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

s we incurred in connection with the contested election of directors and the separation of employment from the Company of our former Chief Executive Officer aggregated 40% of our net loss for the three months, and 31% of our net loss for the nine months, ended March 31, 2013. 

"Without consideration of these unusual costs," Mr. Hurwitz continued, "we reduced operating expenses by $218,000, or 14%, in the three months ended March 31, 2013 from the corresponding quarter in 2012, and by $875,000, or 18%, in the nine months ended March 31, 2013 from the 2012 nine-month period. Looking forward, we continue to identify cost reduction opportunities.  The combination of my position as Chief Financial Officer with my new position as Chief Executive Officer reduces annualized compensation costs to the Company of approximately $260,000; the voluntary reduction of cash and equity-based compensation by members of our Board, after giving effect to an amended non-employee Board member compensation policy approved by our Board earlier this month, is expected to result in an estimated annualized expense reduction of approximately $140,000 when compared to what the Company's Board compensation expense would have been under the Board composition and compensation policies of one year ago; and the recently announced promotion of Rick Van Kirk to Chief Operating Officer provides Pro-Dex with an operationally experienced senior leader ideally positioned to direct our continued cost reduction program.

"Our gross margins improved to 29% in the quarter ended March 31, 2013, compared to 27% in last year's corresponding quarter.  For the nine-month period ended March 31, 2013, gross margin was relatively unchanged at 33%, compared to 34% in the year-earlier period.  I believe these results are noteworthy in light of the significantly reduced revenue from our former largest customer, and attest to our efforts in right-sizing our manufacturing cost structure as
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SOURCE Pro-Dex, Inc.
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