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Pro-Dex, Inc. Announces Fiscal Second Quarter And Six-Month Results
Date:1/10/2013

12, gross profit was $2.3 million, or 35%, compared to $3.4 million and 37%, respectively, for the corresponding period in 2011. The decrease in gross profit as a percentage of sales from 2011 to 2012 resulted primarily from reduced manufacturing efficiencies and unfavorable changes in product mix, partially offset by a reduction in warranty costs.

Operating expenses for the six months ended December 31, 2012 decreased 19% to $2.7 million, from $3.3 million in the corresponding six-month period of 2011. This decrease was attributable to the effects of reduced employee compensation, other operating expense cuts, and the utilization of engineering resources in contractual revenue-producing activities.

For the six months ended December 31, 2012, loss from continuing operations was $418,000, compared to income from continuing operations of $17,000 for the corresponding period in 2011.  Net loss for the 2012 six-month period was $365,000, or $0.11 per diluted share, as compared to net income of $154,000, or $0.05 per diluted share, for the corresponding period in 2011.  EBITDA for the six months ended December 31, 2012 was a loss of $55,000, compared to income of $473,000 in the corresponding period one year ago.

During the six months ended December 31, 2012, the Company used $791,000 of cash in operating activities.  This use of cash reflects primarily the previously mentioned build-up of inventory in first fiscal quarter.  In addition, as announced previously, in September 2012 the Company repaid the entire outstanding balance on the term loan from Union Bank amounting to $685,000.  As a result of the foregoing, cash on hand at December 31, 2012 was $2.5 million, compared to $4.1 million at June 30, 2012.

Michael J. Berthelot, the Company's President and Chief Executive Officer, commented, "We believe that the results of the quarter and six months ended December 31, 2012 reflect continued progress on our strategy t
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SOURCE Pro-Dex, Inc.
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