Pro-Dex, Inc. Reports Significant Improvement In Fiscal 1998 First Quarter Operating Results.
BOULDER Boulder, city, United States
Boulder, city (1990 pop. 83,312), seat of Boulder co., N central Colo.; inc. 1871. A Rocky Mountain resort and a suburb of Denver, it is the seat of the Univ. of Colorado (1876). , Colo.--(BUSINESS WIRE)--Oct. 21, 1997--Kent Searl, Chairman and Chief Executive Officer of Pro-Dex, Inc. (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : 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 Discontinued operations
Divisions of a business that have been sold or written off and that no longer are maintained by the business. (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 Backlog
The total value of sales orders waiting to be fulfilled.
This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. at Oregon Oregon, city, United States
Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. Micro Systems increased substantially during the first quarter and this trend is continuing. Micro Motors has increased its revenue from its OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and business and is now shipping its branded handpiece handpiece /hand·piece/ (hand´pes) that part of a dental engine held in the operator's hand and engaging the bur or working point while it is being revolved. 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 Santa Ana, city, El Salvador
Santa Ana (sän'tä ä`nä), city (1993 pop. 129,873), W El Salvador. It is the second largest city in the country and the commercial and processing center for a sugarcane, coffee, and cattle region. , Calif., is the manufacturer of miniature pneumatic pneumatic /pneu·mat·ic/ (noo-mat´ik)
1. pertaining to air.
1. Of or relating to air or other gases.
2. (air) motors and handpieces used in dental, medical and industrial applications; Oregon Micro Systems, Inc., located in Beaverton Beaverton, city (1990 pop. 53,310), Washington co., NW Oreg., a suburb of Portland, in a farm area; inc. 1893. Beaverton is the heart of the Silicon Forest high-technology manufacturing complex. Headquarters for electronics companies and NIKE, Inc., are there. , Ore., manufactures motion control circuit boards; Biotrol International, Inc., located in Louisville Louisville (l`ēvĭl), city (1990 pop. 269,063), seat of Jefferson co., NW Ky., at the Falls of the Ohio; inc. 1780. , 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 fluoride, a salt of hydrofluoric acid; see hydrogen fluoride. See also fluoridation; fluorine. 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 June: see month. 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