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Pro Dex Inc (PDEX) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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PDEX Quarterly Reports

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 2020 SECOND QUARTER

AND SIX-MONTH RESULTS


IRVINE, CA, February 6, 2020 - PRO-DEX, INC. (NasdaqCM: PDEX) today announced financial results for its fiscal 2020 second quarter ended December 31, 2019. The Company also filed its Quarterly Report on Form 10-Q for the second quarter of fiscal year 2020 with the Securities and Exchange Commission today.


Quarter Ended December 31, 2019


Net sales for the three months ended December 31, 2019, increased $1.6 million, or 24%, to $8.0 million from $6.4 million for the three months ended December 31, 2018, due primarily to increased repair revenue generated from our largest customer.


Gross profit for the three months ended December 31, 2019, increased $615,000, or 27%, to $2.9 million from $2.2 million for the same period in fiscal 2019, due to the increase in sales described above and our ability to better absorb and maintain the level of our fixed manufacturing costs.


Operating expenses (which include selling, general and administrative, and research and development expenses) for the quarter ended December 31, 2019, increased $140,000, or 13%, to $1.2 million compared to the prior fiscal year’s corresponding quarter, reflecting our planned investments in research and development, selling, and general and administrative expenses in an effort to release new products and garner new customer relationships.


Net income for the quarter ended December 31, 2019, was $1.2 million, or $0.31 per diluted share, compared to $1.2 million, or $0.28 per diluted share, for the corresponding quarter in fiscal 2019.


Six Months Ended December 31, 2019


Net sales for the six months ended December 31, 2019, increased $1.9 million, or 14%, to $15.2 million from $13.3 million for the six months ended December 31, 2018, due primarily to increases in repair revenue generated from our largest customer.


Gross profit for the six months ended December 31, 2019, increased $669,000, or 13%, compared to the same period in fiscal 2019 due to the increase in sales described above.


Operating expenses (which include selling, general and administrative, and research and development expenses) for the six months ended December 31, 2019, increased 21% to $2.5 million from $2.1 million in the prior fiscal year’s corresponding period, reflecting our planned investments in research and development, selling, and general and administrative expenses in an effort to release new products and garner new customer relationships.


Net income for the six months ended December 31, 2019 was $2.4 million, or $0.58 per diluted share, compared to $2.5 million, or $0.59 per diluted share, for the corresponding period in fiscal 2019.  





The following information was filed by Pro Dex Inc (PDEX) on Thursday, February 6, 2020 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.

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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)
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Condensed Statements Of Cash Flows (Unaudited)
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Description Of Business
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Income Taxes (Narrative) (Details)
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Leases
Leases (Narrative) (Details)
Leases (Schedule Of Future Minimum Base Rental Payment) (Details)
Leases (Tables)
Major Customers And Suppliers
Major Customers And Suppliers (Narrative) (Details)
Major Customers And Suppliers (Sales) (Details)
Major Customers And Suppliers (Tables)
Net Income Per Share
Net Income Per Share (Details)
Net Income Per Share (Tables)
Notes Payable And Financing Transactions
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Ticker: PDEX
CIK: 788920
Form Type: 10-Q Quarterly Report
Accession Number: 0001553350-20-000403
Submitted to the SEC: Thu May 07 2020 4:01:42 PM EST
Accepted by the SEC: Thu May 07 2020
Period: Tuesday, March 31, 2020
Industry: Surgical And Medical Instruments And Apparatus

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