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 email@example.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.
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 |
December 31, 2012
As of |
March 31, 2012
|ASSETS||(amounts in thousands)|
|Cash and cash equivalents||$42,153||$33,778|
|Investment in leases and leased equipment—net||101,316||115,974|
|Property and equipment—net||2,244||2,086|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accounts payable—floor plan||81,748||85,911|
|Salaries and commissions payable||10,639||9,500|
|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|
|COMMITMENTS AND CONTINGENCIES|
|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)|
|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|
|ePlus inc. AND SUBSIDIARIES|
|UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
Three Months Ended |
Nine Months Ended |
|(amounts in thousands, except shares and per share data)|
|Sales of product and services||$228,053||$212,314||$712,513||$575,128|
|Fee and other income||1,462||2,686||6,464||7,687|
|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|
|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|
|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 PER COMMON SHARE—BASIC|
|NET EARNINGS PER COMMON SHARE—DILUTED||$1.11||$1.07||$3.38||$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||7,867,982||8,184,382|
CONTACT: Kleyton Parkhurst, SVP ePlus inc. firstname.lastname@example.org 703-984-8150