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California: News and Insight on Business in the Golden
State | THE STATE / EQUIPMENT RENTAL

Electro Rent Plans More Job Cuts

October 09, 1998|Bloomberg News

Electro Rent Corp. said it has reduced its work force by 8%, or 75 jobs, since July and plans to cut another 75 as the short-term rental company tries to rein in costs. The Van Nuys-based company, which is the largest short-term renter of computers and general electronics-testing equipment, said it reduced its head count from a peak of 934 in July. Additional reductions will occur in the next three to six months, Chief Financial Officer Craig Jones said. The announcement came as the company reported that profit in its fiscal first quarter ended Aug. 31 fell 46%, to $3.75 million, or 15 cents a share, from $6.98 million, or 28 cents, a year ago. Revenue soared 87%, to $72.6 million from $38.9 million. Electro Rent shares fell 13 cents to close $10.75 on Nasdaq.

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