-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 K9hHEBBuArnpXmUxeKJAXv02F4F5O8LuCpMANqw9oE609Er94VQEqjIC3VHJosBQ
 lGnaibQ4AATwx980X6NS2g==

<SEC-DOCUMENT>0001022408-03-000027.txt : 20030829
<SEC-HEADER>0001022408-03-000027.hdr.sgml : 20030829
<ACCEPTANCE-DATETIME>20030829163421
ACCESSION NUMBER:		0001022408-03-000027
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030828
FILED AS OF DATE:		20030829

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EPLUS INC
		CENTRAL INDEX KEY:			0001022408
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE LESSORS [6172]
		IRS NUMBER:				541817218
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	BUSINESS ADDRESS:	
		STREET 1:		400 HERNDON PARKWAY
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20176
		BUSINESS PHONE:		7038345710

	MAIL ADDRESS:	
		STREET 1:		400 HERNDON PARKWAY
		STREET 2:		SUITE B
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20170

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MLC HOLDINGS INC
		DATE OF NAME CHANGE:	19960906

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BOWEN BRUCE M
		CENTRAL INDEX KEY:			0001057486

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-28926
		FILM NUMBER:		03874537

	BUSINESS ADDRESS:	
		STREET 1:		400 HERNDON PARKWAY
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20170
		BUSINESS PHONE:		7038345710
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>f_4bb82803ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-08-28</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001022408</issuerCik>
        <issuerName>EPLUS INC</issuerName>
        <issuerTradingSymbol>PLUS</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001057486</rptOwnerCik>
            <rptOwnerName>BOWEN BRUCE M</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>400 HERNDON PARKWAY</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>HERNDON</rptOwnerCity>
            <rptOwnerState>VA</rptOwnerState>
            <rptOwnerZipCode>20170</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>1</isDirector>
         <isOfficer>1</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
         <officerTitle>Executive Vice President</officerTitle>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-08-28</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>25000</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>13.10</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>655000</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
            <footnoteId id="F1"/>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
 </nonDerivativeTable>
   <footnotes>
      <footnote id="F1"> Includes 160,000 shares held by Bowen Holdings, LLC of which Mr. Bowen is Manager.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>/s/ Bruce M. Bowen</signatureName>
      <signatureDate>2003-08-29</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----