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

As a result of the foregoing, cash on hand at June 30, 2013 was $1.7 million, compared to $4.1 million at June 30, 2012.

Share Repurchase ProgramThe Company also announced today that its Board of Directors has approved a share repurchase program authorizing the Company to repurchase up to 750,000 shares of its common stock.  The share repurchase program has no stated expiration date.

CEO CommentsHarold A. ("Hal") Hurwitz, the Company's President and Chief Executive Officer, commented, "Pro-Dex's plan for fiscal year 2013 had a clear and challenging agenda -- to rebuild our revenue base and right-size our cost footprint.  A look beneath the surface of our reported results allows for an understanding of our progress in both areas." 

"In fiscal 2013, we commenced engineering work on projects in which we are developing a next-generation platform for powered surgical instruments, which, if our work is successful, are expected to begin generating manufacturing revenues from our customers in fiscal 2014 or 2015.  In addition, we started development efforts on a contract manufacturing project related to a device to be used in a potentially disruptive new surgical system being developed by one of our customers, also with the expectation of generating manufacturing revenues commencing in fiscal 2014 or 2015.  These projects arose from business development efforts through which we initiated contact with these customers two years ago.  And we currently are in either discussions or the proposal phase for additional next-generation or contract manufacturing projects as a result of our continuing business development efforts. Our hard work to rebuild our revenue base is starting to show results."

"One note with respect to our reported revenues: The close of fiscal 2013 marks the end of the year-over-year comparisons that have been affected by the loss of our former largest customer.  This disclosure has c
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SOURCE Pro-Dex, Inc.
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