31,
                                      2011                  2011
                                     As                    As
                          2012        restated   2012       restated
                         (amounts in thousands, except shares and per
                          share data)
Sales of product and      $228,053    $212,314   $712,513   $575,128
services
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    188,103     173,603    587,693    472,706
and services
Direct lease costs        2,934       2,245      7,638      6,419
                         191,037     175,848    595,331    479,125
                                                        
Professional and other    2,498       2,938      8,318      7,718
fees
Salaries and benefits     27,535      25,596     80,808     72,692
General and               4,909       4,878      14,975     13,418
administrative expenses
Interest and financing    517         334        1,368      1,064
costs
                         35,459      33,746     105,469    94,892
                                                        
TOTAL COSTS AND EXPENSES 226,496     209,594    700,800    574,017
                                                        
EARNINGS BEFORE PROVISION 15,529      14,434     46,000     32,565
FOR INCOME TAXES
                                                        
PROVISION FOR INCOME      6,496       5,691      18,872     13,055
TAXES
                                                        
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   $1.11       $1.07      $3.38      $2.31
SHARE—DILUTED
                                                        
WEIGHTED AVERAGE SHARES   7,843,153   7,818,666  7,778,174  8,092,404
OUTSTANDING—BASIC
WEIGHTED AVERAGE SHARES   7,843,153   7,898,041  7,867,982  8,184,382
OUTSTANDING—DILUTED

CONTACT: Kleyton Parkhurst, SVP
         ePlus inc.
         investors@eplus.com
         703-984-8150
 
Press spacebar to pause and continue. Press esc to stop.