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ELECTRO RENT'S NET INCOME PER SHARE RISES 18 PERCENT TO NEW RECORD HIGH IN FISCAL 1992

 ELECTRO RENT'S NET INCOME PER SHARE RISES 18 PERCENT TO
 NEW RECORD HIGH IN FISCAL 1992
 VAN NUYS, Calif., Aug. 11 /PRNewswire/ -- Electro Rent (NASDAQ: ELRC) recorded significantly higher net income in the fiscal year ended May 31, 1992.
 For fiscal 1992, net income totaled $8,572,000, equal to $1.39 per share, up from $7,389,000, or $1.18 per share, in the prior year. Revenues for the year were $102,022,000, essentially unchanged from $102,388,000 in fiscal 1991.
 Net income for the fourth quarter was $2,018,000, equal to 33 cents per share, compared with $2,054,000, also equal to 33 cents per share, one year ago. The 1991 period includes a one-time gain of $408,000 before taxes, equal to 4 cents per share, from the sale of part of the company's interest in its joint venture in Japan. Fourth quarter revenues were $25,086,000, compared with $25,852,000 a year ago.
 Per share figures for all periods have been adjusted for the 3-for-2 stock split distributed on Feb. 28, 1992.
 Daniel Greenberg, chairman and chief executive officer, said: "We continue to make meaningful strides toward many of our strategic objectives. Electro Rent concluded the year with improved capabilities and in a position of growing strength vis-a-vis its competition.
 "The company continues to strengthen its balance sheet. Bank borrowings were reduced to $31.1 million from $42.9 million the year previously. Sharply lower interest expense of $3.1 million, down from $5.4 million in fiscal 1991, was the major swing factor in year- to-year comparisons. The equipment pool at May 31, 1992, was valued at $224.6 million, slightly above the $223.1 million 12 months earlier.
 "The company has built the financial and human resources to move forward not only as an experienced leader in test and measurement, but also in the much larger national markets which use personal computers and workstations. With continued industry consolidation and a lessening of competition due to the prolonged economic recession, we believe Electro Rent is in a position of growing strength."
 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.
 Consolidated Statements of Income
 (000 omitted, except per share data)
 (Unaudited) (Audited)
 Three Months Ended Year Ended
 May 31, May 31,
 1992 1991 1992 1991
 Revenues $25,086 $25,852 $102,022 $102,388
 Depreciation and
 other cost of
 revenues $13,129 $13,864 $54,093 $54,584
 Selling, general and
 administrative
 expenses $8,078 $7,533 $30,568 $30,054
 Interest expense $517 $1,031 $3,075 $5,435
 Income before taxes $3,362 $3,424 $14,286 $12,315
 Income taxes $1,344 $1,370 $5,714 $4,926
 Net income $2,018 $2,054 $8,572 $7,389
 Net income per share $0.33 $0.33 $1.39 $1.18
 Average shares
 outstanding 6,058 6,252 6,150 6,279
 -0- 8/11/92
 /CONTACT: Daniel Greenberg, chairman and CEO of Electro Rent, 818-786-2525/
 (ELRC) CO: Electro Rent Corp. ST: California IN: CPR SU: ERN


JB-JL -- LA017 -- 9020 08/11/92 13:57 EDT
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Date:Aug 11, 1992
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