Electro Rent Reports 42% Increase in Profit

Electro Rent Corp., a Van Nuys computer leasing company, said its profit in the fourth fiscal quarter that ended May 31 was up 42% to $6.05 million from $4.27 million in the same quarter a year ago.

Revenues for the quarter were up 18% to $38.3 million from $32.6 million in last year’s fourth quarter.

For the year, the profit was $21.6 million, up 48% from $14.6 million last year, and revenues grew 16% to $141.1 million from $121.4 million, the company said.

The company attributed the gains to a strong leasing market, particularly in the aerospace/defense and telecommunications areas, and to acquisitions.