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.