Attached files
| file | filename |
|---|---|
| 8-K - EPLUS INC. FORM 8-K 6-4-2013 - EPLUS INC | form8-k.htm |
|
Contact: Kleyton Parkhurst, SVP
|
|
|
ePlus inc.
|
|
|
investors@eplus.com
|
|
|
703-984-8150
|
ePlus Reports Fourth Quarter and Fiscal Year 2013 Results
Earnings Conference Call Scheduled for June 5, 2013
HERNDON, VA – June 4, 2013 – ePlus inc. (Nasdaq NGM: PLUS – news), a leading provider of technology solutions, today announced financial results. For the fourth quarter of fiscal year 2013, which ended March 31, 2013, total revenues increased 7.9% to $236.3 million compared to $219.0 million in the quarter ended March 31, 2012. Net earnings increased 99.7% to $7.7 million in the fourth quarter of fiscal year 2013, as compared to $3.9 million in the fourth quarter of the prior year. Fully diluted earnings per common share increased 97.9% to $0.95 per share compared from $0.48 per share in the same quarter last year.
For the year ended March 31, 2013, total revenue increased 19.1% to $983.1 million, and total costs and expenses increased 17.6% to $924.4 million as compared to the prior year. Net earnings were $34.8 million for the year, or $4.32 per diluted share, an increase of 49.1%, as compared to $23.4 million, or $2.79 per diluted share, during the year ended March 31, 2012.
“We are pleased with the financial results for the year and quarter,” said Phillip G. Norton, Chairman, President and Chief Executive Officer. “For the year, the percentage increase in earnings was more than twice the percentage increase in revenues. This demonstrates both strength of our core businesses and strategy, as gross margin increased by twenty basis points, as well as the scalability and efficiency of operations. For the fourth quarter, which is typically our softest quarter as there are fewer drivers of demand such as customer or vendor fiscal year-ends, revenues increased 7.9% and margins remained strong as compared to the prior year.”
Mr. Norton continued, “Our focus on delivering the advanced technology, complex, multi-vendor solutions which our customers demand has continued to be the right strategy for ePlus. In particular, our focus on cloud enablement including architecture, design, integration and implementation of advanced public, private, and hybrid clouds, collaboration and mobility, and security solutions, is resonating with customers including cloud providers. We believe that our solution set and engineering delivery capabilities continue to differentiate ePlus from the competition.”
As of March 31, 2013, the Company had $53.7 million of cash and cash equivalents and short-term investments, as compared to $41.2 million on March 31, 2012. In December 2012, the Company declared and paid a special cash dividend of $2.50 per common share which utilized $20.1 million in cash. As of March 31, 2013, the Company had total stockholders’ equity of $238.2 million and 8.1 million shares outstanding, as compared to $219.6 million and 8.0 million shares, respectively, as of March 31, 2012.
Results of Operations – Three Months Ended March 31, 2013
The Company presents its financial results in two segments, the technology and financing segments. The technology segment sells information technology equipment, software, and related services primarily to corporate customers on a nationwide basis, and also provides Internet-based business-to-business supply chain management solutions for information technology and other operating resources. The financing segment offers lease and other financing solutions to commercial and governmental entities nationwide.
Technology Segment
The results of operations for the technology segment for the three months ended March 31, 2013 and 2012 were as follows (in thousands):
|
Quarter Ended March 31,
|
||||||||
|
2013
|
2012
|
Change
|
||||||
|
Sales of product and services
|
$223,715
|
$209,823
|
$13,892
|
6.6%
|
||||
|
Fee and other income
|
1,996
|
1,662
|
334
|
20.1%
|
||||
|
Total revenues
|
225,711
|
211,485
|
14,226
|
6.7%
|
||||
|
Cost of sales, product and services
|
179,754
|
172,852
|
6,902
|
4.0%
|
||||
|
Professional and other fees
|
2,833
|
3,669
|
(836)
|
(22.8%)
|
||||
|
Salaries and benefits
|
27,621
|
23,003
|
4,618
|
20.1%
|
||||
|
General and administrative expenses
|
4,845
|
3,996
|
849
|
21.2%
|
||||
|
Interest and financing costs
|
19
|
36
|
(17)
|
(47.2%)
|
||||
|
Total costs and expenses
|
215,072
|
203,556
|
11,516
|
5.7%
|
||||
|
Segment earnings
|
$10,639
|
$7,929
|
$2,710
|
34.2%
|
||||
|
Gross margin, product and services
|
19.7%
|
17.6%
|
||||||
Total revenues. Total revenues increased 6.7% to $225.7 million compared to $211.5 million in the quarter ended March 31, 2012. The increase in revenues was due to increases in demand for products and services, particularly from Fortune 100 customers.
Total costs and expenses. Total costs and expenses were $215.1 million compared to $203.6 million in the same quarter last year, an increase of 5.7%. The increase in costs and expenses was due to increases in cost of sales, product and services, which was consistent with the increase in sales of product and services.
Gross margin on sales of product and services increased 210 basis points to 19.7% for the quarter ended March 31, 2013, from 17.6% for the same quarter last year, which was primarily due to changes in product mix and improved pricing as we were involved in more advanced integration projects. Gross margin improved 220 basis points sequentially from 17.5%, which was also impacted by higher sales of ePlus professional services and increased sales of third-party software assurance, maintenance and services, which were presented on a net basis.
The increase in costs and expenses was also attributable to increases in personnel, as we had 835 employees in the technology segment as of March 31, 2013, an increase of 58, or 7.5%, from March 31, 2012. Most of the increase relates to investments in sales and support personnel in order to expand our geographical presence and solutions offerings.
Segment earnings. Segment earnings increased 34.2% to $10.6 million for the quarter.
Financing Segment
The results of operations for the financing segment for the three months ended March 31, 2013 and 2012 were as follows (in thousands):
|
Quarter Ended March 31,
|
||||||||
|
2013
|
2012
|
Change
|
||||||
|
Financing revenue
|
$10,561
|
$7,132
|
$3,429
|
48.1%
|
||||
|
Fee and other income
|
40
|
382
|
(342)
|
(89.5%)
|
||||
|
Total revenues
|
10,601
|
7,514
|
3,087
|
41.1%
|
||||
|
Direct lease costs
|
3,254
|
2,089
|
1,165
|
55.8%
|
||||
|
Professional and other fees
|
1,947
|
357
|
1,590
|
445.4%
|
||||
|
Salaries and benefits
|
2,534
|
2,573
|
(39)
|
(1.5%)
|
||||
|
General and administrative expenses
|
279
|
3,085
|
(2,806)
|
(91.0%)
|
||||
|
Interest and financing costs
|
481
|
330
|
151
|
45.8%
|
||||
|
Total costs and expenses
|
8,495
|
8,434
|
61
|
0.7%
|
||||
|
Segment earnings
|
$2,106
|
($920)
|
3,026
|
328.9%
|
||||
Total revenues. Total revenues increased 41.1% to $10.6 million compared to $7.5 million in the quarter ended March 31, 2012. The increase in revenues was primarily the result of higher net gains on sales of financial assets, higher portfolio revenue and higher post contract earnings related to the early termination of certain lease agreements.
Total costs and expenses. Total costs and expenses were $8.5 million, which was consistent with the quarter ended March 31, 2012. General and administrative expenses were lower than the previous year due to lower reserves for credit losses. Offsetting this were increases in direct lease costs due to an increase in depreciation expense for operating leases and an increase in the amortization of initial direct costs due to the sale of certain financial assets in the quarter. In addition, professional and other fees increased due to higher broker fees associated with the sale of certain financial assets.
Segment earnings. Segment earnings were $2.1 million compared to pre-tax loss of $0.9 million for the same quarter prior year.
Results of Operations – Year Ended March 31, 2013
Technology Segment
The results of operations for our technology segment for the years ended March 31, 2013 and 2012 were as follows (in thousands):
|
Year Ended March 31,
|
|||||||
|
2013
|
2012
|
Change
|
|||||
|
Sales of product and services
|
$936,228
|
$784,951
|
$151,277
|
19.3%
|
|||
|
Fee and other income
|
6,949
|
7,455
|
(506)
|
(6.8%)
|
|||
|
Total revenues
|
943,177
|
792,406
|
150,771
|
19.0%
|
|||
|
Cost of sales, product and services
|
767,447
|
645,558
|
121,889
|
18.9%
|
|||
|
Professional and other fees
|
9,638
|
10,283
|
(645)
|
(6.3%)
|
|||
|
Salaries and benefits
|
100,447
|
88,321
|
12,126
|
13.7%
|
|||
|
General and administrative expenses
|
19,028
|
16,627
|
2,401
|
14.4%
|
|||
|
Interest and financing costs
|
89
|
93
|
(4)
|
(4.3%)
|
|||
|
Total costs and expenses
|
896,649
|
760,882
|
135,767
|
17.8%
|
|||
|
Segment earnings
|
$46,528
|
$31,524
|
$15,004
|
47.6%
|
|||
|
Gross margin, product and services
|
18.0%
|
17.8%
|
|||||
Total revenue. Total revenues for the year ended March 31, 2013 increased by $150.8 million, or 19.0%, to $943.2 million due to increases in demand for products and services, particularly from Fortune 100 customers. We believe that our growth outpaced the overall industry due to a gain in market share as we captured additional customer spend, and focused on faster growing segments within the market, such as virtualization, collaboration, and security. In addition, we added new customers as a result of our own organic sales and marketing efforts and increased vendor referrals.
Total costs and expenses. Total costs and expenses for the year ended March 31, 2013 increased $135.8 million or 17.8%, to $896.6 million due to increases in cost of sales, product and services, salaries and benefits and general and administrative expenses, partially offset by professional and other fees. The increase in cost of sales, product and services was consistent with the increase in sales of product and services. Our gross margin on sales of product and services increased to 18.0% for the year ended March 31, 2013, from 17.8% in the prior year. Our gross margin increased due to an improvement in margins from the sale of products, as well as increases in service revenues, which were offset by a decrease in vendor incentives earned.
Professional and other fees decreased $0.6 million, or 6.3%, to $9.6 million, compared to $10.3 million during the prior year. These decreases were primarily due to lower legal and other fees related to the patent infringement litigation, which were $3.3 million and $6.0 million for the years ended March 31, 2013 and 2012, respectively. These decreases were partially offset by increases in accounting and other professional fees of about $1.8 million.
Salaries and benefits increased $12.1 million or 13.7% to $100.4 million, compared to $88.3 million during the prior year. This increase was driven by increases in the number of employees as well as higher commissions. Our technology segment had 835 employees as of March 31, 2013, an increase of 58 from 777 at March 31, 2012. Most of the increase relates to sales and support personnel. In addition, commissions increased due to the increase in the sales of product and services during the fiscal year ended March 31, 2013.
General and administrative expenses increased $2.4 million, or 14.4%, to $19.0 million during the fiscal year ended March 31, 2013 compared to prior year, due to the higher travel and other expenses associated with the increase in sales and support personnel, higher rent and amortization expenses related to acquisitions.
Segment earnings. As a result of the foregoing, segment earnings increased $15.0 million, or 47.6%, to $46.5 million for the year ended March 31, 2013.
Financing Segment
The results of operations for our financing segment for the years ended March 31, 2013 and 2012 were as follows (in thousands):
|
Year Ended March 31,
|
|||||||
|
2013
|
2012
|
Change
|
|||||
|
Financing revenue
|
$38,384
|
$30,899
|
$7,485
|
24.2%
|
|||
|
Fee and other income
|
1,551
|
2,276
|
(725)
|
(31.9%)
|
|||
|
Total revenues
|
39,935
|
33,175
|
6,760
|
20.4%
|
|||
|
Direct lease costs
|
10,892
|
8,508
|
2,384
|
28.0%
|
|||
|
Professional and other fees
|
3,460
|
1,461
|
1,999
|
136.8%
|
|||
|
Salaries and benefits
|
10,516
|
9,947
|
569
|
5.7%
|
|||
|
General and administrative expenses
|
1,071
|
3,872
|
(2,801)
|
(72.3%)
|
|||
|
Interest and financing costs
|
1,779
|
1,337
|
442
|
33.1%
|
|||
|
Total costs and expenses
|
27,718
|
25,125
|
2,593
|
10.3%
|
|||
|
Segment earnings
|
$12,217
|
$8,050
|
$4,167
|
51.8%
|
|||
Total revenues. Total revenues increased by $6.8 million, or 20.4%, to $39.9 million for the year ended March 31, 2013 due to an increase in financing revenue and partially offset by a reduction in fee and other income revenue. The increase in financing revenues was due to net gains associated with the early termination of certain lease agreements as well as increases in net gains on sales of financing receivables and leased equipment. Our investments in notes and leases decreased as of March 31, 2013 to $122.6 million from $140.3 million in the prior year, which was due to sales of financing receivables during the year.
Total costs and expenses. Total costs and expenses increased $2.6 million, or 10.3% to $27.7 million. Direct lease costs increased $2.4 million, or 28.0%, to $10.9 million mostly due to increases in depreciation expense for equipment under operating leases and increases in amortization of capitalized costs from terminated leases. Professional and other fees increased by $2.0 million or 136.8% due largely to broker fees incurred in connection with the sale of a portion of our lease investment portfolio. Salary and benefits increased by $569 thousand, or 5.7% to $10.5 million due to higher commissions as a result of the increase in revenues during the period. Our financing segment employed 55 people as of March 31, 2013 down slightly from 56 people as of March 31, 2012.
General and administrative expenses decreased $2.8 million for the year ended March 31, 2013, as compared to the prior year, due to lower reserves for credit losses. Our provision for bad debts decreased due to a reserve of $2.9 million recognized in fiscal year 2012 due to a specific customer that declared bankruptcy.
Interest and financing costs increased $442 thousand or 33.1% to $1.8 million during the year ended March 31, 2013, as compared to $1.3 million during the prior year. This increase is primarily due to higher non-recourse note balances and lower interest rates. Non-recourse notes payable increased 52.9% to $40.3 million at March 31, 2013 as compared to $26.3 million at March 31, 2012; this was partially offset by the reduction of $243 thousand in recourse notes payable as of March 31, 2013, compared to $1.7 million in recourse notes payable as of March 31, 2012.
Segment earnings. As a result of the foregoing, segment earnings increased $4.2 million, or 51.8%, to $12.2 million for the year ended March 31, 2013.
Conference Call Information
The Company will host a conference call on Wednesday, June 5, 2013 at 2:00 p.m. Eastern Time to review and discuss the Company’s results for the fourth quarter and fiscal year ended March 31, 2013. The call can be accessed live over the phone by dialing (877) 870-9226, or for international callers, (973) 890-8320. Passcode 74771300. A live webcast will be available via the Company’s investor relations Web site at http://www.eplus.com/investors.
A replay will be available shortly after the call and can be accessed by dialing (855) 859-2056, or for international callers, (404) 537-3406. Passcode 74771300. The replay will be available until June 8, 2013, and the webcast will also remain available for replay via the Company’s investor relations page of its Web site.
About ePlus inc.
ePlus is a leading integrator of technology solutions. ePlus enables organizations to optimize their IT infrastructure and supply chain processes by delivering world-class IT products from top manufacturers, managed and professional services, flexible lease financing, proprietary software, and patented business methods and systems. Founded in 1990, ePlus has more than 890 associates serving federal, state, municipal, and commercial customers nationally. The Company is headquartered in Herndon, VA. For more information, visit www.eplus.com, call 888-482-1122, or email info@eplus.com. Connect with ePlus on Facebook at www.facebook.com/ePlusinc and on Twitter at www.twitter.com/ePlusinc.
ePlus® and ePlus products referenced herein are either registered trademarks or trademarks of ePlus inc. in the United States and/or other countries.
Forward-Looking Statements
Statements in this press release that are not historical facts may be deemed to be “forward-looking statements.” Actual and anticipated future results may vary materially due to certain risks and uncertainties, including, without limitation, possible adverse effects resulting from financial market disruption and general slowdown of the U.S. economy such as our current and potential customers’ delaying or reducing technology purchases, increasing credit risk associated with our customers and vendors, reduction of vendor incentive programs, the possibility of additional goodwill impairment charges, and restrictions on our access to capital necessary to fund our operations; the demand for and acceptance of, our products and services; our ability to adapt our services to meet changes in market developments; our ability to adapt to changes in the IT industry and/or rapid change in product standards; our ability to hire and retain sufficient personnel; our ability to realize our investment in leased equipment; our ability to protect our intellectual property; our ability to consummate and integrate acquisitions; the creditworthiness of our customers; our ability to raise capital and obtain non-recourse financing for our transactions; our ability to reserve adequately for credit losses; the impact of competition in our markets; the possibility of defects in our products or catalog content data; and other risks or uncertainties detailed in our reports filed with the Securities and Exchange Commission. All information set forth in this press release is current as of the date of this release and ePlus undertakes no duty or obligation to update this information.
|
ePlus inc. AND SUBSIDIARIES
|
||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||
|
As of
March 31, 2013
|
|
As of
March 31, 2012
|
||||
|
ASSETS
|
(amounts in thousands)
|
|||||
|
|
|
|
|
|||
|
Cash and cash equivalents
|
$52,720
|
$33,778
|
||||
|
Short-term investments
|
982
|
7,396
|
||||
|
Accounts receivable—net
|
192,254
|
174,599
|
||||
|
Notes receivable—net
|
31,893
|
24,337
|
||||
|
Inventories—net
|
14,795
|
23,514
|
||||
|
Investment in leases and leased equipment—net
|
90,710
|
115,974
|
||||
|
Property and equipment—net
|
2,213
|
2,086
|
||||
|
Deferred costs
|
10,234
|
9,391
|
||||
|
Other assets
|
9,107
|
9,094
|
||||
|
Goodwill and other intangible assets
|
32,964
|
33,519
|
||||
|
TOTAL ASSETS
|
$437,872
|
$433,688
|
||||
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||
|
|
||||||
|
LIABILITIES
|
||||||
|
|
||||||
|
Accounts payable—equipment
|
$5,379
|
$17,268
|
||||
|
Accounts payable—trade
|
31,331
|
26,719
|
||||
|
Accounts payable—floor plan
|
66,251
|
85,911
|
||||
|
Salaries and commissions payable
|
12,911
|
9,500
|
||||
|
Deferred revenue
|
16,970
|
15,935
|
||||
|
Accrued expenses and other liabilities
|
20,264
|
24,887
|
||||
|
Recourse notes payable
|
1,484
|
1,727
|
||||
|
Non-recourse notes payable
|
40,255
|
26,328
|
||||
|
Deferred tax liability
|
4,795
|
5,786
|
||||
|
Total Liabilities
|
199,640
|
214,061
|
||||
|
|
||||||
|
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; 12,899,386 issued and 8,149,706 outstanding at March 31, 2013 and 12,692,224 issued and 7,999,895 outstanding at March 31, 2012
|
129
|
127
|
||||
|
Additional paid-in capital
|
99,641
|
93,545
|
||||
|
Treasury stock, at cost, 4,749,680 and 4,692,329 shares, respectively
|
(67,306)
|
(65,416)
|
||||
|
Retained earnings
|
205,358
|
190,906
|
||||
|
Accumulated other comprehensive income—foreign currency translation adjustment
|
410
|
465
|
||||
|
Total Stockholders' Equity
|
238,232
|
219,627
|
||||
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$437,872
|
$433,688
|
||||
|
ePlus inc. AND SUBSIDIARIES
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
Three Months Ended
March 31,
|
Twelve Months Ended
March 31,
|
||||||
|
2013
|
2012
|
2013
|
2012
|
||||
|
(amounts in thousands, except shares and per share data)
|
|||||||
|
Sales of product and services
|
$223,715
|
$209,823
|
$936,228
|
$784,951
|
|||
|
Financing revenue
|
10,561
|
7,132
|
38,384
|
30,899
|
|||
|
Fee and other income
|
2,036
|
2,044
|
8,500
|
9,731
|
|||
|
TOTAL REVENUES
|
236,312
|
218,999
|
983,112
|
825,581
|
|||
|
COSTS AND EXPENSES
|
|||||||
|
Cost of sales, product and services
|
179,754
|
172,852
|
767,447
|
645,558
|
|||
|
Direct lease costs
|
3,254
|
2,186
|
10,892
|
8,508
|
|||
|
183,008
|
175,038
|
778,339
|
654,066
|
||||
|
Professional and other fees
|
4,780
|
4,025
|
13,098
|
11,744
|
|||
|
Salaries and benefits
|
30,155
|
25,576
|
110,963
|
98,268
|
|||
|
General and administrative expenses
|
5,124
|
6,985
|
20,099
|
20,499
|
|||
|
Interest and financing costs
|
500
|
366
|
1,868
|
1,430
|
|||
|
40,559
|
36,952
|
146,028
|
131,941
|
||||
|
TOTAL COSTS AND EXPENSES
|
223,567
|
211,990
|
924,367
|
786,007
|
|||
|
EARNINGS BEFORE PROVISION FOR INCOME TAXES
|
12,745
|
7,009
|
58,745
|
39,574
|
|||
|
PROVISION FOR INCOME TAXES
|
5,043
|
3,152
|
23,915
|
16,207
|
|||
|
NET EARNINGS
|
$7,702
|
$3,857
|
$34,830
|
$23,367
|
|||
|
NET EARNINGS PER COMMON SHARE—BASIC
|
$0.96
|
$0.48
|
$4.37
|
$2.82
|
|||
|
NET EARNINGS PER COMMON SHARE—DILUTED
|
$0.95
|
$0.48
|
$4.32
|
$2.79
|
|||
|
WEIGHTED AVERAGE SHARES OUTSTANDING—BASIC
|
7,906,995
|
7,729,568
|
7,809,938
|
8,002,191
|
|||
|
WEIGHTED AVERAGE SHARES OUTSTANDING—DILUTED
|
7,962,961
|
7,799,311
|
7,902,871
|
8,095,192
|
|||
ePlus inc. AND SUBSIDIARIES
STATEMENTS OF OPERATIONS BY SEGMENT
|
Three Months Ended March 31,
|
|||||||||
|
2013
|
2012
|
||||||||
|
Technology
|
Financing
|
Technology
|
Financing
|
||||||
|
(amounts in thousands)
|
|||||||||
|
Sales of product and services
|
$223,715
|
$ -
|
$209,823
|
$ -
|
|||||
|
Financing revenue
|
-
|
10,561
|
-
|
7,132
|
|||||
|
Fee and other income
|
1,996
|
40
|
1,662
|
382
|
|||||
|
TOTAL REVENUE
|
225,711
|
10,601
|
211,485
|
7,514
|
|||||
|
Cost of sales, product and services
|
179,754
|
-
|
172,852
|
-
|
|||||
|
Direct lease costs
|
-
|
3,254
|
-
|
2,089
|
|||||
|
Professional and other fees
|
2,833
|
1,947
|
3,669
|
357
|
|||||
|
Salaries and benefits
|
27,621
|
2,534
|
23,003
|
2,573
|
|||||
|
General and administrative expenses
|
4,845
|
279
|
3,996
|
3,085
|
|||||
|
Interest and financing costs
|
19
|
481
|
36
|
330
|
|||||
|
TOTAL COSTS AND EXPENSES
|
215,072
|
8,495
|
203,556
|
8,434
|
|||||
|
SEGMENT EARNINGS
|
$10,639
|
$2,106
|
$7,929
|
($920)
|
|||||
|
Twelve Months Ended March 31,
|
|||||||||
|
2013
|
2012
|
||||||||
|
Technology
|
Financing
|
Technology
|
Financing
|
||||||
|
(amounts in thousands)
|
|||||||||
|
Sales of product and services
|
$936,228
|
$ -
|
$784,951
|
$ -
|
|||||
|
Financing revenues
|
-
|
38,384
|
-
|
30,899
|
|||||
|
Fee and other income
|
6,949
|
1,551
|
7,455
|
2,276
|
|||||
|
TOTAL REVENUES
|
943,177
|
39,935
|
792,406
|
33,175
|
|||||
|
Cost of sales, product and services
|
767,447
|
-
|
645,558
|
-
|
|||||
|
Direct lease costs
|
-
|
10,892
|
-
|
8,508
|
|||||
|
Professional and other fees
|
9,638
|
3,460
|
10,283
|
1,461
|
|||||
|
Salaries and benefits
|
100,447
|
10,516
|
88,321
|
9,947
|
|||||
|
General and administrative expenses
|
19,028
|
1,071
|
16,627
|
3,872
|
|||||
|
Interest and financing costs
|
89
|
1,779
|
93
|
1,337
|
|||||
|
TOTAL COSTS AND EXPENSES
|
896,649
|
27,718
|
760,882
|
25,125
|
|||||
|
SEGMENT EARNINGS
|
$46,528
|
$12,217
|
$31,524
|
$8,050
|
|||||