ePlus Reports Q1/13 Earnings More Than Double

ePLUS announced total revenues for its first quarter of fiscal 2013, which ended June 30, 2012, increased $65.8 million, or 36.8%, to $244.7 million, as compared to $178.9 million recorded in the prior fiscal year’s first quarter. Net earnings increased 117.7% to $8.1 million, as compared to $3.7 million in the prior year’s quarter.

ePlus said its financing business segment 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. Total costs and expenses increased 5.5% to $5.7 million, due to increases in direct lease costs and professional and other fees.
Segment earnings before tax were $2.7 million compared to $2.3 million for the same quarter prior year.

“We are very pleased with our financial results for the quarter,” stated Phillip G. Norton, chairman, president and CEO of ePlus. “We experienced organic revenue growth as our advanced technology solutions continue to resonate with customers. The investments we’ve made over the past two years, including four acquisitions and geographic expansion into new markets, are helping to produce these very favorable results. Our focus on building technology solutions for the cloud, data center, collaboration, managed services and security, are helping to drive revenue and maintain our gross margin, which increased to 17.0% as compared to 16.9% the prior year.”

To read the full ePlus news release click here.