Electro Rent Fiscal Q4, FY Earnings Down Year/Year

Electro Rent reported total revenues for the fourth quarter of fiscal 2014 rose to $61.1 million from $60.4 million last year. Rental and lease revenues amounted to $34.1 million versus $35.5 million a year ago. Net income was $4.6 million for the fiscal 2014 fourth quarter, versus $6.4 million for the same quarter last year. Rental equipment additions for the fiscal 2014 fourth quarter totaled $15.5 million, compared with $16.2 million last year.

Total revenues for fiscal 2014 were $241.1 million, compared with $248.7 million a year ago. Rental and lease revenues for fiscal 2014 were $137.4 million, versus $136.6 million for fiscal 2013. For the full 2014 fiscal year, net income was $20.4 million versus $22.8 million for fiscal 2013.

“We have done a solid job maintaining our current market share, and believe there is a clear new mandate going forward for Department of Defense (‘DOD’) contractors to find ways to manufacture critical systems necessary for our defense at lower costs”

“Electro Rent’s fiscal 2014 results reflected both the achievements and difficulties of the past year,” said Daniel Greenberg, chairman and CEO of Electro Rent. “We attained some real success in several markets, with substantial increases in our telecommunications business, continued growth in the industrial arena, rising sales of used equipment, and continued improvements in Europe and in Asia. While our rental and lease business grew modestly, we encountered challenges in the aerospace, defense and semiconductor sectors, tempering results in our North American operations, as competition in the marketplace and price pressure from many of our customers made operating life more difficult.”

Van Nuys, CA-based Electro Rent provides rental, leasing and sales of general purpose electronic test equipment.

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