Electro Rent Reports Higher Earnings

The company had net income of $7.1 million, or $0.30 per diluted share, on total revenues of $53.3 million for the 2011 second fiscal quarter ended Nov. 30. For the same period last year, the company had net income of $4 million, or $0.17 per diluted share, on total revenues of $36.6 million. Rental and lease revenues for the quarter were $29.7 million, up from $23.3 million for the same quarter the previous year, reflecting increased rental demand and higher rental prices in North America and Europe. Other activity has also helped boost the Electro Rent Corporation’s financial performance this year, company leaders said. “We have substantially improved the company’s financial profile and performance by maximizing opportunities gained through our strategic acquisition of Telogy and our sales agreement with Agilent as its sole Authorized Technology Partner in the U.S. and Canada,” said Daniel Greenberg, Electro Rent’s chairman and CEO.