Electro Rent Corp. Posts 33% Increase in Revenues
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Electro Rent Corp. posted record profits in its second quarter on a 33% jump in revenues.
In the quarter that ended Nov. 30, Electro Rent’s net income rose 11% to $7.2 million, up from a profit of $6.5 million in the same period a year earlier, while its revenues in the latest quarter rose to a record $50.5 million, up from $38.0 million.
Electro Rent attributed part of its record results to its November acquisition of a computer and testing equipment rental business from GE Capital Technology Management Services. Electro Rent said the acquisition added $10 million to its revenues and boosted net income by some $850,000 in its latest quarter.
Based in Van Nuys, Electro Rent leases and rents personal computers and various electronic testing equipment.
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