Electro Rent Posts Higher Q1 Profit - Quick Facts

(RTTNews) - Electro Rent Corp.'s (ELRC) first-quarter net income advanced to $5.7 million, or $0.23 per share, from $5.1 million, or $0.21 per share, last year.

Total revenues for the first quarter of fiscal 2014 grew to $60.2 million from $58.5 million one year ago, with rental and lease revenues rising nearly 6.0% year-over-year to $35.7 million, from $33.7 million.

Commenting on the results, Electro Rent's Chairman and Chief Executive stated, "The quarter was characterized by several positive trends, including strong equipment rentals, an expanding telecom business and data products growth. Our European operations held steady, while China continues to show promise for this fiscal year. Both new and used equipment sales declined modestly."