Electro Rent Corp. reported third quarter net income of $4.8 million (19 cents per share) a 7.6 percent dip from $ 5.2 million (20 cents) from the same period a year earlier. However, the company said that last year's profits were bolstered by $1.6 million received from a prior class action lawsuit.
Sales for the Van Nuys-based electronic equipment renter were up 17 percent to $35.2 million due to a 6 percent increase in rental and lease revenue while equipment sales and other revenues jumped 50 percent to $9 million.
Shares in Electro Rental closed up 1.2 percent Monday to $14.99.
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