“I think the quote was in the System 1 context. Seems like the attorneys and accountants grew along with us, one of the signs of success????. FTE staff is still the same as it was and the System1 product works better for us today that in did

in 1997. Cliff, John and the rest of the Capital Stream folks did a super

job for our industry. Jim Buckles is carrying on a great tradition.

“A small broker/lessor fights the overhead enemy every bit as aggressively

as do the big players in our industry. Automated office systems are a huge

solution to that war. Our industry is generally a late adopter of technology

changes, but this one was a smart move for everyone. We routinely attach

photo and document files to each customer record and have linked the

Advantage version onto our accounting systems. The results are easy to see

........ we have FEWER file drawers in our office today than we did in 1997

and yes we did more than triple our profits.”

Jim McCommon, McCommon Leasing Co., Seattle, Washington, 2003

---------------------------------------------------------------------------------------------------

Abacus Leasing, Buffalo, New York---Not a Valentine’s Day Card

Certified Letter, dated February 7,2003 ( received February 13,2003)

“Please be notified, the following is private and confidential and is not for publication in the Leasing News or any other gossip letter.

“Today I was delivered the attached letter (fax.sic). As you are well aware, this matter is in litigation, and I have no intention of discussing this matter with you. It is amazing that you have the audacity to make with judgment when you do not know the facts. If anything is published regarding Abacus Leasing or myself without written permission you will be held personally responsible, and will suffer the legal consequences.”

“Very Truly yours,

“Mathew Burke

EVP

cc: Kirby Law Office”

Attached was a copy of the fax from Leasing News sent to Matt Burke that is referred to in the above letter:

“Re: PacTox

“I have called you three times, and this is the second fax.

( Called one more time and sent one more fax after this one)

“It is our intention to print the complaint, with or without a comment from you, as it is evident to us there is a legitimate complaint about the return of the $50,000

deposit. You have provided no bi-party agreement to substantiate your claim.

“It is also our intention to turn the matter over to the office of the New York Attorney General, as holding an advance rental or deposit in the State

of New York is a criminal offense. It is not a civil matter, but one for

law enforcement.”

Here is a link to the Complaint Bulletin Board regarding Abacus Leasing:

http://www.leasingnews.org/Conscious-Top%20Stories/abacus.htm

On February 12, 2003 we enclosed contracts and correspondence regarding

the $50,000 deposit with a letter to Eliot Spitzer, Attorney General of the

State of New York, asking for an investigation of the matter.

“We are, of course, very interested in the status of this matter should it proceed

to any violations of the State of New York,” we concluded in the letter.

-------------------------------------------------------------------------------------------

Classified Ads---Job Wanted—Young Man Applies for Salesman Job

“I certainly appreciate being included on you Leasing News subscriber list. The story about the Leasing Human Resources Manager

http://www.leasingnews.org/#class

inspired me to provide one I heard some years ago that you may use if it’s appropriate:”

A young man applied for a Salesman job at a major equipment leasing Company, and was to be interviewed by the Company’s Human Resources Manager. At promptly 9am, he was ushered into the HR Manager’s office, and after introduction, the HR Manager got right to the point.

“Tell me, “ he said, “ What unusual quality do you feel you posses that would cause my Company to want your services?”

The young man replied, “ Sir, I am without a doubt the best leasing salesman east of the Mississippi River. Why, I may be the best in the entire United States. As we

speak there are at least fifteen major leasing companies vying for my services. If you hired me, within ninety days the territory sales volume would double and that’s a guaranteed.”

The HR Manager replied, “Many, that’s impressive; do you have any weaknesses?”

“Just one.”

“And What is that”” ask the HR Manager.

He replied, Occasionally I tend to exaggerate.”

submitted by Larry Summers

Diversified Leasing

133 Defense Highway, Suite 106

Annapolis, MD 21401

410-81-6031

Fas: 410-266-1607

DC Metro (301) 970-2047

Sales: St Lucie, FL

Sales, credit, doc. exp.w/top communications skills. Exp. large territory management from home office. Various industries; golf equipment, construction, ff&e, computer related, and others. Sales achiever. Email:David34983@aol.com

Sales: San Francisco Bay Area, CA

10+ yrs in middle market leasing. Seek direct lessor only. Transaction size from $500M to $10.0MM. Client base: printing, food, retail, hvy manufacturing. Email:edm173@sbcglobal.net

Sales: Mission Viejo, CA

Account Sales Executive with 10 years of leasing experience looking for company to bring existing customer base.

Email:makelly21@hotmail.com

Sales: Dallas, TX

Director, Business Development for international financial institutions. Global vendor programs with minimum sustainable volume of $24M annually. CFO and Treasury contacts with major technology and energy corporations.Email:tkorpolinski@ev1.net

Sales: Phoenix, AZ

Sales professional with 10 years of leasing experience, seeking a direct leasing company. Currently in the IT leasing market with vendor relationships, Small/middle market arena. Email:cycling4fun2002@yahoo.com

Sales: San Francisco Bay Area, CA

10+ yrs in middle market leasing. Seek direct lessor only. Transaction size from $500M to $10.0MM. Client base: printing, food, retail, hvy manufacturing. Email:edm173@sbcglobal.net

Sales:Austin,Texas 24yrs exp.in equip leasing sales, vendor/direct, leasing high-tech to rolling stock. HP12C/17B. Small-Mid Ticket. Seeking Texas territory which can be covered from Austin home-base. email:GeorgeMinchew@sbcglobal.net

(full list at: http://65.209.205.32/LeasingNews/JobPostings.htm )

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Our Valentine’s Day Gift: HTML e-Mail

Leasing News HTML------45 Day Free Trial

http://www.leasingnews.org/contact_us_news.htm

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or you can stroll through the stories as in the text version..

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Plus HTML version subscribers will also receive “Day in American History,”

even if we do not print a “newspaper.” If it is a slow day, we don’t go to press.

Our goal is to minimize press releases, especially when they are readily available

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The HTML version will give you a faster ability to get to stories, to read only the articles you want instead of scrolling, plus see our pictures from the past without having to go to a separate url. You also will have instant access with the click of a mouse to any feature or the Leasing News website---The List, Books,

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*“Kit Menkin Live” is “java” and requires browsers that are Explorer 6 and above; Netscape 7 and above; Opera 7 and above: Mac OS 9.1 and Internet Explorer version 5 (for Apple. ) It works on AOL, in our tests, but does not work on yahoo or hotmail accounts as they do not accept “java scrip” at this time.

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the fonts size and layout. The trial version will give you an opportunity to

approach these decisions, if need be. “Kit Menkin live” is subject to using

the latest web browsers and will not work on older versions. The HTML

version will let you know when the feature is “active.” You may also

send an e-mail, if you are “on hold” or want to wait until Menkin

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we retain the right to refuse text or html service. We encourage readers to

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To subscribe, go here: http://www.leasingnews.org/contact_us_news.htm

Message from Jeff Werlwas

I've left the company and wanted to send out a farewell to the people who have made it fun to be in the industry. Could you please print my farewell.

Thanks Kit, I appreciate your newsletter and you efforts. And even though I may not be in the industry, I still log on to read your news.

As of January 29, 3003 I have left UCC Direct Services.

While it's been a fun and worthwhile 12-year experience, it's now time to pursue other opportunities. But before I go I want to recognize a few of the many that have made marketing to the leasing industry a rewarding experience.

First, to my fellow vendor comrades, with whom I have shared years at industry events and user conferences.

To the "Joe Musketeers" (Franco, Dufrensne and Collins) It's been a great time.

To Steve LeBarron, whose wit new no bounds. Good luck with the Tai Chi.

To Kevin Considine and his infamous quote, "I've never seen someone ride the trundle to the ground and stay there."

To Randy Haug, Russ Halberg, it's been great partnering with you through the years

To The Three "Musketeer"ettes", Stephanie Manganaro, Shari Lipshi and Nancy Geary.

To John "Maverick" Kruse, with whom I have enjoyed too many experiences to count, I learned that you can be seriously dedicated and have fun at the same. It's been good working with you through the years.

Good luck on your next endeavor. ("John Kruse, Trunk Boy, line one.")

To the Cleopatra's Barge crew. You know who you are and I don't have to say anymore.

To all the cigar smoking, string bearing, midnight golf ball whacking folks at Indaho, it's been a pleasure. I wish you the largest "string" at future events. And while I never got my name on da' Ho, I did manage to help get my team's names on the Indaho Bowling Pin. (Sorry Bob, maybe now I'll have time to practice my game.) And to Todd Edmondson, keeper of the Indaho Website, I pass you the torch as Master of Ceremonies for traditional midnight Indaho Steakfest.

To Mike Cumby who was always ahead of the times and gave me a glimpse of the future.

To John McCue, It's been a pleasure serving with you on the ELA's Service Providers Steering Council.

To all the folks who followed me, with some apprehension, into the more questionable parts of town to discover the most unique and memorable dining establishments.

Thanks to you all. You helped make the work seem more like play.

To all my alliance partners. What can I say---you all kept me in business. Thanks for your support.

To the folks at UCC direct, some of which I've known for 12 years, I've enjoyed watching the company grow from the original cast of 9 to its industry leading position today. It's been a long, enjoyable and challenging journey. It was worth it.

But now it's time to pursue opportunities in other arenas. Good luck to you all. I hope our paths cross again.

Best Regards

Jeff Werlwas

JeffWerlwas@Brandx.net

### #############################################

Faculty, Staff, Students at Santa Clara University Join in Interfaith 'Prayer for Peace'

SANTA CLARA, Calif.--

Peace Vigil is Part of Activities at Jesuit Colleges and Universities Nationwide

Santa Clara University President Paul Locatelli, S.J., encouraged an audience of students, faculty, and staff today to pray for peace, not war, in Iraq, and to press for the pursuit of truth, justice, love and freedom.

The gathering at an interfaith prayer vigil of approximately 150 people in Mission Santa Clara de Asis was among similar events at all 28 Jesuit colleges and universities in a national Day of Prayer for Peace.

"I hope that it is not too late for the truth of justice and the truth of love," said Locatelli. In calling for the gathering, the SCU president had said that "we pray that, even at this late hour, a peaceful resolution may be found."

"Even on the eve of war, many Americans and others -- I included -- are not convinced that war on Iraq is necessary," he told his Mission Church audience late this afternoon. "If we go down the road to war, it will not end the threat of El Queda nor address the causes of Islamic rage."

"This recourse to pre-emptive violence will not prevent violence," he warned. It could well have the opposite result: We could begin a death spiral that will pit nation against nation, religion against religion, culture against culture."

"As a university community living in a democracy, our fundamental commitment is to discover the truth ... to doggedly pursue the truth wherever it leads us, whatever it costs us. Democracy demands an internal logic and ethic that will not compromise freedom, respect for human dignity or the common good, even when faced with a brutal tyrant like Saddam Hussein," he said.

On the eve of a meeting of the Pope with Iraqi leaders, and of a report to the United Nations by its weapons inspectors, Locatelli cautioned: "Democracy has to exhaust every path that might lead to peaceful resolution. War is the last resort, and only to protect innocent people who have been attacked or an attack is imminent."

Each of the 28 Jesuit institutions organized or planned activities to promote awareness for a peaceful resolution to the conflict with Iraq.

--30--JR/sf*

CONTACT: Santa Clara University

Barry Holtzclaw, 408/554-5126

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States Internet Tax Trying to Blindside Streamline Sales Tax Project

Citizens For A Sound Economy has posted a rambling article States Internet Tax Scheme Could Lead to a National Sales Tax opposing the Streamlined Sales Tax Project. If you scroll to the very bottom you'll see where they invite email

comments. Several favoring Streamline have already been posted. Here's the URL.

http://www.cse.org/informed/issues_template.php/1250.htm

Dennis Brown

DBROWN@ELAMAIL.COM

--------------------------------------------------------------------------------------------------

The List—Up-Dated 164 Companies

( full list both alphabetical and chronological at:

http://www.leasingnews.org/list.htm )

OneWorld Leasing (2/2003) Loses three members, obtains new CEO. http://www.leasingnews.org/#world

Microfinancial/Leasecomm (2/2003) Stocks Falls to .73 cents on Friday, 12/2002-----The Board of Directors of MicroFinancial Inc. (NYSE:MFI) has suspended its dividend to comply with the Company's banking agreements. (11/2002) Leasecomm closes, shuts off all brokers, won't fund deals approved "Goes Down---CEO Sells $500,000 Stock Before the News." ( Microfinancial Stories )Waltham, MA (8/2001) Leasecomm, Attorney General investigating, many complaints on line.

Funding Tree, (2/2003)---"I Really Didn't Know." Telemarketer confesses for her action, tells all: (2/2003)Rene Tankersley Landline Magazine up-dated 12/2002---Complaints continue about Funding Tree operation in Nevada keeping advance rentals. (10/2002) In the last episode, Kendra Bernal had resigned (went back to jail), a new president was named, and according to the attorney of record, the hearing before the California Department of Corporations was cancelled. The corporation did not have a Finance Lender's License to conduct business, and further was ordered to desist. The Funding Tree was appealing, until Kendra Bernal was arrested for violating parole. It appears The Funding Tree has moved to the State of Nevada, where a license is not required. Leasing News has two complaints, one in Maryland, the other in Kentucky, where advance rentals have been paid, one where the vendor has not been paid for the limousine, but leasing payments were taken out of the lessee bank by ACH. Riverside, CA ( 6/2002) New president says there is hope past vendors and brokers will be paid. Dept. of Corp. "cease and desist order" still in place. Riverside DA Jerry Fox warns, "Don't take advance rentals if there is no lease approval. "(6/2002) Kendra Bernal arrested for allegedly violating parole (5/2002) More complaints, although e-mails say some deals have funded and vendors have been paid---hope--- (5/2002) Many more complaints (4/2002) Many complaints. Vendors/brokers not paid.

Pinnfund/PinnLeasing (2/2003) PinnLeasing President denied bail (2/2003) Four indicted on charges of fraud in the PinnFund case ) (2/2003)Former Pinnfund CEO plea bargain- 10 years in prison 12/2002--A former employee of defunct PinnFund USA, a Carlsbad mortgage lender that imploded in March 2001 when regulators uncovered a $300-million pyramid scheme, pleaded guilty to lying to a federal grand jury. U.S. Attorney Carol Lam said Kimberly Hulihee admitted that she provided false testimony on Nov. 14 to a federal grand jury investigating the removal of files and other materials from a PinnFund subsidiary - PinnLease USA Inc. Hulihee, 38, was the former office manager of PinnLease, and later a company linked to former PinnLease President Tommy Larsen called Aloha Pacific Leasing. Hulihee is the second person to plead guilty to criminal charges in the PinnFund fraud. Former PinnFund chief executive Michael Fanghella also has admitted to myriad federal charges. He is cooperating with authorities and remains behind bars in the Metropolitan Correctional Center in San Diego awaiting sentencing. Larsen faces a pending civil suit related to the PinnFund fraud but no criminal charges, according to court documents. (8/2002) Federal authorities plan to auction expensive wine, jewelry and coins seized from the Ramona house of John D. Garitta, the former PinnFund USA chief financial officer who pleaded guilty last week to securities fraud charges. Merchandise to be sold at the auction includes more than 400 bottles of wine worth an estimated $163,000, $480,000 in jewelry and gems and $19,000 in collectible coins. The auction will be held in Rancho Dominguez in the Los Angeles area. (7/2002) investors in Carlsbad's defunct PinnFund USA sue the PricewaterhouseCoopers Accounting Firm for failing to detect fraud at the Company. (4/2002) the Receiver in the case filed a lawsuit against Tommy Larsen, related companies and a law firm, in bankruptcy court. It's a preference that may climb to $6.7 million. Larsen denies it all, and says, "prove it!" (12/2001 ) a top Executive Officer to turn over $47 deal/judge makes okay as it favors return of investor money. http://www.leasingnews.org/archives/December%202001/12-07-01.htm. (11/2001) Girlfriend to return millions. http://www.leasingnews.org/archives/November%202001/11-01-01.htm. (8/2001) Fanghella pleads not guilty to all charges, remains in jail. (8/2001) A federal grand jury indicted PinnFund USA founder Michael J.Fanghella 20-count indictment; 19 counts in the indictment carry a maximum penalty of 10 years in prison and a $250,000 fine. One count -- filing false financial information with the U.S. Dept of housing and Urban Development -- carries a maximum penalty of 30 years in prison and a $1 million fine. (8/2001) In San Diego Feds file charges for filing false financial statements plus criminal charges for bilking at least 166 investors out of $330 million after Fanghella turns self in. (7/2001 ) Barbados Court Freezes PinnFund Exec's Assets (6/2001) Leasing News considers it a “not guilty” judgment against Tommy Larsen, but Larsen’s lawyer basically agreed to comply with the temporary restraining order of March 23 and agreed that Mr. Larsen would give an accounting of any possible gains he received that rightfully belong to PinnFund. Since he gave in to everything the receiver wanted, he was not held in contempt. The records shows that being acquitted or not guilty was not what happened. The judge found he wasn't in contempt because, going forward, he agreed to cooperate fully. (6/2001) Judge Hands Down $109 M Default Judgment in PinnFund Scandal. Bounty Hunters Get the Nod to Go Get 'Em (4/2001) Judge continues freeze of assets. Founder of PinnFund skips bail, judge issues arrest warrant ( 3/2001) PinnFund out of money, closes all offices, including leasing. Newspaper stories say “Millions of dollars are gone.” (3/2001) PinnLease USA to Fold 47 Nationwide Offices-- $100 Million Fraud, reads like a tabloid story, perhaps largest fraud in West Coast history.

FirstCorp, Portland, Oregon (1/2003) Purchased by IFC Credit (reported 1/2003 but full story is here)

Republic Leasing of South Carolina/NetBank (2/2003) Forms a new division with Jim Merrilees heading it up in Portland-Merrilees left First Corp after Textron, Nations Credit, Greybank, Colonial Pacific Leasing. To concentrate on vendor/captive lessor marketplace. (1/2003) Netbank reported a net loss of $15.9 million (or $.36 per share) for the full year 2002 (12/2002)"The aim is to package the loans and sell them to investors for fatter, "banklike" profits; armed with new management and a coterie of experienced bankers plucked from rivals. .. languished since the Internet bubble burst. At their peak, the shares were trading at more than six times what they are fetching now. NetBank, with total assets of $3.76 billion, operates the nation's largest independent retail Internet bank. It also is a wholesale and retail mortgage lender. No one doubts that Internet banking is here to stay. Most banks -- large and small -- offer online banking in some form." Atlanta-Journal. $80 million loan Commercial Money Center insurance question. http://two.leasingnews.org/archives/December%202002/12-30-02.htm#netbank (7/2002) cuts over 100 brokers, wants to become more efficient with remaining 150 brokers. (11/2001) parent and company now owned by Netbank; Dwight Galloway gets early Xmas present, broker community cheers the good news too. http://www.leasingnews.org/Conscious- Top%20Stories/dwight.htm 9/27/2000 "The expected result will be a sale of Republic Leasing" --- Dwight Galloway. He adds, "We have always been for sale for the right price, but in 13 years we have not sold off any leases or gone direct after broker's business, ever".

Conseco Finance Vendor Service (1/2002) Bankruptcy judge OKs auction plans for Conseco Finance 12/2002---In the third- largest bankruptcy in U.S. history, Conseco Inc. filed for Chapter 11 protection after four months of talks with creditors to restructure the insurance and finance company's $6.5 billion in debt. Although the filing was not surprising given Conseco's recent woes, it marked a dramatic downfall for a company whose stock was once a Wall Street darling. From 1988 to 1998, the company's stock averaged a total return of 47 percent per year and Conseco shares traded as high as $58. Today, the stock trades at less than a nickel per share. The filing follows a years long tailspin after the conglomerate's aggressive acquisition strategy in the 1990s backfired. ( 12/2000) purchased by Wells Fargo Leasing.

Capital Stream, (1/2003) John Kruse has left the building. (10/2002) Corporate take-over by Wired Capital, complete new management team and officers, John Kruse now "salesman." For a full story click here (3/2002) Steve Campbell Resigns as CEO, (8/2001) John Kruse, VP, Account Development, announces another reduction of staff as "... precautionary measures because we don't see an immediate resolution to the economic downturn. We still remain financially healthy, and believe that reducing our capacity is a prudent business decision." Hal Hayden, Jim Buckles, Randy Anderson, many sales people gone.

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Homes Prices Continue to Climb in the “Golden State”

Where I live, Los Gatos, in Northern California, had the highest median home price at $695,000, according to the California Association of Realtors.

The top 10 list also includes La Jolla, $680,000 (San Diego) and the rest were San

Francisco Bay Area: Danville, $677,500; Cupertino, $677,000; Palo Alto, $675,000; Lafayette, $672,500; Mill Valley, $672,000; Sausalito, $670,000; San Carlos, $660,000; and Moraga, $649,000.

In between the two were Calabasas, 40.9 percent; West Sacramento, 40.4 percent; Monrovia, 37 percent; Beverly Hills, 36.8 percent; Lompoc, 36.5 percent; Sausalito, 35.4 percent; Oakhurst, 35.2 percent; and San Dimas, 33.6 percent.

Statewide, the median price of an existing, single-family detached home in California hit a new record during the 2002 fourth quarter, rising 21.4 percent to $333,240, according to CAR and Real Estate Solutions, a real estate information service.

For the year as a whole, the median price of an existing, single-family detached home hit a new annual record at $315,870, a 20.4 percent increase compared to 2001.

Closed escrow sales of existing, single-family detached homes in California amounted to 565,050 for the fourth quarter at a seasonally adjusted annualized rate, a 15.8 percent increase from 487,760 in the fourth quarter of 2001.

Sales for all of 2002 increased 13.5 percent to 572,550 compared to 2001, when sales totaled 504,430.

CAR's Unsold Inventory Index for existing, single-family detached homes for the fourth quarter was 2.8 months, compared to 3.4 months for the same period a year ago.

The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

The median number of days it took to sell a single-family home was 27 days in the fourth quarter, compared to a revised 35 days for the same period a year ago.

------------------------------------------------------------------------------------------

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ePlus Reports Record 3Rd Quarter Net Earnings of $2.6 Million; Quarterly Revenues Increase 31.3% to $73.3 Million and Fully Diluted Earnings Per Share increases 30% to $0.26

HERNDON, Va.----ePlus inc. (Nasdaq:PLUS), a leading provider of Enterprise Cost Management (ECM), announces financial results for its third quarter ending December 31, 2002. ePlus produced record net earnings of $2.6 million, a 21.4% increase over $2.14 million recorded during the same period in the prior fiscal year. Total Revenues increased 31.3% to $73.3 million from $55.8 million, and fully diluted earnings per share increased 30% to $0.26 from $0.20.

For the quarter, as compared to the same quarter in the prior fiscal year, the increase in total revenues was driven in part by a 69% increase in Sales of Equipment to $52.9 million from $31.4 million, and a 56% increase of Fee and Other Income to $7.1 million from $4.6 million. Total Costs and Expenses increased 32% to $68.9 million from $52.3 million, driven by a 74% increase in the Cost of Sales of Equipment to $48.0 million from $27.5 million, and a 26% increase in Salaries and Benefits to $11.6 million from $9.2 million. Interest and Financing Costs decreased 27% to $1.9 million from $2.6 million as a result of reduced levels of debt and lower interest rates.

At quarter's end, the company had total stockholders equity of $107.8 million and cash of $16.5 million. The decrease in cash from $24.4 million as of September 30, 2002 is due, in part, the repurchase of 522,833 shares of our common stock, and the company's emphasis on retaining higher yielding assets on its balance sheet.

"We are pleased to report record earnings for the quarter" commented Phillip Norton, Chairman, CEO and President of ePlus. "We are successfully winning sales, software, leasing, and services transactions with new customers, hiring experienced salesman with deep industry expertise, and cross-selling to our existing customers. ePlus continues to focus on profitability, expanding the customer base, and increasing operating efficiency."

About ePlus inc.

A leading provider of Enterprise Cost Management, ePlus provides a comprehensive solution to reduce the costs of purchasing, owning, and financing goods and services. ePlus Enterprise Cost Management (eECM) packages business process outsourcing, eProcurement, asset management, supplier enablement, strategic sourcing, and financial services into a single integrated solution, all based on ePlus' leading business application software. Profitable since inception in 1990, the company is headquartered in Herndon, VA and has more than 30 locations in the U.S. For more information, visit our website at www.eplus.com, call toll-free 888/482-1122 or email to info@eplus.com.

ePlus(TM) is a trademark of ePlus inc.

ePlus inc. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(UNAUDITED)

Three months ended Nine months ended

December 31 December 31

----------------------------------------------------

2001 2002 2001 2002

----------------------------------------------------

REVENUES

Sales of

equipment $31,378,590 $52,887,159 $98,200,146 $167,814,598

Sales of leased

equipment 8,337,323 897,984 8,789,430 5,509,288

----------------------------------------------------

39,715,913 53,785,143 106,989,576 173,323,886

Lease revenues 11,537,725 12,381,795 34,338,505 35,747,237

Fee and other

income 4,558,804 7,096,728 14,926,809 18,852,971

----------------------------------------------------

16,096,529 19,478,523 49,265,314 54,600,208

----------------------------------------------------

TOTAL REVENUES 55,812,442 73,263,666 156,254,890 227,924,094

----------------------------------------------------

COSTS AND

EXPENSES

Cost of sales,

equipment 27,535,908 48,010,795 85,673,752 150,543,970

Cost of sales,

leased equipment 7,908,154 922,926 8,335,524 5,457,927

----------------------------------------------------

35,444,062 48,933,721 94,009,276 156,001,897

Direct lease

costs 1,565,791 2,140,982 7,115,187 4,471,986

Professional and

other fees 623,398 944,501 1,742,280 2,411,259

Salaries and

benefits 9,235,834 11,633,540 24,142,473 35,554,292

General and

administrative

expenses 2,764,601 3,294,518 8,998,024 10,831,661

Interest and

financing costs 2,617,346 1,920,372 9,455,691 6,597,048

----------------------------------------------------

16,806,970 19,933,913 51,453,655 59,866,246

----------------------------------------------------

TOTAL COSTS AND

EXPENSES 52,251,032 68,867,634 145,462,931 215,868,143

----------------------------------------------------

EARNINGS BEFORE

PROVISION FOR

INCOME TAXES 3,561,410 4,396,032 10,791,959 12,055,951

----------------------------------------------------

PROVISION FOR

INCOME TAXES 1,424,564 1,802,376 4,316,623 4,941,509

----------------------------------------------------

NET EARNINGS $2,136,846 $2,593,656 $6,475,336 $7,114,442

====================================================

CONTACT:

ePlus inc.

Kley Parkhurst, 703/709-1924

kparkhurst@eplus.com

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News Briefs---

CIA 'sabotaged inspections and hid weapons details'

http://news.independent.co.uk/world/politics/story.jsp?story=378163

Battle lines drawn on day of decision

http://www.timesonline.co.uk/article/0,,3-577436,00.html

Terror tightens its grip on U.S.

http://www.accessatlanta.com/ajc/news/0203/14terror.html

Bush challenges U.N. leaders to confront Iraq or 'fade into history'

By Seattle Times news services

http://seattletimes.nwsource.com/html/nationworld/134634292_iraq14.html

Bush turning up heat on U.N.

http://www.dallasnews.com/latestnews/stories/021403dnintusiraq.5f39e.html

Senate confirms Bush nominee Donaldson as new SEC chairman

http://www.boston.com/dailynews/045/economy/Senate_confirms_Bush_nominee_D:.shtml

Mortgage rates under 6% for record 8th week

http://www.usatoday.com/money/perfi/housing/2003-02-13-mortgages_x.htm

Dell Computer reports a profit of $603 million for 4^th Q, up from $456 million from a year earlier.

http://www.washingtonpost.com/wp-dyn/articles/A5302-2003Feb13.html

January Retail Sales Up

http://www.washingtonpost.com/wp-dyn/articles/A5283-2003Feb13.html

McDonald's sales decline pushes stock to 9-year low

http://www.usatoday.com/money/perfi/housing/2003-02-13-mortgages_x.htm

The Cubs in the World Series? Ask Dusty Baker

http://www.sfgate.com/cgi-bin/article.cgi?f=/news/archive/2003/02/13/sports1613EST0447.DTL

The public-private deal with Paul Allen to build Seahawks Stadium was a lose-win situation. Guess who won--Seattle Weekly

http://www.seattleweekly.com/features/0307/anderson2.php