electro rent corp (ELRC) Key Developments
Electro Rent Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended May 31, 2014
Aug 11 14
Electro Rent Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended May 31, 2014. For the quarter, the company announced total revenues of $61,077,000 compared to $60,366,000 for the same period a year ago. Operating profit was $7,256,000 compared to $9,770,000 for the same period a year ago. Income before income taxes was $7,368,000 compared to $9,828,000 for the same period a year ago. Net income was $4,593,000 compared to $6,392,000 for the same period a year ago. Basic and diluted earnings per share were $0.19 compared to $0.26 for the same period a year ago. The decline in operating profit was primarily reflected an increase in lower margin sales, which was more than offset by decreases in higher margin rentals and other revenues, as well as increased SG&A expenses.
For the full year, the company announced total revenues of $241,137,000 compared to $248,731,000 for the same period a year ago. Operating profit was $32,139,000 compared to $36,711,000 for the same period a year ago. Income before income taxes was $32,526,000 compared to $37,113,000 for the same period a year ago. Net income was $20,408,000 compared to $22,754,000 for the same period a year ago. Basic and diluted earnings per share were $0.84 compared to $0.94 for the same period a year ago.
Electro Rent Promotes Eric Williams to Role of Vice President, Sales
Aug 8 14
Electro Rent Corporation announced that Eric Williams has been promoted to the newly created position of Vice President, Sales in recognition of his contribution to Electro Rent since joining the company from Agilent in 2009. Prior to his promotion, Williams was Electro Rent's National Sales Director for the company's Agilent sales channel. Before joining Electro Rent, Williams held a number of sales and sales management positions with increasing responsibility for Agilent from 1999 to 2009. Williams will report to Senior Vice President, North American Sales, Herb Ostenberg.
Electro Rent Corporation Declares Regular Quarterly Cash Dividend, Payable on July 10, 2014
Jun 5 14
Electro Rent Corporation announced that its Board of Directors has declared a regular quarterly cash dividend of $0.20 per common share. The dividend will be paid on July 10, 2014 to shareholders of record as of June 20, 2014.
Electro Rent Corporation Enters into the EMG Authorized Technology Partner Program Agreement with Agilent Technologies, Inc
Jun 3 14
On May 29, 2014, Electro Rent Corporation entered into the EMG Authorized Technology Partner Program Agreement /Agreement No. ANT76 with Agilent Technologies Inc., pursuant to which were appointed as a reseller for certain new and used Agilent test and measurement products and services in the United States and Canada. The Reseller Agreement provides that if Agilent enters into a reseller agreement with another reseller in North America, and the terms of such reseller agreement are more favorable to the reseller than the terms provided in the Reseller Agreement, the parties will adjust the terms of the Reseller Agreement to be as favorable to as the other reseller agreement. The term of the Reseller Agreement is twelve months. The Reseller Agreement may only be terminated earlier upon: a breach of certain obligations in the Reseller Agreement; upon the insolvency or bankruptcy of one of the parties; or if acquired by a company that sells new products that compete with the Agilent's product portfolio. The Reseller Agreement replaces and supersedes the EMG US Authorized Technology Partner Agreement dated December 1, 2009, as amended, between Electro Rent and Agilent, which expired according to its terms on May 31, 2014.
Electro Rent Corporation Adopts New By-Laws
Apr 15 14
On April 10, 2014, the board of directors of Electro Rent Corporation adopted an amendment to by-laws to require that to shareholders submit to advance notice of director nominations or other business intended to be brought before a shareholder meeting. The advance notice requirements are set out in a new Article II, Section 12 of by-laws. The amendment to by-laws became effective immediately upon adoption.