IRVINE, Calif., Sept. 17 /PRNewswire-FirstCall/ -- PRO-DEX, INC. (Nasdaq: PDEX) today announced financial results for the fiscal fourth quarter and full-year ending June 30, 2009.
Sales for the fourth quarter ended June 30, 2009 increased 4% to $5.6 million compared to $5.4 million reported for the fourth quarter of fiscal 2008, as increases in medical device and motor shipments outpaced continued sluggish motion control sales. Net income for the fourth quarter was $202,000 or $0.02 per share (based on 9.7 million shares) compared to net loss of $412,000 or ($0.04) per share for the three months ended June 30, 2008.
Sales for the year ended June 30, 2009 decreased 16% to $21.1 million compared to $25.1 million in fiscal year 2008. The majority of the decrease was seen in medical products, as 2008 sales were unusually high due to a major customer, who built inventory in fiscal 2008, consumed it in fiscal 2009. The motion control business also reported lower sales as the economic slowdown adversely affected the end market for the capital equipment that use our motion control products. Motor sales remained flat year over year. A net loss was reported for the full fiscal year 2009 of $2,845,000 or $0.29 per share compared to net income of $317,000, or $0.03 per share for the full-year 2008 period.
Mark Murphy, the Company's President and Chief Executive Officer, commented, "Fiscal 2009 was a difficult year for Pro-Dex, like many other businesses. From FY2005 through FY2008, we grew consistently every year, delivering a 22% cumulative annual growth rate. This trend was starkly interrupted in FY2009 by a 16% top line decrease, the first decrease we had experienced in 4 years. We reacted immediately and definitively in our
|SOURCE Pro-Dex, Inc.|
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