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

ast a shadow over our results since fiscal 2010.  We are happy to close this chapter, and look forward to focusing our comments on the revenue rebuilding effort, which we believe is the true measure of our revenue performance."

"As pleased as we are with a 17% year-over-year reduction in operating expenses, this comparison does not fully reflect our progress in right-sizing our expense footprint.  During fiscal 2013 we reduced the composition of our senior management team from six to four members, and our headcount from 74 to 67.  As a result, our annualized base compensation was reduced from $4.6 million at June 30, 2012 to $3.7 million at June 30, 2013, a 20% decrease.  In addition, we have renegotiated the rental rate for the remainder of the lease term for our facility in Irvine, California that will result in a reduction of annualized expense of approximately $51,000, and annualized compensation for non-employee members of our Board of Directors has been reduced by approximately $140,000 compared to recent years based on a new compensation plan approved by our Board in May 2013.  We enjoyed but a portion of the benefits of these, among many other, cost savings measures in fiscal 2013, and we are looking forward to realizing the full-year effect of our efforts in the current fiscal year 2014."

"During fiscal 2013, we invested $1.0 million in inventory growth, principally to accommodate delivery commitments to our largest customer based on its anticipated delivery requirements.  In the fiscal 2013 fourth quarter, we learned from this customer of its need to schedule deliveries for later dates than originally anticipated.  As a result, conversion to cash of the inventory related to this customer will likely be weighted toward the second half of the current fiscal year 2014 and possibly the first half of fiscal year 2015."

"Even with this unanticipated prolonged investment in inventory, we continue to maintain
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SOURCE Pro-Dex, Inc.
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