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Pro-Dex, Inc. Announces Fiscal 2012 Fourth Quarter And Full-Year Results
Date:9/4/2012

from the year-over-year decrease in sales and a commensurate change in sales mix to products with lower gross margins, and from reductions in manufacturing efficiencies due to the lower sales volume.

Operating expenses, which include selling, general and administrative, and research and development expenses, for the fourth fiscal quarter of 2012 decreased 12% to $1.6 million from $1.8 million in the prior year's fourth quarter.  The decrease was primarily attributable to lower performance-based bonuses having been accrued in 2012, relative to 2011.
For the year ended June 30, 2012, operating expenses were relatively unchanged from fiscal 2011, increasing by $118,000, or 2%.  Underlying the absence of a year-over-year change was a decrease in employee compensation, including the aforementioned lower bonuses, and other operating expense cuts, offset by costs of $485,000 incurred of severance costs associated with the replacement of our CEO and Vice President of Sales, and the two previously announced reductions in force.

The pre-tax loss from continuing operations was $707,000 for the quarter, compared to pre-tax income from continuing operations of $1.1 million in the corresponding 2011 period.  For the year ended June 30, 2012, the pre-tax loss from continuing operations was $1.4 million, compared to pre-tax income of $3.3 million in fiscal year 2011.

The Company also announced that, on August 30, 2012, it notified the bank with which it has maintained a credit facility, of the Company's intent to terminate that facility and repay in full, on or before September 30, 2012, the $685,000 currently outstanding balance of its term loan with the bank.

Michael J. Berthelot, the Company's President and Chief Executive Officer, commented, "The results we reported today for fiscal 2012 are consistent with those we previewed a few weeks ago.  As we near the end of the first quarter of fiscal 2013 we continue to make progre
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