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Pro-Dex, Inc. Announces Fiscal 2011 Fourth Quarter and Full-Year Results

IRVINE, Calif., Sept. 14, 2011 /PRNewswire/ -- PRO-DEX, INC. (NasdaqCM: PDEX) today announced financial results for its fiscal fourth quarter and full-year ended June 30, 2011.

Sales for the quarter ended June 30, 2011 were $7.5 million, 31% higher than sales of $5.7 million for the corresponding quarter in 2010, due primarily to increases in sales of the Company's medical device products to its three largest customers.  For the year ended June 30, 2011, sales were $27.1 million, 17% higher than sales of $23.2 million for fiscal year 2010, resulting primarily from increases in sales of medical device products to the Company's largest customer and from growth in sales of its motion control products.  

Operating income was $1.1 million for the quarter, a 283% increase from operating income of $296,000 before impairment charges in the corresponding 2010 period.  For the year ended June 30, 2011, operating income increased 167% to $3.2 million from operating income of $1.2 million before impairment charges in fiscal year 2010.  

Net income for the 2011 fourth quarter was $1.0 million, or $0.31 per diluted share, which represents a 498% improvement from net income of $172,000, or $0.05 per diluted share, before impairment charges in the corresponding 2010 quarter.  For the year ended June 30, 2011, net income was $2.6 million, or $0.80 per diluted share, a 111% improvement from net income of $1.2 million, or $0.38 per diluted share, before impairment charges in fiscal year 2010.  

Gross profit for the quarter ended June 30, 2011 increased to $3.1 million, a 41% gross profit margin, compared to gross profit of $2.2 million, a 38% gross profit margin, for the same year-ago period.  For the fiscal year ended June 30, 2011, gross profit was $10.5 million, a 39% gross profit margin, compared to gross profit and margin of $8.4 million and 36%, respectively, for fiscal year ended June 30, 2010.  The increase in gross profit as a percentage of sales during both periods was due to a change in mix toward sales of medical device and motion control products at relatively higher margins, and to cost reductions. Mark Murphy, the Company's President and Chief Executive Officer, commented, "Fiscal 2011 was a notable year.  Sales and profitability were significantly higher than the prior year, indicating the strength of our operating engine at a record high sales level.  In addition, we generated $2.9 million of operating cash, allowing us to further strengthen the balance sheet with $900,000 of increased cash and $1.7 million of reduced debt. We ended the year with $4.7 million in cash.  Looking forward, we anticipate a reduction in shipments to our largest customer, and our focus remains on managing our cost structure while we diversify our customer base. I am pleased to report that we have broadened and deepened our relationships with major medical device companies, and have experienced increased proposal activity.  Our task now is to convert those opportunities into backlog.  In the meantime, we will protect our balance sheet as we work toward our goal of systemically recreating this year's notable results on a new customer base."

Teleconference Information:Investors and analysts are invited to listen to a broadcast review of the Company's fiscal 2011 fourth quarter and full-year financial results today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) that may be accessed by visiting the Company's website at  The conference call may also be accessed at Investors and analysts who would like to participate in the conference call may do so via telephone at (877) 407-8033, or at (201) 689-8033 if calling from outside the U.S.

For those who cannot access the live broadcast, a replay will be available approximately two hours after the completion of the call until midnight (Eastern Time) on September 28, 2011 by calling (877) 660-6853, or (201) 612-7415 if calling from outside the U.S., and then entering account number 286 and conference I.D. number 378851.  An online archive of the broadcast will be available on the Company's website for a period of 365 days.

Pro-Dex, Inc., with operations in California, Oregon and Nevada, specializes in bringing speed to market in the development and manufacture of technology-based solutions that incorporate powered surgical device drive systems, embedded motion control and fractional horsepower DC motors, serving the medical, dental, semi-conductor, scientific research and aerospace markets.  Pro-Dex's products are found in hospitals, dental offices, medical engineering labs, commercial and military aircraft, scientific research facilities and high tech manufacturing operations around the world.  For more information, visit the Company's website at

Statements herein concerning the Company's plans, growth and strategies may include 'forward-looking statements' within the context of the federal securities laws. Statements regarding the Company's future events, developments and future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. The Company's actual results may differ materially from those suggested as a result of various factors. Interested parties should refer to the disclosure concerning the operational and business concerns of the Company set forth in the Company's filings with the Securities and Exchange Commission.


June 30, 2010ASSETSCurrent assets:Cash and cash equivalents


3,794,000Accounts receivable, net of allowance for doubtful accountsof $7,000 in 2011 and $25,000 in 2010


2,682,000Other current receivables




3,228,000Prepaid expenses


174,000Deferred income taxes


209,000Total current assets


10,109,000Property, plant, equipment and leasehold improvements, net


4,092,000Other assets


78,000Total assets

$   15,561,000

$   14,279,000LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities:Accounts payable


,279,000Accrued expenses


1,947,000Income taxes payable


79,000Current Portion of bank term loan


400,000Current portion of real estate loan


35,000Total current liabilities


3,740,000Non-current liabilities:Bank term loan


967,000Real estate loan


1,493,000Deferred income taxes


209,000Deferred rent


255,000Total non-current liabilities


2,924,000Total liabilities


6,664,000Commitments and contingencies Shareholders' equity:Common shares; no par value; 50,000,000 shares authorized;3,272,350 shares issued and outstanding June 30, 20113,251,850 shares issued and outstanding June 30, 2010


16,675,000Accumulated deficit


(9,060,000)Total shareholders’ equity


7,615,000Total liabilities and shareholders’ equity

$   15,561,000

$   14,279,000PRO-DEX, INC. and SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONSFor The Years Ended June 30,20112010Net sales

$   27,109,000

$   23,211,000Cost of sales


14,847,000Gross profit


8,364,000Operating expenses: Selling expenses


1,382,000General and administrative expenses


3,288,000Impairment of goodwill


2,997,000Impairment of patent


140,000Impairment of property value


1,307,000Research and development costs


2,480,000Total operating expenses


11,594,000Income (loss) from operations


(3,230,000)Other income (expense): Royalty income


44,000Interest expense, net


(202,000)Total other income (expense)


(158,000)Income (loss) before provision for income taxes


(3,388,000)Provision (benefit) for income taxes


(420,000)Net income (loss)


(2,968,000)Net income (loss) per share:Basic




(0.92)Weighted average shares outstanding - basic


3,232,850Weighted average shares outstanding - diluted


June 30, 2010

For the Three
Months Ended
June 30, 2010Income (Loss) From Operations Income from operations before impairment charges


296,000Impairment charges to:Goodwill






1,307,000(Loss) from operations


$  (4,008,000)Net Income (Loss)Income from operations before impairment charges


296,000Other (expense), net


(49,000)Income before provision (benefit) for income taxes


247,000Provision (benefit) for income taxes


75,000Net income before impairment charges


72,000Impairment charges to:Goodwill






1,307,000Total impairment charges


4,304,000Effect of impairment charges on provision for income taxes


(227,000)Net (loss)


$   (3,905,000)Net Income (Loss) Per Diluted Share InformationNet income per diluted share before impairment charges


.05Net loss per diluted share


(1.20)Weighted average diluted shares outstandingUsed for net income per diluted share before impairment charges


3,272,805Dilutive equivalent shares excluded from net loss per diluted share calculation


21,567Used for net loss per diluted share


3,251,238PRO-DEX, INC. and SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWSFor The Years Ended June 30,20112010Cash flows from operating activities: Net income (loss)

$   2,640,000

$   (2,968,000)Adjustments to reconcile net income (loss) to net cash provided by operating activities:Depreciation and amortization


726,000Impairment expense


4,444,000(Decrease) in allowance for doubtful accounts


(27,000)Stock based compensation


101,000Deferred taxes


(91,000)Changes in:Accounts receivable




137,000Prepaid expenses


(57,000)Other assets


9,000Accounts payable and accrued expenses


1,086,000Income taxes payable


26,000Net cash provided by operating activities


3,240,000Cash flows from investing activities: Purchase of equipment and leasehold improvements


(137,000)Net cash used in investing activities


(137,000)Cash flows from financing activities:Principal payments on bank loan


(400,000)Principal payments on real estate loan


(33,000)Proceeds from exercise of stock options


-Net cash used in financing activities


(433,000)Net increase in cash and cash equivalents


2,670,000Cash and cash equivalents, beginning of year


1,124,000Cash and cash equivalents, end of year

$   4,689,000

3,794,000Supplemental InformationCash paid for interest


204,000Cash paid for income taxes



SOURCE Pro-Dex, Inc.
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