Electro Rent Corporation (NASDAQ:ELRC) reported a 58% increase in revenues and triple-digit earnings growth for its first fiscal quarter ended August 31, 2010.

Total revenues for the fiscal 2011 first quarter rose to $50.8 million from $32.2 million for the same period last year. Rental and lease revenues increased 32% to $28.8 million from $21.7 million for the first quarter of fiscal 2010, reflecting increased rental demand and higher rental prices, as well as added revenues from the acquisition of Telogy, LLC.

Net income grew 152% to $5.2 million, or $0.22 per diluted share, for the fiscal 2011 first quarter, from $2.1 million, or $0.09 per diluted share, for the year-ago period.

Equipment sales and other revenues more than doubled to $22.0 million for the fiscal 2011 first quarter from $10.5 million last year, primarily attributable to increased sales activity related to the company’s agreement as the sole Authorized Technology Partner in the United States and Canada for Agilent Technologies, which more than offset declines in sales of used equipment, finance leases and distribution.

SG&A expenses for the first quarter of fiscal 2011 were $13.6 million, or 26.7% of total revenues, compared with $10.3 million, or 32.0% of total revenues, for same period last year, with the increase principally attributable to investments in infrastructure in connection with the Agilent agreement. Total operating expenses rose to $42.3 million for the first quarter of fiscal 2011, versus $28.9 million in the year-ago period, also primarily due to infrastructure investments, as well as higher cost of equipment sales resulting from the company’s Agilent sales agreement. Interest income was $118,000 for the fiscal 2011 first quarter, compared with $308,000 last year.

Operating profit for the first quarter of fiscal 2011 rose more than 156% to $8.5 million, or 16.8% of total revenues, from $3.3 million, or 10.3% of total revenues, for last year’s fiscal first quarter.

Rental equipment purchases for the fiscal 2011 first quarter totaled $24.9 million, compared with $9.3 million for the first quarter of fiscal 2010. The book value of Electro Rent’s equipment pool at August 31, 2010 was $182.8 million versus $173.6 million at May 31, 2010.

Electro Rent paid dividends of $3.6 million for the first quarter of fiscal 2011. On an annualized basis, the company’s current quarterly dividend of $0.15 per common share represents a 4.5% yield on the September 30, 2010 closing price of $13.28.

Total shareholders’ equity at August 31, 2010 was $228.3 million, or $9.52 per share, versus $230.0 million, or $9.60 per share, at May 31, 2010.

At August 31, 2010, Electro Rent had $40.4 million in cash, cash equivalents and investments, compared with $47.2 million at May 31, 2010. Electro Rent’s balance sheet remains debt free. Subsequent to May 31, 2010, the company’s auction rate securities were completely liquidated at par value.