1st-Quarter Profit Drops 22% for Electro Rent Corp.
Electro Rent Corp. said its fiscal first-quarter net income fell 22% from a year earlier, to $1.7 million from $2.2 million, and its sales dropped to $26.7 million from $29.4 million.
Van Nuys-based Electro Rent attributed the lower results to a decrease in sales of used electronic test equipment.
The company rents, leases and sells such electronic equipment, primarily to aerospace companies.
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