Electro Rent Posts Record Sales, Profits
Electro Rent Corp., a Van Nuys company which rents computer equipment, posted record sales and earnings for the fiscal fourth quarter and year that ended May 31.
Earnings for the fourth quarter were $4.27 million, up 34% from $3.18 million a year earlier. Sales for the quarter were $32.6 million, up 14% from $28.6 million in the same quarter a year ago.
For the full year, earnings rose 26% to $14.56 million, from $11.6 million. Revenues were $121.4 million, up 9% from $111.5 million last fiscal year.
The company said the acquisition of Genstar Rental Electronics Inc. in September helped contribute to a surge in rentals and lease revenues.
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