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Tuesday, Dec 6, 2022
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Economy, Competition Hits Electro Rent In Income

The poor economy and heavy competition resulted in high tech equipment renter Electro Rent Corp. in posting a 16 percent decrease in net income for the fourth quarter when compared with the previous year. For the quarter ending May 31, the Van Nuys-based company had a net income of $5.2 million, or $0.20 per diluted share, on revenues of $38.9 million. For the same period in 2007, the company posted a net income of $6.2 million, or $0.24 per diluted share, on revenues of $33.4 million. For the full fiscal year, Electro Rent had net income of $21.1 million, or $0.81 per diluted share, on revenues of $144.5 million. That represents a miniscule increase from the net income of $21 million, or $0.81 per diluted share, on revenues of $126.9 million in fiscal 2007. Electro Rent posted double-digit revenue increases due to sales in foreign markets but the poor economy and competitive marketplace prevented the company from reaching double- digit profitability, said Chairman and CEO Daniel Greenberg.

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