Entering text into the input field will update the search result below

Pro-Dex, Inc. (PDEX) Releases Financial Results for Fiscal Third Quarter and Nine Months

May 11, 2011 2:36 PM ETPDEX
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Seeking Alpha Analyst Since 2008

QualityStocks (www.qualitystocks.net) assists publicly traded companies by getting their story out to the investment community while helping investors discover emerging companies with plenty of growth potential. Our name, QualityStocks, emphasizes our commitment to connect subscribers with companies that have huge potential to succeed in the short and long-term future. QualityStocks provides investor relations services to publicly traded companies in exchange for compensation. The content we provide via Seeking Alpha may be part of our efforts to widen a client’s exposure. To read our full disclaimer, visit http://disclaimer.qualitystocks.net.

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

Please see disclaimer on QualityStocks website: disclaimer.qualitystocks.net

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Recommended For You

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.