Electro Rent Profit in Quarter Up 31%

Electro Rent Corp., citing higher equipment rentals and lower interest costs on its debt, said its fiscal second-quarter profit jumped 31% from a year earlier despite little change in revenue.

The Van Nuys-based company, which rents and leases electronic equipment and computers to businesses, said net income in the quarter that ended Nov. 30 rose to $2.34 million from $1.78 million a year earlier. Its revenue inched up 1% to $26.0 million from $25.7 million.

For the first half of its fiscal year, Electro Rent’s profit rose 24%, to $4.51 million from $3.65 million a year earlier, and its six-month revenue slipped 1%, to $50.9 million from $51.3 million.

Separately, Electro Rent declared a 3-for-2 stock split in the form of a 50% stock dividend, payable Feb. 28 to stockholders of record Feb. 3. The company now has 4.13 million total common shares outstanding.