This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Electro Rent Reports Fiscal 2012 Fourth Quarter And Full Year Financial Results

Electro Rent Corporation (NASDAQ:ELRC) today reported financial results for the fourth quarter and full year ended May 31, 2012.

“During fiscal 2012 we strengthened many areas of our business by making additional investments in people and product, two key drivers of our long-term success,” said Daniel Greenberg, Chairman and CEO of Electro Rent. “We completed a strategic acquisition, added new sales, marketing and technical talent, reorganized our sales force and purchased more than $113.0 million of equipment during the year. These steps will further enhance our ability to provide customers with highly flexible alternatives for their equipment needs, a key competitive advantage as they, and we, adjust to shifting business requirements in an uncertain environment.”

Total revenues grew to $68.2 million for the fourth quarter of fiscal 2012 from $65.2 million for the same quarter last year. Sales of equipment and other revenues were $34.4 million for the most recent fiscal quarter, compared with $34.3 million for the fiscal 2011 fourth quarter. Rental and lease revenues rose to $33.8 million for the fourth quarter of fiscal 2012, from $30.9 million for the fourth quarter of fiscal 2011. The increase was primarily related to increased rental activity and rates in North America and Europe, as the integration of Electro Rent’s new resale organization with its existing test and measurement sales force provided additional rental opportunities to an expanding customer base. This increase was partially offset by a decrease in leasing demand in Electro Rent’s profitable data products business, which remains one of the largest personal computer and server rental organizations in the country.

Selling, general and administrative expenses totaled $16.4 million, or 24.1% of total revenues, for the fiscal 2012 fourth quarter, compared with $15.9 million, or 24.4% of total revenues, for last year’s fourth quarter. The increase in SG&A expenses reflected enhancements to Electro Rent’s sales organization in support of its Agilent resale channel, higher rental demand and future growth opportunities. Total operating expenses amounted to $58.0 million for the fiscal 2012 fourth quarter, compared with $54.7 million last year.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,062.46 -17.68 -0.10%
S&P 500 2,114.38 -3.31 -0.16%
NASDAQ 5,067.8950 -24.19 -0.48%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs