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

es during this three-month period was due to a change in mix toward sales of medical device products with relatively higher margins, and to cost reductions.  For the six months ended December 31, 2010, gross profit was $4.6 million, a 38% gross profit margin, compared to gross profit and margin of $3.9 million and 34%, respectively, for the corresponding six-month period in 2009.  The increase in gross profit as a percentage of sales during this six-month period was due to a change in mix toward sales of medical device and motion control products at relatively higher margins, and to cost reductions.Mark Murphy, the Company's President and Chief Executive Officer, commented, "We are very pleased with the results for the first half of fiscal 2011.  Sales for both quarters in this period increased sequentially and year-over-year.  This performance, combined with improved gross margins and control over operating expenses resulted in income from operations at significantly higher levels than in the corresponding periods of last year."

Bank Credit FacilityOn February 4, 2011, the Company entered into a credit facility agreement with Union Bank that replaced its previously existing Wells Fargo Bank credit facility. The Union Bank facility consists of (a) a revolving credit line of up to $1.5 million based on eligible accounts receivable and inventories, (b) a non-revolving credit line of up to $350,000 for the acquisition of equipment, which will convert to a 3-year term loan in one year, unless sooner converted based on amounts borrowed under the line, and (c) a 3 1/2-year term loan that replaced the previously existing term loan with Wells Fargo Bank.

Mr. Murphy remarked, "Our new relationship with Union Bank gives us expanded credit capacity and is an important step in pursuit of our strategic objectives."

Teleconference Information:Investors and analysts are invited to listen to a broadcast review of the Company's fiscal 2
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SOURCE Pro-Dex, Inc.
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