Last10K.com

Pro Dex Inc (PDEX) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

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 2019

FOURTH QUARTER AND FULL-YEAR RESULTS


IRVINE, CA, August 29, 2019 - PRO-DEX, INC. (NasdaqCM: PDEX) today announced financial results for its fiscal 2019 fourth quarter and full-year ended June 30, 2019.


Quarter Ended June 30, 2019


Net sales for the three months ended June 30, 2019 increased $756,000, or 12%, to $7.0 million from $6.2 million for the three months ended June 30, 2018, due primarily to increased medical device sales and repair revenue generated from our largest customer of a product used in orthopedic surgical applications. Gross profit for the three months ended June 30, 2019 increased $153,000, or 6%, to $2.5 million from $2.4 million for the same period in 2018. The increase in gross margin is due to better absorption of our fixed costs due to higher sales volumes, as well as manufacturing efficiencies derived this fiscal year from higher volumes and continued investment in new machinery.


Operating expenses (which include selling, general and administrative, and research and development expenses) for the quarter ended June 30, 2019 decreased 27% to $1.4 million from $1.9 million in the prior year’s corresponding quarter, due primarily to the prior year impairment of our entire $800,000 investment in Monogram Orthopaedics Inc. (“Monogram”) offset by increased expenditures of $61,000 in selling expenses and $97,000 in research and development costs to support our continued efforts to further grow our business, as well as an increase of $148,000 in general and administrative expenses due to increased bonus accruals.


Net income for the quarter ended June 30, 2019 increased by $720,000, to $888,000, or $0.21 per diluted share, compared to $168,000, or $0.04 per diluted share, in the corresponding quarter in 2018.


Year Ended June 30, 2019


Net sales for the fiscal year ended June 30, 2019 increased $4.7 million, or 21%, to $27.2 million from $22.5 million for the fiscal year ended June 30, 2018, due primarily to increases in medical device revenues. Specifically, our largest customer accounted for an increase of $4.6 million in revenue during fiscal 2019.


Gross profit for the fiscal year ended June 30, 2019 increased $1.8 million, or 23%, to $9.8 million compared to $7.9 million for fiscal 2018, due to increased revenues and manufacturing efficiencies.


Operating expenses (which include selling, general and administrative, and research and development expenses) for the fiscal year ended June 30, 2019 decreased 14% to $4.8 million from $5.6 million in the prior fiscal year, due in part to the prior year impairment charges related to our Monogram investment as well as our Fineline Molds division, which we sold in May 2018.


Net income for the fiscal year ended June 30, 2019 was $4.2 million, or $0.97 per diluted share, compared to $1.6 million, or $0.37 per diluted share, for fiscal 2018.

 

Although the Company has released its earnings prior to the filing of its annual Form 10-K with the Securities and Exchange Commission, we are able to do this because we are a non-accelerated filer and as a result have more time to do so at fiscal year-end. During our quarterly reporting periods we anticipate that our earnings releases will continue to be released at the same time as our Form 10-Q’s are filed with the Securities and Exchange Commission. We anticipate filing our Form 10-K with the Securities and Exchange Commission on September 12, 2019.




The following information was filed by Pro Dex Inc (PDEX) on Thursday, August 29, 2019 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 2019 10-K Annual Report includes:

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

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Revenue
Other
Filter Subcategory:
All
Earnings
Expense
Product
Cash Flow
Other
Inside Pro Dex Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Balance Sheets (Parenthetical)
Condensed Balance Sheets (Unaudited)
Condensed Statements Of Cash Flows (Unaudited)
Condensed Statements Of Operations And Comprehensive Income (Unaudited)
Condensed Statements Of Shareholders' Equity (Unaudited)
Basis Of Presentation
Basis Of Presentation (Details)
Basis Of Presentation (Policies)
Commitments And Contingencies
Common Stock
Common Stock (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
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Reconciliation Of Beginning And Ending Unrecognized Tax Benefits) (Details)
Income Taxes (Tables)
Leases
Leases (Narrative) (Details)
Leases (Schedule Of Future Minimum Base Rental Payment) (Details)
Leases (Tables)
Major Customers &Amp; Suppliers
Major Customers &Amp; Suppliers (Narrative) (Details)
Major Customers &Amp; Suppliers (Sales) (Details)
Major Customers &Amp; Suppliers (Tables)
Net Income Per Share
Net Income Per Share (Details)
Net Income Per Share (Tables)
Notes Payable And Financing Transactions
Notes Payable And Financing Transactions (Details)
Share-Based Compensation
Share-Based Compensation (Narrative) (Details)
Warranty
Warranty (Movement In Warranty) (Details)
Warranty (Narrative) (Details)
Warranty (Tables)
Ticker: PDEX
CIK: 788920
Form Type: 10-Q Quarterly Report
Accession Number: 0001553350-19-001138
Submitted to the SEC: Thu Nov 07 2019 11:01:34 AM EST
Accepted by the SEC: Thu Nov 07 2019
Period: Monday, September 30, 2019
Industry: Surgical And Medical Instruments And Apparatus

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/pdex/0001553350-19-001138.htm