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PRO-DEX, INC. Announces Fiscal First Quarter 2010 Profit, Update on Business Development Activities, and Renewal of Banking Agreement
Date:10/29/2009

IRVINE, Calif., Oct. 29 /PRNewswire-FirstCall/ -- PRO-DEX, INC. (Nasdaq: PDEX) today announced its financial results for the fiscal first quarter ending September 30, 2009. In addition, Pro-Dex announced that its existing credit agreement with Wells Fargo has been renewed, a new marketing director has been hired, a product development agreement was signed with a new customer, and initial shipments have been made of a newly developed product.

Sales for the first quarter ended September 30, 2009 remained stable at $5.6 million compared to $5.7 million for the previous year's first quarter, as increases in medical devices compensated for continued sluggish motion control sales. Net income for the fourth quarter was $183,000 or $0.02 per share compared to a net loss of $118,000 or ($0.01) per share for the previous year's first quarter.

Mark Murphy, the Company's President and Chief Executive Officer, commented, "In looking at the comparison quarters, we can see the effect of our tuning efforts last year. In the first quarter of fiscal year 2009, we shipped $5.7 million and lost $0.01 per share, and in this first quarter of fiscal year 2010, we shipped $5.6 million and made $0.02 per share. In addition to these P&L improvements, we shipped the first 50 units of a new arthroscopic surgical hand-piece during fiscal Q1 2010. We currently have purchase orders in our backlog totaling $1.4 million for this product with scheduled ship dates through July, 2010."

Commenting further on the Company's top line, Mr. Murphy continued, "We're beginning to see some signs of improvement in our motion control business as those sales have climbed back to nearly half of the sales levels we experienced during each of the five quarters ending December 31, 2008. Our total company backlog is currently at $9.3 million, up from $8.1 mil
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SOURCE Pro-Dex, Inc.
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