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ELECTRO RENT POSTS SHARPLY HIGHER THIRD QUARTER AND NINE MONTHS NET INCOME PER SHARE

 ELECTRO RENT POSTS SHARPLY HIGHER THIRD QUARTER
 AND NINE MONTHS NET INCOME PER SHARE
 VAN NUYS, Calif., March 30 /PRNewswire/ -- Electro Rent Corp. (NASDAQ: ELRC) registered substantial gains in earnings for both the third quarter and first nine months of the current fiscal year.
 For the three months ended Feb. 29, 1992, net income totaled $2,042,000, equal to 34 cents per share, up from $1,690,000, or 27 cents per share, in the prior year. Third quarter revenues increased to $26,035,000 from $25,280,000 one year earlier.
 Net income for the first nine months reached $6,554,000, equal to $1.06 per share, up 25 percent from $5,335,000, or 85 cents per share, in the previous fiscal year. Nine-month revenues amounted to $76,872,000, compared with $76,536,000, last year.
 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: "Electro Rent's results continue to track according to plan. Equipment rentals were higher, reflecting strength in the dynamic personal computer/workstation segment. In addition, the market for used equipment sales continues firm, and we benefited from higher sales of such equipment. However, lease income was lower.
 "Sharply reduced interest expense, due to lower rates and a decreased level of borrowings, was a key contributor to Electro Rent's increased profitability, as it was earlier in the year. With our substantial cash flow, we maintained our focus on lowering bank debt, which totaled $37.8 million at Feb. 29, 1992, approximately $5.1 million less than on May 31, 1991, the end of our fiscal year. The equipment pool at Feb. 29, 1992 was $223 million, compared with $226 million a year ago.
 "The increase in revenues for the quarter, while slight, is important and we are placing increased emphasis on revenue growth. Our efforts remain directed at strengthening Electro Rent's position as a premier supplier of personal computers and workstations, as well as electronic test and measurement equipment. In addition, we intend to continue growing our business in other allied areas where our financial and technical capabilities may be profitably applied."
 Greenberg concluded: "We are encouraged by the progress we have made this year towards our long-term goals."
 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
 (in thousands, except per share information)
 (unaudited)
 Three Months Ended Nine Months Ended
 Feb. 29, Feb. 28, Feb. 29, Feb. 28,
 1992 1991 1992 1991
 Revenues $26,035 $25,280 $76,872 $76,536
 Depreciation and
 other cost of
 revenues $14,520 $13,845 $40,900 $40,720
 SG&A expenses $7,326 $7,266 $22,490 $22,521
 Interest expense $786 $1,352 $2,558 $4,404
 Total costs and
 expenses $22,632 $22,463 $65,948 $67,645
 Income before taxes
 based on income $3,403 $2,817 $10,924 $8,891
 Taxes based on
 income $1,361 $1,127 $4,370 $3,556
 Net income $2,042 $1,690 $6,554 $5,335
 Net income per
 share (a) $0.34 $0.27 $1.06 $0.85
 Average shares
 outstanding (a) 6,093 6,288 6,180 6,288
 (a) Per share data and average shares outstanding adjusted to reflect the 3-for-2 stock split distributed on Feb. 28, 1992.
 -0- 3/30/92
 /CONTACT: Daniel Greenberg, chairman of Electro Rent, 818-786-2525/
 (ELRC) CO: Electro Rent Corp. ST: California IN: CPR SU: ERN


AL-KJ -- LA012 -- 2931 03/30/92 13:21 EST
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Date:Mar 30, 1992
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