European Shorting
| New Threads Only: |  |  |  |
|
|---|---|---|---|---|
| New Threads & Replies: | | | |
|
Forum List » Business News and Headlines SEC Filings, Earing Reports, Press Releases  
Electro Rent Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: December 22, 2011 04:34PM
Electro Rent Corp. (ELRC) filed Quarterly Report for the period ended 2011-11-30. Highlight of Business Operations:Comparing the first six months of fiscal 2012 to the first six months of fiscal 2011, our revenues increased by 15.6% from $104.1 million to $120.3 million, our operating profit increased 0.7% from $17.9 million to $18.1 million and our net income increased by 17.7% from $12.3 million to $14.5 million.Our net income includes bargain purchase gains, net of deferred taxes, of $3.4 million and $0.2 million for the six months ended November 30, 2011 and 2010, respectively, as a result of our acquisitions of EMT and Telogy, respectively. Our operating profit modestly improved, as growth in our rental revenues and sales of new equipment were offset by an increase in depreciation expense of $2.3 million, or 9.9%, as we have invested in additional rental equipment to support our growth, and an increase in selling, general and administrative expenses of $4.5 million, or 16.6%, primarily related to the broadening and strengthening of our sales organization in support of our Agilent resale agreement, higher rental demand, and future growth opportunities. Total revenues for the three months ended November 30, 2011 and 2010 were $61.6 million and $53.3 million, respectively. The 15.7% increase in total revenues was due to a 10.9% increase in rental and lease revenues and a 21.7% increase in sales of equipment and other revenues. Total revenues for the six months ended November 30, 2011 and 2010 were $120.3 million and $104.1 million, respectively. The 15.6% increase in total revenues was due to a 9.9% increase in rental and lease revenues and a 22.9% increase in sales of equipment and other revenues. Selling, general and administrative expenses increased 16.6% to $31.8 million in the first six months of fiscal 2012 compared to $27.3 million in the first six months of fiscal 2011. As a percentage of total revenues, selling, general and administrative expenses increased to 26.5% in the first six months of fiscal 2012 from 26.2% in the first six months of fiscal 2011. Our selling, general and administrative expenses increased primarily due to the broadening and strengthening of our sales organization in support of our Agilent resale agreement, higher rental demand, and future growth opportunities.
Sorry, only registered users may post in this forum.
Please Login if you have an account or Create a Free Account if you don't 
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names 
|
Feedback
My Portfolios
Browse Gurus
RSS