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Pro-Dex, Inc. Announces Fiscal 2013 Fourth Quarter And Full-Year Results
Date:9/25/2013

IRVINE, Calif., Sept. 25, 2013 /PRNewswire/ -- PRO-DEX, INC. (NasdaqCM: PDEX) today announced financial results for its fiscal 2013 fourth quarter and full-year ended June 30, 2013.

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Quarter Ended June 30, 2013Sales for the quarter ended June 30, 2013 decreased 26% to $2.7 million from $3.7 million for the corresponding quarter in 2012.  This decrease was due primarily to the previously disclosed reductions in purchases by the Company's former largest customer and to a deferral in the timing of product orders from the Company's current largest powered surgical instrument customer, both of which were partially offset by increases in surgical instrument sales to other customers. 

Gross profit for the quarter ended June 30, 2013 decreased to $565,000, compared to gross profit of $858,000 for the year-ago period, primarily as a result of the sales volume decrease between periods and the accrual in 2013 of anticipated losses from the development portion of certain contracts.  Gross profit as a percentage of sales was 21% for the quarter ended June 30, 2013, as compared to 23% for the corresponding quarter in 2012.  This decrease was due primarily to the effects of the accrual for estimated contract losses and to unfavorable variances consistent with the lower sales and manufacturing volume, partially offset by the effects of improved cost performance and lower warranty costs in 2013, relative to 2012.Operating expenses (which include selling, general and administrative, and research and development expenses) for the quarter ended June 30, 2013 decreased 24% to $1.3 million from $1.7 million in the prior year's corresponding quarter.  Included in operating expenses for the quarter ended June 30, 2013 were severance costs amounting to $173,000, as compared to $36,000 of such costs in t
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