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Pro-Dex, Inc. Announces Fiscal Second Quarter and Six Month Results
Date:2/10/2011

IRVINE, Calif., Feb. 10, 2011 /PRNewswire/ -- PRO-DEX, INC. (Nasdaq: PDEX) today announced financial results for its fiscal second quarter and six months ended December 31, 2010.

Sales for the quarter ended December 31, 2010 increased 8% to $6.2 million from $5.7 million for the corresponding quarter in 2009, resulting primarily from growth in sales of the Company's medical device products to its largest customer, and from growth in sales of dental products.  For the six months ended December 31, 2010, sales increased 6% to $12.0 million from $11.3 million for the corresponding period in 2009, resulting from growth in sales of the Company's medical device and motion control products.  

Operating income was $571,000 for the quarter, a 333% improvement from $132,000 in the corresponding 2009 period.  For the six months ended December 31, 2010, operating income improved 165% to $977,000 from $369,000 for the corresponding six-month period in 2009.

Net income for the 2010 quarter was $401,000, or $0.12 per fully-diluted share, which represents a 31% decrease from net income of $580,000, or $0.18 per fully-diluted share, in the corresponding 2009 quarter which included recognition of deferred tax credits of $499,000.  For the six months ended December 31, 2010, net income was $743,000, a decrease of 3% from net income of $763,000 for the corresponding period in 2009 which included recognition of deferred tax credits of $494,000.  The 2009 deferred tax credits were attributable to income tax benefits recognized in 2009 resulting from utilization of net operating loss carryovers.  

Gross profit for the quarter ended December 31, 2010 grew to $2.4 million, a 39% gross profit margin, compared to gross profit of $2.0 million, a 35% gross profit margin, for the year-ago period.  The increase in gross profit as a percentage of sal
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