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

planned, Company-wide expense reductions, and the deployment of engineering resources, normally charged to research and development expense, to support revenue-producing development contracts with customers, the costs of which will be recorded as costs of sales when the development projects are completed. Partially offsetting these expense decreases were costs of $190,000 incurred in fiscal 2013 that were associated with the contested election of directors at our January 2013 annual meeting of shareholders.

For the year ended June 30, 2013, loss from continuing operations was $1.9 million, compared to a loss from continuing operations of $960,000 in fiscal 2012.  Net loss for the year ended June 30, 2013 was $1.8 million, or $0.54 per diluted share, as compared to a net loss of $876,000, or $0.27 per diluted share, for fiscal 2012.  As described above, the fiscal 2012 results reflect a $276,000 tax benefit not available in fiscal 2013.

During the year ended June 30, 2013, the Company used $1.3 million of cash in operating activities.  This use of cash reflects primarily an increase in inventories, amounting to $1.0 million, resulting largely from a build-up of the Company's stock of components with the objective of shortening lead times with respect to certain of the Company's products.  In the fourth quarter of fiscal 2013, the Company's largest customer began deferring the timing of its product orders, thus prolonging the effect of this inventory build-up with respect to inventory unique to that customer's products. 

In addition, as announced previously, in September 2012 the Company repaid the entire outstanding balance on its term loan from Union Bank amounting to $685,000, and in June 2013 the Company made its first investments, amounting to $365,000, as part of its program to direct excess capital into opportunities identified by a capital allocation committee established by the Company's Board of Directors.


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