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PRO-DEX, INC. Announces Fiscal 2009 Fourth Quarter and Full-year Results
Date:9/17/2009

commitment to the fundamentals of profitability and cash-generation, resizing the company to match our revenue levels. While the year's results were sealed in Q3 with nearly $3 million of non-cash patent and deferred tax asset write-offs, we see the Q4 operating results as encouraging. We believe our largest medical customers have completed their inventory reductions and are now receiving product at rates that are more closely aligned with historical levels, helping to offset the continued softness in our motion control business. Comparing fiscal 2009 Q4 to Q3, we improved the top line by 22% (from $4.6 million to $5.6 million) and earnings per share from a loss of $0.31 ($0.27 from write-offs and $0.04 operationally) to earnings of $0.02. While it's too early to declare sustainable improvement, we have a $9.6 million backlog and look forward to the anticipated release of a new product."

Gross profit for the quarter ended June 30, 2009 increased to $1.9 million, a 35% gross profit margin, compared to gross profit of $1.5 million or 27% gross profit margin in last year's fourth quarter as a result of higher sales levels and the absence of the prior year's fourth quarter headquarters relocation costs of $225,000. Gross profit for the full 2009 fiscal year was $6.7 million, a 32% gross profit margin compared to gross profit of $8.2 million or 33% gross profit margin for the year-ago period. For the full year, margins were adversely impacted by lower volumes of our more profitable products.

Operating expenses for the fourth quarter decreased by 27% to $1.7 million, compared to $2.2 million in the fourth quarter 2008. While the 2008 fourth quarter operating expenses included move-related costs of $274,000, the remainder of the decrease in spending was attributable to structurally lower costs, primarily decreased labor expenses, resulting from our FY2009 cost-reduction efforts. For the full fiscal 2009 year, operating expenses
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SOURCE Pro-Dex, Inc.
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