Electro Rent Posts Gains in Revenues, Net Income
Electro Rent Corp. saw its net income jump 82% while its revenues more than doubled in its third quarter.
In the quarter that ended Feb. 28, Electro Rent posted net income of $10.6 million, up from $5.8 million in the same period a year earlier, while its revenues climbed to $85.2 million, up from $36.8 million.
For the preceding nine-month period, Electro Rent saw its net income climb 32% to $24.9 million, up from $18.9 million a year earlier, while revenues climbed 55% to $174.6 million, up from $113 million.
Part of the jump in profits and sales was due to Electro Rent’s purchase in November of GE Capital Technology Management Services.
Electro Rent, based in Van Nuys, rents and leases personal computers, workstations and electronic testing equipment.