Electro Rent Corp. Profit Falls 15% in 3rd Quarter
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Electro Rent Corp. in Van Nuys said its fiscal third-quarter profit fell 15% from a year earlier on a 5% decline in revenue.
The company, which rents electronic test equipment and personal computers, said net income for the quarter that ended Feb. 28 fell to $1.72 million from $2.03 million. Revenue dropped to $27.6 million from $28.9 million.
Electro Rent blamed the earnings drop on higher debt costs and operating expenses, the latter due mainly to Electro Rent’s relocation of its headquarters from Santa Monica to Van Nuys in January.
For the first nine months of its fiscal year, Electro Rent’s profit was virtually unchanged at $6.1 million, while revenue edged up 2% to $85.9 million from $84.6 million.
For detailed data and results of other companies, please see tables, Page 14.
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