PLUS >>> STRONG BUY @ $16 with 12 Month target $100
I am strongly accumulating PLUS shares around $16. Compare PLUS with CMRC, ARBA, CLIC, PPRO and you will see that PLUS is actually the best managed B2B E-Commerce company. With the current rate their annual revenues will be around $250 Millions/year. With about 2 million shares in float PLUS could rise $25 just in a day like CMRC does sometimes. I expect PLUS to hit $100 in just less than 1 year. Take a look at their fantastic results:
Just my views
ePlus Announces Record 2Q Earnings Lease Assets Increase 135% to $204.5 Million
HERNDON, Va.--(BUSINESS WIRE)--Nov. 15, 1999--ePlus inc. (NASD:PLUS) announced record net income for its second quarter ended September 30, 1999.
For the three month period, total revenues increased 61% to $61.2 Million, net income increased 27% to $2.1 Million, and fully diluted earnings per share increased 12% to $0.28 per share. For the six month period, total revenues increased 45% to $115.6, net income increased 16% to $3.6 Million, and fully diluted earnings per share decreased 2% to $0.48 per share.
Phillip G. Norton, Chairman, President and CEO said ``Our most important achievement over the last few months is the successful launch of our new e-procurement product, ePlusSuite(SM). We believe that ePlusSuite(SM) provides a very viable hosted e-procurement alternative to Arriba (NASD: ARBA) and Commerce One (NASD: CMRC). As a hosted service, it has no upfront software and limited implementation costs, and can be up and running in a matter of weeks.'
Mr. Norton continued ``ePlusSuite(SM) has had great customer acceptance and is positioned to take advantage of the huge middle market opportunity which is currently wide open. Prior to its official launch date, we had limited its availability to certain customers for testing. We currently have four customers using all of ePlusSuite(SM) and over 60 customers using Manage+. Now we are rolling out ePlusSuite(SM) to all of our customers. Since ePlus has over 1,500 customers, we believe ePlusSuite(SM) will be one of the most widely used e-procurement services.'
On September 30, 1999, ePlus purchased CLG, Inc., a wholly owned subsidiary of Centura Banks. As a result, total assets increased 109% to $322.2 Million and assets under lease increased 135% to $204.5 Million as compared to March 31, 1999, the Company's fiscal year-end. Excluding the acquired assets of CLG, on a pro-forma basis, total assets as of September 30, 1999 would have increased 50% to $231.0 Million and assets under lease would have increased 38% to $119.6 Million as compared to March 31, 1999.
Mr. Norton commented ``The purchase of CLG makes us a leading third-party IT leasing company in North Carolina, which is a significantly bigger market than Virginia, D.C., and Maryland. The integration of CLG into ePlus is going well and we expect to fully realize the accretiveness of the transaction within the next two quarters.'
Lease volume for the quarter was $85.2 Million, a 16% increase over the same period the prior year.
Income statement and lease volume figures included herein exclude the results of operations of CLG, Inc., which was accounted for as a purchase.
About ePlus
ePlus inc. is a leading e-procurement, supply chain and asset management e-commerce solutions provider. Its hosted application covers the customer's total ownership experience, beginning with the end-user order and ending with the equipment disposal transaction. ePlusSuite(SM) which consists of Procure(+SM), Manage(+SM), Finance(+SM) and Service(+SM) provides workflow management, procurement, order tracking and verification, asset depository, tracking and reporting, financing, sales, property and use tax compliance and payment, software license compliance, technology rollout and upgrades, technical and maintenance services, and equipment disposal. The Company, which was founded in 1991, is headquartered in Herndon, VA and has 17 offices in the United States. ePlus is an trademark applied for of ePlus inc., and ePlusSuite(SM), Procure(+SM), Manage(+SM), Finance(+SM) and Service(+SM) are service marks applied for of ePlus inc. |
