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

ss on all four of our key strategic programs.  Our sales effort has identified a number of possible new client relationships which we continue to develop and we see exciting possibilities ahead.  Our newly quoted lead times are coming down and we believe we will meet or exceed our customers' expectations as to delivery dates.  Our cost control efforts are bearing fruit as our downsized workforce has stepped up to the tasks at hand and increased productivity.  Our programs for innovation and quality improvement have identified key strategic objectives and are pursuing their implementation.  At the end of the first quarter we will provide a more detailed report on our progress and an update as to our outlook for fiscal 2013."

Mr. Berthelot continued, "As we have previously pointed out, because we reported a loss for the fiscal year ended June 30, 2012, we were in violation of one of our financial covenants under our bank credit facility.  Following discussions with our bank, and recognizing that we have not used the line of credit provided in the facility and that the highest return on some of the cash we hold would be realized by retiring in full our term loan, we have advised our lender that we wish to terminate our line of credit immediately and will retire our term loan in full not later than September 30, 2012.  This action will save us approximately $15,000 in interest in fiscal 2013 and $8,000 in 2014 while eliminating administrative time associated with the unused line of credit.  The cash balances we currently enjoy are, we believe, more than adequate to provide the necessary cash resources we may need to pursue our programs for fiscal 2013.  We may seek to establish a new, smaller line of credit in the future."  

Teleconference Information:Investors and analysts are invited to listen to a broadcast review of the Company's fiscal 2012 fourth quarter and full-year financial results today at 4:30 p
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SOURCE Pro-Dex, Inc.
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