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ELECTRO RENT ACHIEVES INCREASED REVENUES AND EARNINGS, RECORD EARNINGS PER SHARE, IN FIRST QUARTER

 ELECTRO RENT ACHIEVES INCREASED REVENUES AND EARNINGS,
 RECORD EARNINGS PER SHARE, IN FIRST QUARTER
 VAN NUYS, Calif., Oct. 8 /PRNewswire/ -- Electro Rent Corp. (NASDAQ: ELRC) posted higher revenues and net income in the first quarter, and its net income per share exceeded last year's record results by 11 percent, Daniel Greenberg, chairman and chief executive officer, told shareholders at the annual meeting held today.
 For the three months ended Aug. 31, 1992, net income increased to $2,356,000, equal to 39 cents per share, from $2,174,000, or 35 cents per share, in the like period a year ago. Revenues rose to $25,449,000 from $24,905,000 in last year's first quarter.
 The per share figures for both periods have been adjusted to reflect the 3-for-2 stock split distributed on Feb. 28, 1992.
 Greenberg commented: "Electro Rent continued to see improvements in its rental business, which more than offset a decline in lease revenues and the sale of used equipment. Rentals of personal computers and workstations rose from the prior year's levels, as did our rentals of test and measurement equipment. The share of our business from personal computers and workstations has steadily risen in the last year, in keeping with our strategic commitment to make Electro Rent a premier supplier of this equipment.
 "The increased level of rental activity led the company to not only increase its stock of computers, but also of some test and measurement equipment. For this reason, the value of our equipment pool rose to $228.4 million from $224.6 million at the end of fiscal 1992, and $226.7 million at the end of the first quarter a year ago.
 "Because of its stepped up purchases of new equipment, the company's bank debt was virtually unchanged this quarter. However, thanks to lower interest rates, interest expense was down significantly from a year ago.
 Greenberg concluded: "We are very encouraged by the continuing upward trend in rental operations, our core business. We look for further growth as Electro Rent builds on its strong market position and expands its rental of personal computers and workstations."
 Electro Rent Corp. is one of the largest nationwide organizations devoted to the short-term rental and leasing of general purpose electronic test equipment, personal computers and workstations.
 ELECTRO RENT CORP.
 (000 omitted, except per share data)
 (Unaudited)
 Three Months Ended
 Aug. 31,
 1992 1991
 Revenues $25,449 $24,905
 Depreciation and
 other costs
 of revenues 13,065 12,731
 Selling,
 administrative, and
 general expenses 7,854 7,641
 Interest expense 604 909
 Income before taxes $3,926 $3,624
 Income taxes 1,570 1,450
 Net income $2,356 $2,174
 Net income
 per share(a) $0.39 $0.35
 Average shares
 outstanding(a) 6,076 6,241
 (a) All share figures have been adjusted to reflect the 3-for-2 stock split distributed Feb. 28, 1992.
 -0- 10/8/92
 /CONTACT: Daniel Greenberg, chairman and chief executive officer of Electro Rent, 818-786-2525, for Electro Rent Corp./
 (ELRC) CO: Electro Rent Corp. ST: California IN: CPR SU: ERN


EH -- LA026 -- 7966 10/08/92 14:54 EDT
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Publication:PR Newswire
Date:Oct 8, 1992
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