Pro-Dex, Inc. Reports Significant Improvement In Fiscal 1998 First Quarter Operating Results.
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, http://www.ProDex.com . -0-
PRO-DEX INC. AND SUBSIDIARIES Consolidated Statements of Income (Unaudited) 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
|Printer friendly Cite/link Email Feedback|
|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.|