Electro Rent Declares Quarterly Cash Dividend
June 12 2015 - 4:05PM
Business Wire
Electro Rent Corporation (Nasdaq: ELRC) announced today
that its Board of Directors declared a regular quarterly cash
dividend of $0.125 per common share, payable on July 10, 2015 to
shareholders of record as of June 22, 2015.
This dividend payment represents a reduction from Electro Rent’s
prior dividend of $0.20 per common share, and reflects the Board’s
decision to strengthen the company’s capital structure and preserve
a sustainable return to its shareholders.
On an annualized basis, the current dividend represents a 4.7%
yield on the June 11, 2015 closing share price of $10.72 and is the
33rd consecutive quarterly cash dividend paid by Electro Rent.
“Electro Rent’s revised dividend payment will provide the
company with greater financial flexibility to finance our growth
initiatives, and pursue business opportunities, including new
revenue streams,” said Daniel Greenberg, Chairman and CEO of
Electro Rent. “As we work to build strategic relationships with the
world’s best test and measurement equipment manufacturers, our team
remains committed to corporate growth and to enhancing shareholder
value.”
About Electro Rent
Electro Rent Corporation (www.ElectroRent.com) is one of the
largest global organizations devoted to the rental, leasing and
sales of general purpose electronic test equipment, personal
computers and servers.
“Safe Harbor” Statement
Except for the historical statements and discussions in this
press release, the company’s statements above constitute
forward-looking statements within the meaning of section 21E of the
Securities Exchange Act of 1934. These forward-looking statements
reflect Electro Rent’s management's current views with respect to
future events and financial performance. Forward looking statements
in this press release include statements regarding whether Electro
Rent will pay future dividends and in what amounts, and whether
Electro Rent can build strategic relationships with test and
measurement equipment manufacturers. You should not put undue
reliance on these statements. When used, the words "expect" and
"will" and other similar expressions identify forward-looking
statements. These forward-looking statements are subject to certain
risks and uncertainties. The company believes its assumptions are
reasonable; nonetheless, it is likely that at least some of these
assumptions will not come true. Accordingly, Electro Rent’s actual
results will probably differ from the outcomes contained in any
forward-looking statement, and those differences could be material.
Factors that could cause or contribute to these differences
include, among others, those risks and uncertainties discussed in
the company’s periodic reports on Form 10-K and 10-Q and in its
other filings with the Securities and Exchange Commission. Should
one or more of the risks discussed, or any other risks,
materialize, or should one or more of our underlying assumptions
prove incorrect, the company’s actual results may vary materially
from those anticipated, estimated, expected or projected. In light
of the risks and uncertainties, there can be no assurance that any
forward-looking statement will in fact prove to be correct. Electro
Rent undertakes no obligation to update or revise any
forward-looking statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20150612005814/en/
Electro Rent CorporationDaniel Greenberg, Chairman and
CEO818-786-2525orPondelWilkinson Inc.Roger Pondel/Laurie
Berman310-279-5980pwinvestor@pondel.com
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