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 2013 Second Quarter Financial Results

Electro Rent Corporation (Nasdaq:ELRC) today reported financial results for the second fiscal quarter ended November 30, 2012.

“Our business moved forward during the second quarter, even in the face of the ‘fiscal cliff,’ reflecting both economic reality and the increasing value of Electro Rent’s test and measurement equipment rental programs. We also saw continued advances in used equipment sales,” said Daniel Greenberg, Chairman and CEO of Electro Rent. “Although ongoing economic uncertainty continues to affect our customers and their ability and desire to purchase new equipment, this same uncertainty is driving increased demand for equipment acquisition alternatives, such as rental, which do not require large capital outlays or commitments.”

Total revenues increased 5.8% to $65.2 million for the fiscal 2013 second quarter, from $61.6 million for the fiscal 2012 second quarter. Rental and lease revenues grew to $34.6 million for the second quarter of fiscal 2013, up from $32.9 million for the second quarter of fiscal 2012, primarily related to the fiscal 2012 acquisition of Equipment Management Technology (EMT), greater customer demand and the integration of Electro Rent’s resale organization with its test and measurement sales force. Sales of equipment and other revenues increased to $30.6 million for the most recent fiscal quarter, compared with $28.7 million one year ago.

Selling, general and administrative expenses totaled $14.1 million, or 21.6% of total revenues, for the fiscal 2013 second quarter, compared with $13.1 million, or 21.3% of total revenues, for last fiscal year’s second quarter. The increase was primarily related to the enhancement of Electro Rent’s sales and sales support organizations, as well as its administrative infrastructure, to better position the company to capitalize on future growth opportunities. Total operating expenses were $54.9 million for the fiscal 2013 second quarter, versus $52.2 million last year.

Operating profit for the fiscal 2013 second quarter was $10.3 million, or 15.8% of total revenues, compared with $9.4 million, or 15.3% of total revenues, a year ago.

1 of 5

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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.19 0.00%
FB $118.06 0.00%
GOOG $695.70 0.00%
TSLA $222.56 0.00%
YHOO $36.00 0.00%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs