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Pro-Dex, Inc. Announces Fiscal Second Quarter and Six Month Results
Date:2/6/2012

IRVINE, Calif., Feb. 6, 2012 /PRNewswire/ -- PRO-DEX, INC. (NasdaqCM: PDEX) today announced financial results for its fiscal second quarter and six months ended December 31, 2011.

(Logo: http://photos.prnewswire.com/prnh/20111025/LA93174LOGO-c)

As a result of decreases in sales of the Company's medical device products to its largest customer, anticipated and previously disclosed by the Company, sales for the quarter ended December 31, 2011 decreased 20% to $4.9 million from $6.2 million for the corresponding quarter in 2010.  Similarly, for the six months ended December 31, 2011, sales decreased 9% to $10.9 million from $12.0 million for the corresponding period in 2010.  

Operating loss was $282,000 for the quarter, compared to operating income of $571,000 in the corresponding 2010 period.  For the six months ended December 31, 2011, operating income was $176,000, as compared to $977,000 for the corresponding six-month period in 2010.

Net loss for the 2011 quarter was $292,000, or $0.09 per fully-diluted share, as compared to net income of $401,000, or $0.12 per fully-diluted share, in the corresponding 2010 quarter.  For the six months ended December 31, 2011, net income was $154,000, or $0.05 per fully-diluted share, as compared to net income of $743,000, or $0.23 per fully diluted share for the corresponding period in 2010.  

Gross profit for the quarter ended December 31, 2011 was $1.4 million, a 29% gross profit margin, compared to gross profit of $2.4 million, a 39% gross profit margin, for the year-ago period.  For the six months ended December 31, 2011, gross profit was $3.7 million, a 34% gross profit margin, compared to gross profit and margin of $4.6 million and 38%, respectively, for the corresponding six-month period in 2010.  These decreases resulted primarily from the year-over-year decrease in sales, higher warranty expenses due to an increase in the estimated per-unit cost to repair units that may be returned within the warranty period, and, with respect to the three-month period ended December 31, 2011, reduced manufacturing efficiencies commensurate with the lower sales volume.Mark Murphy, the Company's President and Chief Executive Officer, commented, "During the first half of fiscal 2012, we experienced the decreases in sales to our largest customer we had anticipated, which significantly impacted our gross margins.  Midway through our fiscal second quarter, we initiated a headcount reduction, allowing us to enhance manufacturing efficiencies while continuing to meet demand for our products.  We will maintain close management of our cost structure as we continue to vigorously pursue new revenue opportunities."

Teleconference Information:Investors and analysts are invited to listen to a broadcast review of the Company's fiscal 2012 second quarter financial results today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) that may be accessed by visiting the Company's website at www.pro-dex.com.  The conference call may also be accessed at www.InvestorCalendar.com. Investors and analysts who would like to participate in the conference call may do so via telephone at (877) 407-8033, or at (201) 689-8033 if calling from outside the U.S. or Canada.

For those who cannot access the live broadcast, a replay will be available approximately two hours after the completion of the call until midnight (Eastern Time) on February 20, 2012 by calling (877) 660-6853, or (201) 612-7415 if calling from outside the U.S. or Canada, and then entering account number 286 and conference I.D. number 387491.  An online archive of the broadcast will be available on the Company's website www.pro-dex.com for a period of 365 days.

Pro-Dex, Inc., with operations in California, Oregon and Nevada, specializes in bringing speed to market in the development and manufacture of technology-based solutions that incorporate powered surgical device drive systems, embedded motion control and fractional horsepower DC motors, serving the medical, dental, semi-conductor, scientific research and aerospace markets.  Pro-Dex's products are found in hospitals, dental offices, medical engineering labs, commercial and military aircraft, scientific research facilities and high tech manufacturing operations around the world.  For more information, visit the Company's website at www.pro-dex.com.

Statements herein concerning the Company's plans, growth and strategies may include 'forward-looking statements' within the context of the federal securities laws. Statements regarding the Company's future events, developments and future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. The Company's actual results may differ materially from those suggested as a result of various factors. Interested parties should refer to the disclosure concerning the operational and business concerns of the Company set forth in the Company's filings with the Securities and Exchange Commission.(tables follow)PRO-DEX, INC. and SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(unaudited)December 31, 2011

June 30, 2011ASSETSCurrent assets:Cash and cash equivalents

$
4,267,000

$
4,689,000Accounts receivable, net of allowance for doubtful accountsof $13,000 at December 31, 2011 and $7,000 at June 30, 2011

2,248,000

3,128,000Other current receivables

52,000

12,000Inventories

4,733,000

3,703,000Prepaid expenses

234,000

145,000Deferred income taxes

162,000

163,000Total current assets

11,696,000

11,840,000Property, plant, equipment and leasehold improvements, net

3,559,000

3,661,000Other assets

53,000

60,000Total assets

$
5,308,000

$
5,561,000LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities:Accounts payable

$
,624,000

$
,207,000Accrued expenses

1,744,000

2,379,000Income taxes payable

30,000

78,000Current portion of bank term loan

357,000

357,000Total current liabilities

3,755,000

4,021,000Non-current liabilities:Bank term loan

595,000

774,000Deferred income taxes

162,000

163,000Deferred rent

285,000

279,000Total non-current liabilities

1,042,000

1,216,000Total liabilities

4,797,000

5,237,000Commitments and contingencies Shareholders' equity:Common shares; no par value; 50,000,000 shares authorized;3,272,350 shares issued and outstanding at December 31, 2011and at June 30, 2011

16,777,000

16,744,000Accumulated deficit

(6,266,000)

(6,420,000)Total shareholders’ equity

10,511,000

10,324,000Total liabilities and shareholders’ equity

$
5,308,000

$
5,561,000PRO-DEX, INC. and SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF INCOME(unaudited) For The Three Months Ended December 31, 2011

2010Net sales

$
4,907,000

$
,157,000Cost of sales

3,504,000

3,733,000Gross profit

1,403,000

2,424,000Operating expenses:Selling expenses

369,000

351,000General and administrative expenses

709,000

897,000Research and development costs

607,000

605,000Total operating expenses

1,685,000

1,853,000Income (loss) from operations

(282,000)

571,000Other income (expense):Interest expense, net

(9,000)

(22,000)Total other income (expense)

(9,000)

(22,000)Income (loss) before provision for income taxes

(291,000)

549,000Provision for income taxes

1,000

148,000Net income (loss)

$
(292,000)

$
401,000Net income (loss) per share:Basic

$
(0.09)

$
.12Diluted

$
(0.09)

$
.12Weighted average shares outstanding - basic

3,272,350

3,263,437Weighted average shares outstanding - diluted

3,272,350

3,272,152PRO-DEX, INC. and SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF INCOME(unaudited)For the Six Months Ended December 31,2011

2010Net sales

$
,937,000

$
,986,000Cost of sales

7,205,000

7,378,000Gross profit

3,732,000

4,608,000Operating expenses: Selling expenses

743,000

775,000General and administrative expenses

1,544,000

1,660,000Research and development costs

1,269,000

1,196,000Total operating expenses

3,556,000

3,631,000Income from operations

176,000

977,000Other income (expense): Interest expense, net

(20,000)

(80,000)Total other income (expense)

(20,000)

(80,000)Income before provision for income taxes

156,000

897,000Provision for income taxes

2,000

154,000Net income

$
54,000

$
743,000Net income per share:Basic

$
.05

$
.23Diluted

$
.05

$
.23Weighted average shares outstanding - basic

3,272,350

3,257,643Weighted average shares outstanding - diluted

3,292,508

3,263,654PRO-DEX, INC. and SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited)For The Six Months Ended December 31,2011

2010Cash flows from operating activities: Net income

$
54,000

$
743,000Adjustments to reconcile net income to net cash used in operating activities:Depreciation and amortization

339,000

342,000Allowance for doubtful accounts

6,000

(10,000)Share-based compensation

33,000

12,000Changes in:Accounts receivable

834,000

148,000Inventories

(1,030,000)

(678,000)Prepaid expenses

(88,000)

(30,000)Other assets

8,000

17,000Accounts payable and accrued expenses

(213,000)

(597,000)Income taxes payable

(49,000)

(5,000)Net cash used in operating activities

(6,000)

(58,000)Cash flows from investing activities: Purchases of equipment and leasehold improvements

(237,000)

(16,000)Net cash used in investing activities

(237,000)

(16,000)Cash flows from financing activities:Principal payments on term loan

(179,000)

(200,000)Principal payments on mortgage

-

(1,528,000)Proceeds from exercise of stock options

-

27,000Net cash used in financing activities

(179,000)

(1,701,000)Net decrease in cash and cash equivalents

(422,000)

(1,775,000)Cash and cash equivalents, beginning of period

4,689,000

3,794,000Cash and cash equivalents, end of period

$
4,267,000

$
2,019,000Supplemental InformationCash payments for interest

$
,000

$
21,000Cash payments for income taxes

$
53,000

$
59,000
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SOURCE Pro-Dex, Inc.
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