Electro Rent Profits up in Q4

Electro Rent Corp. posted a nearly 9 percent increase in net income for the fourth quarter when compared with the same period a year ago. The Van-Nuys based renter and leaser of electronic test equipment, personal computers and servers had a net income of $6.2 million, or $0.24 per diluted share, on revenues of $27.1 million for the quarter ending May 31. That is a nearly 9 percent increase over the net income of $5.6 million, or $0.22 per diluted share, on revenues of $25.3 million for the same period in 2006. For the full 2007 fiscal year, Electro Rent had a net income of $21 million, or $0.81 per diluted share, on revenues of $103.1 million. That is a 5 percent drop from the net income of $22.2 million, or $0.86 per diluted share, on revenues of $90.5 million for the 2006 fiscal year. Electro Rent made meaningful strides in the past year developing the business by expanding geographically, growing the sales force, forging better relationships with suppliers and customers and broadening the scope of its product offerings, aid Chairman and CEO Daniel Greenberg.