Electro Rent Net Income Down 5% for Period

Electro Rent Corp. of Van Nuys said its net income for the three months that ended Feb. 28 fell 5% to $1.63 million from $1.72 million a year before. The company, which rents and sells electronic testing equipment, said its revenues for the period dropped 3% to $26.9 million from $27.6 million last year.

Electro Rent chief executive Daniel Greenberg attributed some of the decline in sales and profits to a 13% drop in sales of used equipment. But he said income from rentals improved during the period.

For the nine months ended Feb. 28, Electro Rent said its profit sagged 15% to $5.18 million from $6.1 million in the previous fiscal year. Nine-month revenues declined 6% to $80.8 million from $85.9 million a year earlier.