Delaware
|
1-34167
|
54-1817218
|
||
(State or other jurisdiction of incorporation or organization)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
99.1
|
Press release dated November 7, 2013, issued by ePlus inc.
|
ePlus inc.
|
||||
By: /s/ Elaine D. Marion
|
||||
Elaine D. Marion
|
||||
Chief Financial Officer
|
Three Months Ended September 30,
|
||||||||
2013
|
2012
|
Change
|
||||||
Sales of product and services
|
$261,283
|
$250,178
|
$11,105
|
4.4%
|
||||
Fee and other income
|
1,829
|
1,591
|
238
|
15.0%
|
||||
Total revenues
|
263,112
|
251,769
|
11,343
|
4.5%
|
||||
Cost of sales, product and services
|
214,854
|
205,199
|
9,655
|
4.7%
|
||||
Professional and other fees
|
1,580
|
2,260
|
(680)
|
(30.1%)
|
||||
Salaries and benefits
|
27,244
|
24,414
|
2,830
|
11.6%
|
||||
General and administrative expenses
|
5,701
|
5,011
|
690
|
13.8%
|
||||
Interest and financing costs
|
26
|
21
|
5
|
23.8%
|
||||
Total costs and expenses
|
249,405
|
236,905
|
12,500
|
5.3%
|
||||
Segment earnings
|
$13,707
|
$14,864
|
$(1,157)
|
(7.8%)
|
||||
Gross margin, product and services
|
17.8%
|
18.0%
|
Three Months Ended September 30,
|
||||||||
2013
|
2012
|
Change
|
||||||
Financing revenue
|
$8,001
|
$7,413
|
$588
|
7.9%
|
||||
Fee and other income
|
16
|
869
|
(853)
|
(98.2%)
|
||||
Total revenues
|
8,017
|
8,282
|
(265)
|
(3.2%)
|
||||
Direct lease costs
|
3,495
|
2,461
|
1,034
|
42.0%
|
||||
Professional and other fees
|
328
|
447
|
(119)
|
(26.6%)
|
||||
Salaries and benefits
|
2,441
|
2,505
|
(64)
|
(2.6%)
|
||||
General and administrative expenses
|
358
|
400
|
(42)
|
(10.5%)
|
||||
Interest and financing costs
|
407
|
425
|
(18)
|
(4.2%)
|
||||
Total costs and expenses
|
7,029
|
6,238
|
791
|
12.7%
|
||||
Segment earnings
|
$988
|
$2,044
|
$(1,056)
|
(51.7%)
|
||||
Six Months Ended September 30,
|
|||||||
2013
|
2012
|
Change
|
|||||
Sales of product and services
|
$508,320
|
$484,460
|
$23,860
|
4.9%
|
|||
Fee and other income
|
3,286
|
3,593
|
(307)
|
(8.5%)
|
|||
Total revenues
|
511,606
|
488,053
|
23,553
|
4.8%
|
|||
Cost of sales, products and services
|
418,184
|
399,590
|
18,594
|
4.7%
|
|||
Professional and other fees
|
4,443
|
4,763
|
(320)
|
(6.7%)
|
|||
Salaries and benefits
|
55,142
|
48,496
|
6,646
|
13.7%
|
|||
General and administrative
|
10,515
|
9,450
|
1,065
|
11.3%
|
|||
Interest and financing costs
|
46
|
52
|
(6)
|
(11.5%)
|
|||
Total costs and expenses
|
488,330
|
462,351
|
25,979
|
5.6%
|
|||
Segment earnings
|
$23,276
|
$25,702
|
$(2,426)
|
(9.4%)
|
|||
Gross margin, products and services
|
17.7%
|
17.5%
|
Six Months Ended September 30,
|
|||||||
2013
|
2012
|
Change
|
|||||
Financing revenue
|
$18,761
|
$15,313
|
$3,448
|
22.5%
|
|||
Fee and other income
|
79
|
1,409
|
(1,330)
|
(94.4%)
|
|||
Total revenues
|
18,840
|
16,722
|
2,118
|
12.7%
|
|||
Direct lease costs
|
6,748
|
4,704
|
2,044
|
43.5%
|
|||
Professional and other fees
|
703
|
1,057
|
(354)
|
(33.5%)
|
|||
Salaries and benefits
|
5,225
|
4,777
|
448
|
9.4%
|
|||
General and administrative
|
545
|
616
|
(71)
|
(11.5%)
|
|||
Interest and financing costs
|
847
|
799
|
48
|
6.0%
|
|||
Total costs and expenses
|
14,068
|
11,953
|
2,115
|
17.7%
|
|||
Segment earnings
|
$4,772
|
$4,769
|
$3
|
0.1%
|
ePlus inc. AND SUBSIDIARIES
|
|||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
|
|||||
As of
September 30, 2013
|
|
As of
March 31, 2013
|
|||
ASSETS
|
(amounts in thousands)
|
||||
|
|
|
|
||
Cash and cash equivalents
|
$53,696
|
$52,720
|
|||
Short-term investments
|
-
|
982
|
|||
Accounts receivable—trade, net
|
160,008
|
173,445
|
|||
Accounts receivable—other, net
|
35,397
|
18,809
|
|||
Inventories—net
|
20,202
|
14,795
|
|||
Notes receivable—net
|
49,110
|
31,893
|
|||
Investment in leases and leased equipment—net
|
91,421
|
90,710
|
|||
Property and equipment—net
|
3,963
|
2,213
|
|||
Deferred costs
|
8,350
|
10,234
|
|||
Other assets
|
10,220
|
9,107
|
|||
Goodwill and other intangible assets
|
32,934
|
32,964
|
|||
TOTAL ASSETS
|
$465,301
|
$437,872
|
|||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|||||
|
|||||
LIABILITIES
|
|||||
|
|||||
Accounts payable—equipment
|
$13,523
|
$5,379
|
|||
Accounts payable—trade
|
31,042
|
31,331
|
|||
Accounts payable—floor plan
|
80,294
|
66,251
|
|||
Salaries and commissions payable
|
10,617
|
12,911
|
|||
Deferred revenue
|
14,886
|
16,970
|
|||
Accrued expenses and other liabilities
|
13,692
|
20,264
|
|||
Recourse notes payable
|
1,520
|
1,484
|
|||
Non-recourse notes payable
|
42,148
|
40,255
|
|||
Deferred tax liability
|
4,795
|
4,795
|
|||
Total Liabilities
|
212,517
|
199,640
|
|||
|
|||||
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; 13,025,021 issued and 8,170,282 outstanding at September 30, 2013 and 12,899,386 issued and 8,149,706 outstanding at March 31, 2013
|
130
|
129
|
|||
Additional paid-in capital
|
103,684
|
99,641
|
|||
Treasury stock, at cost, 4,854,739 and 4,749,680 shares, respectively
|
(73,207)
|
(67,306)
|
|||
Retained earnings
|
221,804
|
205,358
|
|||
Accumulated other comprehensive income—foreign currency translation adjustment
|
373
|
410
|
|||
Total Stockholders' Equity
|
252,784
|
238,232
|
|||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$465,301
|
$437,872
|
ePlus inc. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|||||||
Three Months Ended
September 30,
|
Six Months Ended
September 30,
|
||||||
2013
|
2012
|
2013
|
2012
|
||||
(amounts in thousands, except shares and per share data)
|
|||||||
Sales of product and services
|
$261,283
|
$250,178
|
$508,320
|
$484,460
|
|||
Financing revenue
|
8,001
|
7,413
|
18,761
|
15,313
|
|||
Fee and other income
|
1,845
|
2,460
|
3,365
|
5,002
|
|||
TOTAL REVENUES
|
271,129
|
260,051
|
530,446
|
504,775
|
|||
COSTS AND EXPENSES
|
|||||||
Cost of sales, product and services
|
214,854
|
205,199
|
418,184
|
399,590
|
|||
Direct lease costs
|
3,495
|
2,461
|
6,748
|
4,704
|
|||
218,349
|
207,660
|
424,932
|
404,294
|
||||
Professional and other fees
|
1,908
|
2,707
|
5,146
|
5,820
|
|||
Salaries and benefits
|
29,685
|
26,919
|
60,367
|
53,273
|
|||
General and administrative expenses
|
6,059
|
5,411
|
11,060
|
10,066
|
|||
Interest and financing costs
|
433
|
446
|
893
|
851
|
|||
38,085
|
35,483
|
77,466
|
70,010
|
||||
TOTAL COSTS AND EXPENSES
|
256,434
|
243,143
|
502,398
|
474,304
|
|||
EARNINGS BEFORE PROVISION FOR INCOME TAXES
|
14,695
|
16,908
|
28,048
|
30,471
|
|||
PROVISION FOR INCOME TAXES
|
6,104
|
6,875
|
11,607
|
12,376
|
|||
NET EARNINGS
|
$8,591
|
$10,033
|
$16,441
|
$18,095
|
|||
NET EARNINGS PER COMMON SHARE—BASIC
|
$1.07
|
$1.26
|
$2.05
|
$2.27
|
|||
NET EARNINGS PER COMMON SHARE—DILUTED
|
$1.06
|
$1.25
|
$2.03
|
$2.25
|
|||
WEIGHTED AVERAGE SHARES OUTSTANDING—BASIC
|
7,975,590
|
7,770,206
|
7,944,932
|
7,745,506
|
|||
WEIGHTED AVERAGE SHARES OUTSTANDING—DILUTED
|
8,019,557
|
7,847,227
|
8,006,572
|
7,822,079
|
|||
Three Months Ended September 30,
|
|||||||||
2013
|
2012
|
||||||||
Technology
|
Financing
|
Technology
|
Financing
|
||||||
(amounts in thousands)
|
|||||||||
Sales of product and services
|
$261,283
|
$ -
|
$250,178
|
$ -
|
|||||
Financing revenue
|
-
|
8,001
|
-
|
7,413
|
|||||
Fee and other income
|
1,829
|
16
|
1,591
|
869
|
|||||
TOTAL REVENUE
|
263,112
|
8,017
|
251,769
|
8,282
|
|||||
Cost of sales, product and services
|
214,854
|
-
|
205,199
|
-
|
|||||
Direct lease costs
|
-
|
3,495
|
-
|
2,461
|
|||||
Professional and other fees
|
1,580
|
328
|
2,260
|
447
|
|||||
Salaries and benefits
|
27,244
|
2,441
|
24,414
|
2,505
|
|||||
General and administrative expenses
|
5,701
|
358
|
5,011
|
400
|
|||||
Interest and financing costs
|
26
|
407
|
21
|
425
|
|||||
TOTAL COSTS AND EXPENSES
|
249,405
|
7,029
|
236,905
|
6,238
|
|||||
SEGMENT EARNINGS
|
$13,707
|
$988
|
$14,864
|
$2,044
|
|||||
Six Months Ended September 30,
|
|||||||||
2013
|
2012
|
||||||||
Technology
|
Financing
|
Technology
|
Financing
|
||||||
(amounts in thousands)
|
|||||||||
Sales of product and services
|
$508,320
|
$ -
|
$484,460
|
$ -
|
|||||
Financing revenues
|
-
|
18,761
|
-
|
15,313
|
|||||
Fee and other income
|
3,286
|
79
|
3,593
|
1,409
|
|||||
TOTAL REVENUES
|
511,606
|
18,840
|
488,053
|
16,722
|
|||||
Cost of sales, product and services
|
418,184
|
-
|
399,590
|
-
|
|||||
Direct lease costs
|
-
|
6,748
|
-
|
4,704
|
|||||
Professional and other fees
|
4,443
|
703
|
4,763
|
1,057
|
|||||
Salaries and benefits
|
55,142
|
5,225
|
48,496
|
4,777
|
|||||
General and administrative expenses
|
10,515
|
545
|
9,450
|
616
|
|||||
Interest and financing costs
|
46
|
847
|
52
|
799
|
|||||
TOTAL COSTS AND EXPENSES
|
488,330
|
14,068
|
462,351
|
11,953
|
|||||
SEGMENT EARNINGS
|
$23,276
|
$4,772
|
$25,702
|
$4,769
|