TRS-RenTelco, our electronics division, rental revenues for the quarter increased by $1.4 million, or 6%, to $23.4 million from a year ago. Divisional income from operations increased by 14%, or $0.9 million, to $7.4 million in 2012. In addition to higher rental revenues, our electronics business also benefited from lower depreciation and direct SG&A costs as a percentage of rental revenues from a year ago.Modular division rental revenues for the quarter were relatively flat at $19.9 million from a year ago. Rental revenues grew by 15% year over year in our markets outside of California; however, they declined by 8% within the state. California continues to be plagued by fiscal and budgetary challenges. Year over year income from operations decreased 29% from a year ago to $4.0 million; however, modular rental operations gross profit declined only 5%. The higher percentage reduction in income from operations was due primarily to higher SG&A expenses associated with the continued expansion of our portable storage rental business and divisional employee costs, as well as lower gross profit on modular equipment sales. Modular utilization was down slightly to 66.5% compared to 66.8% a year ago.
McGrath RentCorp Announces Results For First Quarter 2012
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