Electro Rent Corporation (NASDAQ:ELRC) has announced the financial results for the second quarter earnings for 2010. The total revenues were reported to have risen to $36.6 million from the $35.4 million earned during the previous year at the same period. Rental and lease revenues reached a total of $23.3 million, compared to the $26.2 million reported the previous year. The company’s equipment sales and other revenues also increased from $9.3 million earned during the previous quarter to $13.2 earned during the second quarter. More information regarding the financial results is available on the company’s website, http://www.electrorent.com/.
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Electro Rent Corporation is engaged in the rental, lease and sale of electronic equipment, primarily test and measurement equipment, and personal computer-related data products (DP) equipment. During the fiscal year ended May 31, 2009 (fiscal 2009), 79% of the Company’s rental and lease revenues were derived from test and measurement equipment. During fiscal 2009, rental revenues comprised 85% of the Company’s rental and lease revenue. As of May 31, 2009, about 87% of the Company’s equipment portfolio consisted of general-purpose test and measurement instruments purchased from manufacturers, such as Agilent Technologies and Tektronix. The remainder of its equipment portfolio consisted of personal computers and servers from manufacturers, including Dell, HP/Compaq, IBM and Toshiba. A significant part of its test and measurement equipment portfolio is rented or leased to companies in the aerospace and defense, semiconductor, electronics and telecommunications industries.
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