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Pro-Dex, Inc. Announces Fiscal Third Quarter And Nine-Month Results
Date:5/13/2013

,000 of costs associated with the contested election of directors that culminated during the quarter.  Included in operating expenses for the 2012 quarter were separation costs related to a previous Chief Executive Officer's resignation amounting to $339,000.

Loss from continuing operations for the quarter ended March 31, 2013 was $765,000, compared to a loss from continuing operations of $547,000 in the corresponding quarter in 2012.  Net loss for the quarter ended March 31, 2013 was $747,000, or $0.22 per diluted share, compared to a net loss of $487,000, or $0.15 per diluted share, for the corresponding quarter in 2012.

During the quarter ended March 31, 2013, the Company used $490,000 of cash in operating activities.  This use of cash reflects primarily the aforementioned separation payments and the proxy contest costs.

Nine Months Ended March 31, 2013Sales for the nine months ended March 31, 2013 decreased 30% to $9.5 million from $13.6 million in the corresponding nine-month period in 2012.  Excluding sales to the Company's former largest customer, which represented a reduction of $5.5 million in the nine months ended March 31, 2013 from the corresponding period in 2012, sales of surgical instruments increased $1.3 million, or 30%, in the nine months ended March 31, 2013 when compared to the 2012 period, 62% of which arose from increased sales to the Company's current largest customer.

For the nine months ended March 31, 2013, gross profit was $3.2 million, or 33%, compared to $4.6 million and 34%, respectively, for the corresponding period in 2012. This decrease in gross profit as a percentage of sales resulted primarily from unfavorable changes in product mix, partially offset by a reduction in warranty costs.

Operating expenses for the nine months ended March 31, 2013 decreased 17% to $4.4 million, from $5.2 million in the corresponding nine-month period of 2012. Comprising this decrease were planned,
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SOURCE Pro-Dex, Inc.
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