ePlus Reports Lower Financing Segment Sales, Earnings

ePlus reported that its financing segment net sales and earnings in the first fiscal quarter of 2015 were $8.4 million and $2.0 million, respectively, compared to $8.9 million and $3.7 million for the same quarter in 2014.

ePlus noted that during the quarter ended June 30, 2014, it entered into an agreement to repurchase the rights, title and interest to payments due under a financing arrangement. This financing arrangement was previously assigned to a third party financial institution and accounted for a secured borrowing. In conjunction with this repurchase agreement, we recognized a gain of $1.4 million, which was included in other income.

ePlus said net sales were down as a result of lower transactional gains.

Operating expenses were down 9.4% over the previous year primarily due to a reserve for credit loss recorded in the previous year that was not replicated in the current quarter. Operating income was $2.0 million, a decrease of 11.3%.

Read the full release from ePlus here.

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Terry Mulreany
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