Electro Rent Shows Improvement in Q3

Computer and electronic test equipment provider Electro Rent added employees in the third quarter and improved its financial position as purchases increased when compared to a year ago. The Van Nuys-based company reported net income of $2.2 million, or $0.09 per diluted share, on revenues of $22.6 million for the quarter ending Feb. 28. For the same period in 2009, the company had net income of $1.9 million, or $0.08 per diluted share, on revenues of $22.5 million. During the quarter, Electro Rent became the exclusive provider equipment from Agilent Technologies. That move resulted in the hiring of 33 new employees at a cost of $500,000. “The investments we have made will foster significantly higher business activity starting in the first quarter of our new fiscal year, and produce continued revenue growth over the next several years,” said company Chairman and CEO Daniel Greenberg. Mark R. Madler