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ELECTRO RENT CORP. POSTS INCREASED NET INCOME PER SHARE FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF FISCAL 1993

 VAN NUYS, Calif., April 5 /PRNewswire/ -- Electro Rent Corp. (NASDAQ: ELRC) had higher net income per share in both the third quarter and nine months ended Feb. 28, 1993, compared with the corresponding periods a year ago.
 For the third quarter, net income totaled $2,065,000, equal to 36 cents per share, compared with $2,042,000, or 34 cents per share, in the prior year. Average shares outstanding were 5,760,000 in the current year and 6,093,000 one year earlier. Revenues for the period amounted to $25,127,000, compared with $26,010,000 in the previous year. Net income for the current quarter was increased by 3 cents per share as a result of the company's adoption of capital lease accounting for certain transactions previously classified as operating leases.
 Net income for the nine months totaled $6,517,000, equal to $1.10 per share, compared with $6,554,000, or $1.06 per share, a year ago. Average shares outstanding were 5,949,000 this year and 6,180,000 in the prior year. Nine months' revenues were $75,706,000, vs. $76,936,000 in fiscal 1992.
 The decreased number of shares outstanding in the fiscal 1993 periods reflects the company's repurchase of its common shares under share repurchase authorizations previously granted by the board of directors. To date in the current fiscal year, the company has repurchased approximately 700,000 shares for an aggregate investment of $10,144,000.
 Daniel Greenberg, chairman and chief executive officer, said: "Strength in our core rental business, led by our flourishing personal computer/workstation segment, remained unabated in the third quarter as we continued to post double digit increases for these key products. However, our business continues to be a battle, reflecting many crosscurrents. Growth in rentals overcame weak results in other areas. More specifically, declines in aerospace/defense slowed revenues from leases and equipment sales."
 Greenberg concluded: "We look forward to a continuation of current business trends in the year's fourth quarter. The company continues to be active in purchasing new equipment to meet customer demand. Electro Rent's financial strength, growing capabilities in technology and equipment management and commitment to customer service are important assets that provide a strong foundation for our future activities."
 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.
 Condensed Consolidated Statements of Income
 (000 omitted, except per share data)
 (Unaudited)
 Three Months Ended Nine Months Ended
 Feb. 28, Feb. 29, Feb. 28, Feb. 29,
 1993 1992 1993 1992
 Revenues:
 Total revenues $25,127 $26,010 $75,706 $76,936
 Depreciation and
 other 13,365 14,495 39,532 40,964
 Costs of revenues
 Selling, administ-
 rative and
 general expenses 7,794 7,326 23,638 22,490
 Interest 527 786 1,675 2,558
 Total costs and
 expenses 21,686 22,607 64,845 66,012
 Income before income
 taxes 3,441 3,403 10,861 10,924
 Income taxes 1,376 1,361 4,344 4,370
 Net income $2,065 $2,042 $6,517 $6,554
 Net income per share $0.36 $0.34 $1.10 $1.06
 Average shares
 outstanding 5,760 6,093 5,949 6,180
 -0- 4/5/93
 /CONTACT: Daniel Greenberg, chairman and CEO of Electro Rent, 818-786-2525/
 (ELRC)


CO: Electro Rent Corp. ST: California IN: SU: ERN

JB-EH -- LA017 -- 3079 04/05/93 13:42 EDT
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Date:Apr 5, 1993
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