Income Jumps with Equipment Sales at Electro Rent

An increase in used equipment sales contributed to a 68 percent jump in net income at Electro Rent Corp. when compared to a year ago. The Van Nuys-based supplier of electronic test equipment, personal computers and servers reported net income of $3.4 million, or $0.14 per diluted share, on revenues of $44 million for the quarter ending May 31. For the same period in 2009, the company had net income of $2 million, or $0.08 per diluted share, on revenues of $30 million. For the full fiscal year, Electro Rent reported net income of $11.6 million, or $0.48 per diluted share, on revenues of $145.9 million. For the previous fiscal year the company had net income of $11.8 million, or $0.47 per diluted share, on revenues of $130.5 million. The quarterly financials show a return to meaningful growth for the first time since the start of the recession, Electro Rent Chairman and CEO Daniel Greenberg said. “We are touching more customers than ever before, with the strongest and most talented sales force in our recent history,” Greenberg said. “We believe Electro Rent is extraordinarily well positioned to reap the benefits of a gradually improving economy and a wealth of opportunities that have recently become available through our developing Agilent partnership and our recent acquisition of electronic test equipment provider, Telogy.” Mark R. Madler