ePlus inc., a provider of technology solutions, announced financial results for the third quarter of fiscal year 2010. Total revenue decreased 3.3 percent to $178.7 million, compared to $184.7 million in the third quarter of fiscal 2009. Net earnings increased 18 percent to $2.3 million, compared to $2 million. Earnings per share increased 12.5 percent to 27 cents per diluted share, compared to 24 cents per diluted share in the third quarter of fiscal year 2009.

 

The company has recorded three consecutive quarters of revenue improvement. Total revenue during the three months ended June 30, 2009 and September 30, 2009 was $152.4 million and $172.7 million, respectively.

"Our fiscal third quarter results represent the third consecutive quarter of sequential revenue improvement, despite lingering economic challenges which have continued to create a difficult market for IT spending," said Phillip Norton, chairman, president and chief executive officer. "We continue to maintain a strong balance sheet with ample liquidity including a cash position of more than $82 million."

Sales of product and services totaled $163.2 million, a decrease of $8.4 million or 4.9 percent, compared to $171.6 million. 

 Revenues generated in the financing business segment, which include primarily sales of leased equipment, lease revenues, and fee and other income, increased 20.7 percent to $13.5 million for the quarter. 

ePlus is a provider of technology solutions, offering flexible lease financing, proprietary software and patented business methods. Founded in 1990, ePlus has more than 625 associates in more than 20 locations serving federal, municipal and commercial customers. The company is headquartered in Herndon, Va.