Electro Rent Reports Record Income in Quarter

Electro Rent Corp., a Van Nuys concern that leases personal computers and other electronic equipment, said its net income rose to record levels in the second quarter and six-month period that ended Nov. 30.

The company reported a profit of $3.65 million for the quarter, up 26% from $2.89 million a year earlier. Sales jumped to $30.8 million in the second quarter, up 12% from $27.5 million in the same three-month period of 1993.

For its six-month period, the company reported earnings of $7.2 million on sales of $58.5 million, compared with year-earlier earnings of $5.54 million on $55 million in revenue.

The company attributed the improved results partly to its September acquisition of Genstar Rental Electronics Inc., a Palo Alto-based company that contributed about $3 million to Electro Rent’s revenues during the second quarter.

“The benefits of the Genstar consolidation will become increasingly apparent in the third and fourth quarters of the current fiscal year,” said Daniel Greenberg, chief executive of Electro Rent.