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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

lion at September 30, 2009. We are also pleased to announce the signing of a new development agreement. The product is for small joint surgery and will include a consumable element that Pro-Dex will provide in addition to the base capital equipment. The initial Purchase Order is for $150,000, and our annual sales of the related disposables could increase significantly if the product is successful, although there can be no assurance of the product's design success or acceptance by the customer or the market-place. The development and regulatory testing schedule, assuming successful design and customer acceptance, targets us making initial shipments in the first quarter of next fiscal year.

Gross profit for the quarter ended September 30, 2009 increased to $1.9 million, a 33% gross profit margin, compared to gross profit of $1.8 million or 31% gross profit margin in last year's first quarter.

Operating expenses for the first quarter decreased by 14% to $1.6 million, compared to $1.9 million in the first quarter 2009. The continued decrease in spending was attributable to structurally lower costs, primarily decreased labor expenses and more efficient marketing spending, resulting from our FY2009 cost-reduction efforts.

Mr. Murphy continued, "This quarter's gross profit margin is an accomplishment in light of our lower motion control sales mix, which typically enhances our margins. Increased product reliability is a major contributor to our improved medical device margins. In light of the current economic environment, we are encouraged by a second consecutive quarter of profit and cash generation. To ensure that we identify every possible opportunity for growth, we have hired a new Director of Marketing who joins us with substantial experience in strategic marketing and top line growth. We look forward to benefitting from this newly created position."

During the first quarter of fiscal year 2010, we continued to str
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SOURCE Pro-Dex, Inc.
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