Last10K.com

Pro Dex Inc (PDEX) SEC Filing 10-Q Quarterly report for the period ending Friday, March 31, 2017

Pro Dex Inc

CIK: 788920 Ticker: PDEX

 


Exhibit 99.1

[pdex_ex99z1001.jpg]




Contact:  Richard L. Van Kirk, Chief Executive Officer

(949) 769-3200


For Immediate Release


PRO-DEX, INC. ANNOUNCES FISCAL 2017 THIRD QUARTER

AND NINE-MONTH RESULTS


IRVINE, CA, May 11, 2017 - PRO-DEX, INC. (NasdaqCM: PDEX) today announced financial results for its fiscal 2017 third quarter ended March 31, 2017. The Company also filed its Quarterly Report on Form 10-Q for the third quarter of fiscal year 2017 with the Securities and Exchange Commission today.


Quarter Ended March 31, 2017


Net sales for the three months ended March 31, 2017 increased $1.4 million, or 28%, to $6.6 million from $5.2 million for the three months ended March 31, 2016, due primarily to the completion of an engineering project for a new product for one of our medical device customers allowing us to record approximately $750,000 in non-recurring engineering service revenue coupled with the shipment of the initial product order of both batteries and handpieces in the amount of approximately $600,000.


Gross profit for the three months ended March 31, 2017 increased $1.1 million, or 88%, to $2.5 million from $1.3 million for the same period in fiscal 2016.  The increase in gross profit is reflective of cost-cutting measures that were implemented during the second quarter of fiscal 2017.


Operating expenses (which include selling, general and administrative, and research and development expenses) for the quarter ended March 31, 2017 remained flat compared to the prior fiscal year’s corresponding quarter.  The prior year amounts included a $245,000 impairment charge related to the goodwill and long-lived intangibles of the Fineline Molds division.  The current quarter of fiscal 2017 did not have any similar impairment charges, but included bonus accruals, which were not accrued for in the prior fiscal year.


Income from continuing operations for the quarter ended March 31, 2017 increased by $209,000 to $703,000, compared to $494,000 in the corresponding quarter in fiscal 2016. Net income for the quarter ended March 31, 2017 was $888,000, or $0.22 per share, compared to $368,000, or $0.09 per share, for the corresponding quarter in fiscal 2016.


Nine Months Ended March 31, 2017


Net sales for the nine months ended March 31, 2017 increased $2.1 million, or 15%, to $16.3 million from $14.2 million for the nine months ended March 31, 2016, due primarily to increases in medical device product revenues, including the newly launched CMF driver discussed above, offset by reduced repair revenue and legacy dental product sales.





The following information was filed by Pro Dex Inc (PDEX) on Thursday, May 11, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Pro Dex Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Pro Dex Inc.

Continue

Assess how Pro Dex Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Pro Dex Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2017 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Operations And Comprehensive Income
At The Market Offering Agreement
Basis Of Presentation
Basis Of Presentation (narrative) (details)
Basis Of Presentation (policies)
Commitments And Contingencies
Commitments And Contingencies (narrative) (details)
Composition Of Certain Financial Statement Items
Composition Of Certain Financial Statement Items (details) (narrative)
Composition Of Certain Financial Statement Items (intangible Assets) (details)
Composition Of Certain Financial Statement Items (inventory) (details)
Composition Of Certain Financial Statement Items (marketable Equity Securities) (details)
Composition Of Certain Financial Statement Items (tables)
Description Of Business
Discontinued Operations
Discontinued Operations (carrying Values Of Assets Sold) (details)
Discontinued Operations (narrative) (details)
Discontinued Operations (operating Results Of Oms Division) (details)
Discontinued Operations (tables)
Fair Value Measurements
Income Taxes
Income Taxes (narrative) (details)
Income Taxes (reconciliation Of Beginning And Ending Unrecognized Tax Benefits) (details)
Income Taxes (tables)
Investment In Ramsey Property And Related Notes Receivable
Investment In Ramsey Property And Related Notes Receivable (narrative) (details)
Major Customers And Suppliers
Major Customers And Suppliers (payables) (details)
Major Customers And Suppliers (purchases) (details)
Major Customers And Suppliers (sales) (details)
Major Customers And Suppliers (tables)
Net Income (loss) Per Share
Net Income (loss) Per Share (details)
Net Income (loss) Per Share (tables)
Notes Payable And Financing Transactions
Notes Payable And Financing Transactions (narrative) (details)
Share Repurchase Program
Share Repurchase Program (narrative) (details)
Share-based Incentive Plans
Share-based Incentive Plans (information Regarding Options Outstanding And Exercisable) (details)
Share-based Incentive Plans (narrative) (details)
Share-based Incentive Plans (summary Of Stock Option Activity) (details)
Share-based Incentive Plans (tables)
Subsequent Events
Subsequent Events (narrative) (details)
Warranty
Warranty (details) (narrative)
Warranty (movement In Warranty) (details)
Warranty (tables)
Ticker: PDEX
CIK: 788920
Form Type: 10-Q Quarterly Report
Accession Number: 0001553350-17-000546
Submitted to the SEC: Thu May 11 2017 3:56:21 PM EST
Accepted by the SEC: Thu May 11 2017
Period: Friday, March 31, 2017
Industry: Surgical And Medical Instruments And Apparatus

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/pdex/0001553350-17-000546.htm