Electro Rent Corp. Posts 25% Gain in Net Income

Electro Rent Corp. posted a 25% jump in its first quarter net income on an 11% rise in revenues.

For the quarter that ended Aug. 31, the Van Nuys-based computer leasing company had net income of $6.55 million, up from $5.25 million a year earlier. Sales in the latest quarter rose to $38.1 million, compared with $34.4 million.

The company also said that it had paid down its bank debt to $12.2 million as of Aug. 31, compared with $31.2 million 12 months earlier.