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Pro-Dex, Inc. Announces Fiscal Third Quarter and Nine Month Results
Date:5/4/2012

for the corresponding nine-month period in 2011. These decreases resulted primarily from the year-over-year decrease in sales and a commensurate change in sales mix to products with lower gross margins. Also contributing to the 2012 gross margin decreases in the three-month period were reductions in manufacturing efficiencies due to the lower sales volume. In addition, higher warranty expenses contributed to the decreased gross margin in the 2012 nine-month period due to higher estimated per-unit repair costs for units that remain under warranty.

As previously announced by the Company, Mark P. Murphy, formerly the Company's Chief Executive Officer and a director, resigned all of his positions with the Company and its subsidiary on April 20, 2012. Under the terms of the Separation Agreement entered into with Mr. Murphy, the Company agreed to pay him severance and to continue health insurance coverage for a period of one year, the aggregate cost of which was $339,000 and which was included in general and administrative expenses during the quarter ended March 31, 2012.  The Company also entered into a six month consulting agreement with Mr. Murphy at a cost of $5,000 per month.

Operating expenses, which include selling, general and administrative, and research and development expenses, for the third fiscal quarter of 2012 increased 20% to $1,875,000 from $1,568,000 in the prior year's quarter.  The increase was primarily attributable to the payment of the severance costs associated with the previously noted change in chief executive officers and $58,000 of trade show and advertising expenses which were partially offset by reductions in employee related costs of $125,000.
For the nine months ended March 31, 2012, operating expenses increased from the prior year's nine month period by $330,000, or 7%.  This increase was generally due to the previously noted severance costs in the third quarter of 2012, increases in advertising, trade show
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SOURCE Pro-Dex, Inc.
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