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Thursday, Mar 28, 2024

Electro Rent Reports Net Income Gain

Electronic equipment rental and leasing company Electro Rent had a nearly 4 percent increase in its net income for the fourth quarter ended May 31. The Van Nuys company had a net income of $5.6 million, or $0.22 per diluted share, on revenue of $25.3 million. That is a slight up tick from the fourth quarter of 2005 when the company had a net income of $5.4 million, or $0.21 per diluted share, on revenue of $20.7 million. For the 12-month period ended May 31, the company had a net income of $22.2 million, or $0.86 per diluted share, on revenue of $90.5 million. That is an 8.5 percent decline from last year’s 12-month period, when there was a net income of $24.2 million, or $0.96 per diluted share, on revenue of $80.2 million. The company achieved its primary goal of a second straight fiscal year of increased revenues, said Chairman and CEO Daniel Greenberg, in a statement. “We also achieved an important strategic objective, which was to establish our test and measurement rental and lease business on a global basis,” Greenberg said. “Results for the new subsidiary we launched in China in the summer of 2005 exceeded our expectations, and we also made important progress in the development of our new European subsidiary.” Data products rental revenue increased 7 percent in fiscal 2006 compared to fiscal 2005, primarily reflecting Electro Rent’s acquisition in January of Rush Computer Rentals, Inc., the company said.

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