Electro Rent’s Profit Rises 17% in 1st Quarter
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Electro Rent Corp. reported its profit rose 17% in the fiscal first quarter ended Aug. 31, despite a 3% decline in revenues.
The Van Nuys-based company, which rents and sells electronic testing equipment and personal computers, earned $2.17 million in the latest quarter, compared to $1.86 million in earnings a year earlier. Revenues totaled $24.9 million, compared to $25.6 million in the first quarter of fiscal 1991.
Electro Rent said the improved results reflected its reduction in bank debt by $2.1 million, which lowered its interest costs.
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