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

he corresponding 2012 quarter.

Loss from continuing operations for the quarter ended June 30, 2013 was $680,000, compared to a loss from continuing operations of $430,000 in the corresponding quarter in 2012.  Net loss for the quarter ended June 30, 2013 was $673,000, or $0.20 per diluted share, compared to a net loss of $544,000, or $0.17 per diluted share, for the corresponding quarter in 2012.  Of note is that the fiscal 2012 fourth quarter results reflect a $276,000 benefit from the carry back of tax-basis net operating losses that offset taxable income from prior years.  Because the 2012 carry back fully offset such prior years' taxable income, a comparable benefit was not available in 2013.

Year Ended June 30, 2013Sales for the year ended June 30, 2013 decreased 29% to $12.2 million from $17.3 million in fiscal year 2012.  Excluding product sales and repair services to the Company's former largest customer, which represented a reduction of $6.0 million in fiscal 2013 from fiscal 2012, sales and repair services of surgical instruments increased $1.4 million, or 16%, in fiscal 2013 when compared to fiscal 2012.

For the year ended June 30, 2013, gross profit was $3.7 million, compared to $5.4 million in fiscal 2012. This decrease resulted primarily from the reduced sales and manufacturing volume in fiscal 2013, and from the accrual in fiscal 2013 of anticipated losses from the development portion of certain contracts, partially offset by a decrease in warranty costs from fiscal 2012 to fiscal 2013.  As a percentage of sales, gross margin was 30% for the year ended June 30, 2013, as compared to 31% in fiscal 2012. This decrease was due primarily to the accrual in fiscal 2013 of the anticipated contract losses, partially offset by favorable changes in warranty costs.

Operating expenses for the year ended June 30, 2013 decreased 17% to $5.6 million, from $6.8 million in fiscal 2012. Comprising this decrease were
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