Pro-Dex, Inc. (PDEX) Releases Financial Results for Fiscal Third Quarter and Nine Months
Seeking Alpha Analyst Since 2008
Pro-Dex, Inc., a company that engages in the development and manufacturing of technology based solutions that include miniature rotary drive systems, motion control, and fractional horsepower DC motors, has released its financial results for the fiscal third quarter and nine months, which ended March 31, 2011.
Sales for the third quarter, which ended March 31, 2011, were $7.6 million, a 24% increase from the $6.2 million generated in the same quarter in 2010. For the nine months that ended March 31, 2011, reported sales were $19.6 million, a 12% increase from sales of $17.5 million in the same quarter last year.
Operating income for the company stands at $1.1 million for the quarter, a 177% improvement from the $409,000 reported for the same period in 2010. For the nine-month period that ended March 31, 2011, operating income showed improvement by 171% to $2.1 million from $778,000 for the same period last year.
Net income for the 2011-quarter was reported as $868,000, or $0.26 per-fully diluted share, a 399% increase from the net income of $174,000, or $0.05 per fully-diluted share, for the same period of 2010. For the nine-month period, net income was $1.6 million, a 72% increase from net income of $937,000 for the same period in 2010.
Gross profit for the quarter that ended on March 31, 2011 rose to $2.9 million, a 38% gross profit margin, in comparison to the gross profit of $2.3 million, a 37% gross profit margin, for the same period last year. For the nine-month period of 2011, gross profit arrived at $7.5 million, a 38% gross profit margin, in comparison to its gross profit of $6.2 million, a 35% gross profit margin, for the nine-month period of 2010. The increases in gross profit as a percentage of sales for both periods are largely due to the change in mix towards the sales of medical device and motion control products at higher margins and reductions in cost.
Mark Murphy, the Company’s President and Chief Executive Officer, commented, “We are very pleased with the results through the first nine months of fiscal 2011. Sales and profitability for the third quarter continue to be strong, however looking forward, we remain committed to taking the necessary steps to diversify our customer base as these results may not represent the future buying pattern of our largest customer.”
The company also announced the appointment of Mr. Paul Rudzinski as the Vice President of Sales for the Company. Mr. Rudzinski brings 29 years of sales and leadership expertise, most of which has been with medical devices.
Mr. Murphy commented, “We are delighted to have Paul join us and believe that the combination of his experience, leadership, and industry relationships will connect the substantial capabilities of Pro-Dex with the right customers.”
Commenting on the Company’s fiscal third quarter and nine-month period, Mr. Murphy concluded, “During this nine-month period of increased sales which was accompanied by higher levels of accounts receivable and inventory, Pro-Dex nonetheless generated $1.8 million of cash from operations.”
For more information on the company, visit their company website: www.pro-dex.com
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