Delaware
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1-34167
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54-1817218
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(State or other jurisdiction of incorporation or organization)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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99.1
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Press release dated August 6, 2012, issued by ePlus inc.
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ePlus inc.
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By: /s/ Elaine D. Marion
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Elaine D. Marion
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Chief Financial Officer
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Contact: Kleyton Parkhurst, SVP
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ePlus inc.
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investors@eplus.com
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703-984-8150
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·
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Total revenues increased 38.0% to $236.3 million compared to $171.2 million in the quarter ended June 30, 2011. The increase in revenues was due to increases in customer demand, particularly from Fortune 100 companies, and investments we made over the last twelve months to improve our product and service offerings and expand our geographical footprint.
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·
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Total costs and expenses were $225.4 million compared to $167.2 million in the same quarter last year, an increase of 34.8%. The increase in costs and expenses was primarily driven by increases in cost of sales, products and services, which was consistent with the increase in sales of products and services. In addition, salaries and benefits increased as a result of our investment in sales and support personnel and strategic acquisitions.
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·
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Gross margin on sales of products and services was 17.0% and 16.9% during the quarters ended June 30, 2012 and 2011, respectively. The change in gross margin was primarily affected by the amount of vendor incentives earned during the period.
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·
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Segment earnings before tax increased $6.8 million to $10.8 million.
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·
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Total revenues increased 10.1% to $8.4 million, as compared to $7.7 million in the quarter ended June 30, 2011, due to an increase in the net gain on sales of financial assets.
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·
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Total costs and expenses increased 5.5% to $5.7 million, due to increases in direct lease costs and professional and other fees.
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·
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Segment earnings before tax were $2.7 million compared to $2.3 million for the same quarter prior year.
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ePlus inc. AND SUBSIDIARIES
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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
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||||
As of
June 30, 2012
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As of
March 31, 2012
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||
ASSETS
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(amounts in thousands)
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|||
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Cash and cash equivalents
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$ 55,359
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$ 33,778
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||
Short-term investments
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3,692
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7,396
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||
Accounts receivable—net
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189,666
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174,599
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Notes receivable—net
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14,283
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24,337
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||
Inventories—net
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23,997
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23,514
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||
Investment in leases and leased equipment—net
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103,140
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115,974
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||
Property and equipment—net
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2,116
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2,086
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Other assets
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25,997
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23,560
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Goodwill
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28,580
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28,444
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TOTAL ASSETS
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$ 446,830
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$ 433,688
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LIABILITIES AND STOCKHOLDERS' EQUITY
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||||
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||||
LIABILITIES
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||||
|
||||
Accounts payable—equipment
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$ 6,804
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$ 17,268
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||
Accounts payable—trade
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25,076
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26,719
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||
Accounts payable—floor plan
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97,415
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85,911
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||
Salaries and commissions payable
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10,049
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9,500
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Accrued expenses and other liabilities
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39,800
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40,822
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Recourse notes payable
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1,727
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1,727
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Non-recourse notes payable
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32,780
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26,328
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Deferred tax liability
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5,786
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5,786
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Total Liabilities
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219,437
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214,061
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COMMITMENTS AND CONTINGENCIES
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||||
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STOCKHOLDERS' EQUITY
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||||
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||||
Preferred stock, $.01 par value; 2,000,000 shares authorized; none issued or outstanding
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Common stock, $.01 par value; 25,000,000 shares authorized; 12,787,999 issued and 8,059,049 outstanding at June 30, 2012 and 12,692,224 issued and 7,999,895 outstanding at March 31, 2012
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$ 128
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$ 127
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Additional paid-in capital
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94,447
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93,545
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Treasury stock, at cost, 4,728,950 and 4,692,329 shares, respectively
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(66,565)
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(65,416)
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Retained earnings
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198,968
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190,906
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Accumulated other comprehensive income—foreign currency translation adjustment
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415
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465
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Total Stockholders' Equity
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227,393
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219,627
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$ 446,830
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$ 433,688
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ePlus inc. AND SUBSIDIARIES
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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Three Months Ended June 30,
|
|||||
2012
|
2011
As Restated
|
||||
(amounts in thousands, except shares and per share data)
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|||||
Sales of product and services
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$ 234,282
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$ 169,321
|
|||
Financing revenue
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7,900
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7,434
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Fee and other income
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2,542
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2,144
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TOTAL REVENUES
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244,724
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178,899
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|||
COSTS AND EXPENSES
|
|||||
Cost of sales, product and services
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194,391
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140,674
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|||
Direct lease costs
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2,243
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2,096
|
|||
Professional and other fees
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3,113
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2,425
|
|||
Salaries and benefits
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26,354
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23,006
|
|||
General and administrative expenses
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4,655
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4,033
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|||
Interest and financing costs
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405
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382
|
|||
TOTAL COSTS AND EXPENSES
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34,527
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29,846
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EARNINGS BEFORE PROVISION FOR INCOME TAXES
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13,563
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6,283
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PROVISION FOR INCOME TAXES
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5,501
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2,580
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NET EARNINGS
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$ 8,062
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$ 3,703
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NET EARNINGS PER COMMON SHARE—BASIC
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$ 1.04
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$ 0.45
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NET EARNINGS PER COMMON SHARE—DILUTED
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$ 1.02
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$ 0.44
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WEIGHTED AVERAGE SHARES OUTSTANDING—BASIC
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7,720,535
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8,307,389
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WEIGHTED AVERAGE SHARES OUTSTANDING—DILUTED
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7,897,906
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8,489,703
|
|||
ePlus inc. AND SUBSIDIARIES
|
||||||||
STATEMENTS OF OPERATIONS BY SEGMENT
|
||||||||
Three Months ended June 30,
|
||||||||
2012
|
2011
As Restated
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|||||||
Technology Sales Business Segment
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Financing Business Segment
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Technology Sales Business Segment
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Financing Business Segment
|
|||||
(amounts in thousands)
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||||||||
Sales of product and services
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$ 234,282
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$ -
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$ 169,321
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$ -
|
||||
Financing revenues
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-
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7,900
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-
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7,434
|
||||
Fee and other income
|
2,002
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540
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1,909
|
235
|
||||
TOTAL REVENUES
|
236,284
|
8,440
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171,230
|
7,669
|
||||
COSTS AND EXPENSES
|
||||||||
Cost of sales, products and services
|
194,391
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-
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140,674
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-
|
||||
Direct lease costs
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-
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2,243
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-
|
2,096
|
||||
Professional and other fees
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2,503
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610
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2,075
|
350
|
||||
Salaries and benefits
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24,082
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2,272
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20,663
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2,343
|
||||
General and administrative expenses
|
4,438
|
217
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3,767
|
266
|
||||
Interest and financing costs
|
31
|
374
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20
|
362
|
||||
TOTAL COSTS AND EXPENSES
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225,445
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5,716
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167,199
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5,417
|
||||
EARNINGS BEFORE PROVISION FOR INCOME TAXES
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$ 10,839
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$ 2,724
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$ 4,031
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$ 2,252
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