Electro Rent’s Profits Increase 8% for Quarter
Electro Rent Corp. said its profit in the second quarter that ended Nov. 30 rose 8% to $2.2 million, or 46 cents a share, from $2.05 million, or 33 cents a share, a year earlier.
Revenue for the Van Nuys company, which rents and leases electronic testing equipment and computer systems, was $28.9 million in the quarter, up 2% from a year earlier. The company’s earnings per share in the period rose to 46 cents, mostly because Electro Rent reduced the number of its outstanding shares to 4.8 million from 6.4 million in the year-earlier period.
For the first six months of its fiscal year, Electro Rent’s profit rose 7% to $4.4 million, or 89 cents a share. Revenue climbed 5% to $58.3 million.
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