Electro Rent Reports Profit of $5.2 Million for Quarter
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Electro Rent Corp., a Van Nuys computer leasing company, posted a $5.2-million profit in its fourth quarter ended May 31, down 13% from $6 million a year earlier.
Revenues for the quarter were down 2% to $37.6 million from $38.3 million a year ago. For the year, Electro Rent reported a profit of $24.1 million, up 12% from $21.6 million, and revenues of $150.5 million, up 7% from $141.1 million the year before.
The company attributed the quarter’s losses to a slow leasing market in March and April, but said that business picked up again in May.
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