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

Company-wide expense reductions of $538,000, compensation reductions of $187,000, lower separation costs in 2013, relative to 2012, of $172,000, and $155,000 attributable to the utilization of engineering resources in contractual revenue-producing activities in 2013. Partially offsetting these expense decreases were costs of $177,000 incurred during the nine months ended March 31, 2013 that were associated with the contested election of directors.

For the nine months ended March 31, 2013, loss from continuing operations was $1.2 million, compared to a loss from continuing operations of $529,000 for the corresponding period in 2012.  Net loss for the 2013 nine-month period was $1.1 million, or $0.34 per diluted share, as compared to a net loss of $332,000, or $0.10 per diluted share, for the corresponding period in 2012.

During the nine months ended March 31, 2013, the Company used $1.3 million of cash in operating activities.  This use of cash reflects primarily a build-up of inventory, amounting to $955,000, to fulfill firm customer purchase orders and build stock in order to shorten lead times, combined with the payments of (a) $167,000 to our former Chief Executive Officer in connection with his separation of employment from the Company and (b) $177,000 of costs in connection with the contested election of directors. In addition, as announced previously, in September 2012 the Company repaid the entire outstanding balance on its term loan from Union Bank amounting to $685,000.  As a result of the foregoing, cash on hand at March 31, 2013 was $2.0 million, compared to $4.1million at June 30, 2012.

CEO CommentsHarold A. ("Hal") Hurwitz, the Company's President and Chief Executive Officer, commented, "The results of the quarter and nine months ended March 31, 2013 require a look beneath the surface to understand our continued progress in key strategic areas.  The first of these areas is cost management.  The unusual cost
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SOURCE Pro-Dex, Inc.
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