Printer Friendly

Pro-Dex, Inc. Reports Significant Improvement In Fiscal 1998 First Quarter Operating Results.

BOULDER, Colo.--(BUSINESS WIRE)--Oct. 21, 1997--Kent Searl, Chairman and Chief Executive Officer of Pro-Dex, Inc. (NASDAQ: PDEX) today announced a significant improvement in operating results for the first quarter ended Sept. 30, 1997.

Revenues for the first quarter increased to $5,818,000 as compared to fiscal 1997 first quarter revenues of $4,432,000, net of sales from discontinued operations (dental centers and Pnu-Light). During the first quarter of fiscal 1998 the Company had net income of $352,000 or $.04 per share, compared to a loss of $340,000 or $(.04) per share in the like period a year ago.

In reviewing operations, Searl stated that the Company's significantly improved first quarter results were a result of strong growth in the semiconductor market and an expanding customer base; the backlog at Oregon Micro Systems increased substantially during the first quarter and this trend is continuing. Micro Motors has increased its revenue from its OEM business and is now shipping its branded handpiece line through Biotrol. In addition, new products scheduled for introduction during fiscal 1998 at Biotrol and Challenge, as well as a 50% expansion of the Biotrol salesforce should contribute to both revenue and earnings growth for the balance of this year and beyond.

Pro-Dex, Inc., is a Colorado-based holding company with the following wholly-owned subsidiaries: Micro Motors, Inc., located in Santa Ana, Calif., is the manufacturer of miniature pneumatic (air) motors and handpieces used in dental, medical and industrial applications; Oregon Micro Systems, Inc., located in Beaverton, Ore., manufactures motion control circuit boards; Biotrol International, Inc., located in Louisville, Colo., is a manufacturer and marketer of a full line of infection control and preventative products specifically designed for the dental care provider; Challenge Products, Inc., manufactures preventative care products including a complete line of fluoride gels and polishing pastes that are marketed through Biotrol and other private label distributors.

Except for the historical information contained herein, the matters discussed in this release are forward looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. These include the timely development and acceptance of new products, the impact of competitive products and pricing, and other risks detailed frequently in Pro-Dex's SEC reports, including the report on Form 10-KSB for the year ended June 30, 1996.

Note: For further information about Pro-Dex, Inc. you are

invited to visit our web site, . -0-

 Consolidated Statements of Income

 Quarter ended Sept. 30,
 1997 1996

Net sales (net of sales from
 discontinued operations of $0
 and $604,406) $ 5,817,919 $ 4,432,125
Cost of sales 2,254,531 1,816,958
Gross profits 3,563,388 2,615,167
Operating expenses:
 Selling 981,463 1,028,882
 General and Administrative 1,181,003 1,183,328
 Research and development 352,095 194,235
 Amortization 225,246 235,228
 Total operating expenses 2,739,807 2,641,673

Income (loss) from operations 823,581 (26,506)

Other income (expense):
 Interest expense (257,555) (258,822)
 Other income, net 2,077 14,176
 Total (255,478) (244,646)

Income (loss) before income taxes
 (benefit) and loss from
 discontinued operation 568,103 (271,152)
Income taxes (benefit) 215,812 (68,000)

Income (loss) before loss from dis-
 continued operation 352,291 (203,152)
(Loss) from discontinued operation
 (net of tax benefit) (136,894)
Net income (loss) 352,291 (340,046)

Earnings per common and common
 equivalent share:
 Income (loss) from continuing
 operations 4 cents (2 cents)
(Loss) from discontinued operations (2 cents)
 Net income (loss) per share 4 cents (4 cents)

Weighted average number of common
and common equivalent shares
 outstanding 8,842,000 9,050,000

CONTACT: Pro-Dex Inc.

Kent Searl, 303/443-6136


Kehoe, White, Savage & Co. Inc.

James K. White, 562/437-0655
COPYRIGHT 1997 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1997, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion




Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Oct 21, 1997
Previous Article:General Signal Reports Third Quarter Earnings Per Share of $0.76.
Next Article:Neopath Awarded CPT Code For The Autopap 300 QC System.

Related Articles
Pro-Dex Inc. reports significant improvement in fiscal 1996 second-quarter and first-half operating results.
Pro-Dex Inc. reports significant improvement in fiscal 1996 third quarter and nine month operating results.
Pro-Dex Inc. reports significant improvement in fiscal 1996 second-quarter and first-half operating results.
Pro-Dex Inc. reports fiscal 1997 third- quarter and nine-month operating results including significant non-recurring and unusual charges.
Pro-Dex Inc. Reports Fiscal 1997 Year End and Fourth Quarter Operating Results; Company Reports Profitable Fourth Quarter Operating Results.
Pro-Dex Inc. Reports Significant Improvement in Fiscal 1998 Second-Quarter and First-Half Operating Results.
Pro-Dex, Inc., Reports Fiscal 1998 Third Quarter and Nine-Month Operating Results.
Pro-Dex Inc. Reports Fiscal 1998 Year-End and Fourth-Quarter Operating Results.
Pro-Dex Inc. Reports Fiscal 1999 First-Quarter Operating Results.
Pro-Dex Inc. Reports Fiscal 1999 Second- Quarter and First-Half Operating Results.

Terms of use | Copyright © 2015 Farlex, Inc. | Feedback | For webmasters