Electro Rent Posts Lower Q2 Profit

(RTTNews) - Electro Rent Corpo. (ELRC) reported net income for the second quarter of $4.8 million or $0.20 per share, compared with $5.6 million or $0.23 per share for the year-ago quarter.

Net income for the latest includes $1.4 million, before tax, in income related to a settlement received from a class action lawsuit involving the purchase of certain computer products and a $1.3 million reduction in sales of equipment and other revenues, before tax, related to a non-recurring, out-of-period adjustment.

Total revenues for the second quarter rose to $59.7 million from $57.9 million last year.