Electro Rent Reports 42% Increase in Profit
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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.
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