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Pro Dex Inc (PDEX) SEC Filing 10-K Annual report for the fiscal year ending Thursday, June 30, 2011

Pro Dex Inc

CIK: 788920 Ticker: PDEX

Exhibit 99.1

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Contact:   Mark Murphy, Chief Executive Officer
  (949) 769-3200

For Immediate Release

PRO-DEX, INC. ANNOUNCES FISCAL 2011 FOURTH QUARTER

AND FULL-YEAR RESULTS

Year-Over-Year Revenues Up 17% and Comparable Operating Income Up 167%

IRVINE, CA, September 14, 2011 - PRO-DEX, INC. (NasdaqCM: PDEX) today announced financial results for its fiscal fourth quarter and full-year ended June 30, 2011.

Sales for the quarter ended June 30, 2011 were $7.5 million, 31% higher than sales of $5.7 million for the corresponding quarter in 2010, due primarily to increases in sales of the Company’s medical device products to its three largest customers. For the year ended June 30, 2011, sales were $27.1 million, 17% higher than sales of $23.2 million for fiscal year 2010, resulting primarily from increases in sales of medical device products to the Company’s largest customer and from growth in sales of its motion control products.

Operating income was $1.1 million for the quarter, a 283% increase from operating income of $296,000 before impairment charges in the corresponding 2010 period. For the year ended June 30, 2011, operating income increased 167% to $3.2 million from operating income of $1.2 million before impairment charges in fiscal year 2010.

Net income for the 2011 fourth quarter was $1.0 million, or $0.31 per diluted share, which represents a 498% improvement from net income of $172,000, or $0.05 per diluted share, before impairment charges in the corresponding 2010 quarter. For the year ended June 30, 2011, net income was $2.6 million, or $0.80 per diluted share, a 111% improvement from net income of $1.2 million, or $0.38 per diluted share, before impairment charges in fiscal year 2010.

Gross profit for the quarter ended June 30, 2011 increased to $3.1 million, a 41% gross profit margin, compared to gross profit of $2.2 million, a 38% gross profit margin, for the same year-ago period. For the fiscal year ended June 30, 2011, gross profit was $10.5 million, a 39% gross profit margin, compared to gross profit and margin of $8.4 million and 36%, respectively, for fiscal year ended June 30, 2010. The increase in gross profit as a percentage of sales during both periods was due to a change in mix toward sales of medical device and motion control products at relatively higher margins, and to cost reductions.

Mark Murphy, the Company’s President and Chief Executive Officer, commented, “Fiscal 2011 was a notable year. Sales and profitability were significantly higher than the prior year, indicating the strength of our operating engine at a record high sales level. In addition, we generated $2.9 million of operating cash, allowing us to further strengthen the balance sheet with $900,000 of increased cash and $1.7 million of reduced debt. We ended the year with $4.7 million in cash. Looking forward, we anticipate a reduction in shipments to our largest customer, and our focus remains on managing our cost structure while we diversify our customer base. I am pleased to report that we have broadened and deepened our relationships with major medical device companies, and have experienced increased


The following information was filed by Pro Dex Inc (PDEX) on Wednesday, September 14, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Pro Dex Inc provided additional information to their SEC Filing as exhibits

Ticker: PDEX
CIK: 788920
Form Type: 10-K Annual Report
Accession Number: 0001193125-11-248026
Submitted to the SEC: Wed Sep 14 2011 4:06:21 PM EST
Accepted by the SEC: Wed Sep 14 2011
Period: Thursday, June 30, 2011
Industry: Surgical And Medical Instruments And Apparatus

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