IRVINE, Calif., Nov. 9, 2011 /PRNewswire/ -- PRO-DEX, INC. (NasdaqCM: PDEX) today announced financial results for its fiscal first quarter ended September 30, 2011.
Sales for the quarter ended September 30, 2011 were $6.0 million, 3% higher than sales of $5.8 million for the corresponding quarter in 2010, due primarily to increases in sales of the Company's medical device products and fractional horsepower motors.
Operating income was $457,000 for the quarter, a 13% increase from operating income of $405,000 in the corresponding 2010 period.
Net income for the quarter was $446,000, or $0.14 per diluted share, which represents a 30% improvement from net income of $342,000, or $0.10 per diluted share in the corresponding 2010 quarter.Gross profit for the quarter ended September 30, 2011 increased to $2.3 million, a 38% gross profit margin, compared to gross profit of $2.2 million, a 37% gross profit margin, for the same year-ago period. Mark Murphy, the Company's President and Chief Executive Officer, commented, "We were pleased with our operating results this quarter. Medical device sales remained strong as increased year-over-year sales to our second-largest customer more than offset decreased year-over-year sales to our largest customer. In addition, we were happy to see an increase in sales of our fractional horsepower motors. While these results are pleasing, our focus remains on the diversification of our revenue base. In the process, we continue to control expenses and strengthen our balance sheet, as we generated $349,000 of operating cash during the quarter."
Teleconference Information:Investors and analysts are invited to listen to a broadcast review of the Company's fiscal 2012 first quarter financial results today at 9:30 a.m. Eas
|SOURCE Pro-Dex, Inc.|
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