A drop in new product sales resulted in Electro Rent Corp. posting lower revenue and earnings for the fiscal first quarter. The Van Nuys company, which sells and rents electronic testing equipment, reported net income of $2.5 million (10 cents a share) for the quarter ending Aug. 31, compared with $4.8 million (20 cents) in the same period a year earlier. Revenue decreased 14 percent to $53.3 million. Electro Rent Chief Executive Daniel Greenberg attributed the lower revenue to fewer new product sales following the expiration of an agreement at the end of May with Keysight Technologies Inc., in Santa Rosa, for Electro Rent to resell new Keysight test and measurement equipment to small- and medium-sized businesses. “On the positive side, used equipment sales were up for the first quarter, and equipment rentals, our primary business sector, only declined slightly, primarily due to changes in foreign currency exchange rates,” Greenberg said in a prepared statement. The company reported earnings after market close Thursday. Shares closed Friday up 24 cents, or 2.2 percent, to $11.40 on the Nasdaq.