Electro Rent Revenues, Income Fall for Quarter

Electro Rent Corp., a Van Nuys company that rents and sells electronic test equipment and personal computers, said its net income for the second quarter that ended Nov. 30 fell 3% to $1.78 million from $1.84 million a year earlier, while revenues for the same period dropped 6% to $25.7 million from $27.3 million.

For the six months that ended Nov. 30, the company’s net income rose 3% to $3.65 million from $3.55 million during the same period a year ago. Six-month revenues were off 5% to $51.3 million from $53.9 million the previous year.

In a statement, chief executive Daniel Greenberg attributed the decrease in revenues to “sharply lower sales of used equipment.”

But Greenberg said revenues from renting equipment have remained steady. Greenberg also said Electro Rent paid off $9.6 million of bank debt in the last year, reducing its interest expenses 23% for the six months that ended Nov. 30 to $3.05 million from $3.95 million.