Pro-Dex, Inc. Announces Fiscal 2016 Third Quarter and Nine-Month Results
(firmenpresse) - IRVINE, CA -- (Marketwired) -- 05/12/16 -- PRO-DEX, INC. (NASDAQ: PDEX) today announced financial results for its fiscal 2016 third quarter ended March 31, 2016. The Company also filed its Quarterly Report on Form 10-Q for the third quarter of fiscal year 2016 with the Securities and Exchange Commission today.
Net sales for the three months ended March 31, 2016 increased $1.4 million, or 36%, to $5.3 million from $3.9 million for the three months ended March 31, 2015, due primarily to increases in medical device revenues as well as an additional medical device product launch during the second quarter of fiscal 2016. Gross profit for the three months ended March 31, 2016 increased $315,000, or 30%, to $1.4 million from $1.1 million for the same period in fiscal 2015, primarily as a result of the increase in sales volume, described above.
Operating expenses (which include selling, general and administrative, and research and development expenses) for the quarter ended March 31, 2016 decreased $125,000 or 9% to $1.3 million compared to the prior fiscal year''s corresponding quarter. During the quarter ended March 31, 2016 we recorded an impairment charge in the amount of $245,000 relating to Fineline Molds goodwill and intangible assets, as a result of our annual impairment test. This impairment charge, included in operating expenses, is offset by reduced legal and professional fees in the current fiscal year in the amount of $172,000 recorded in general and administrative expenses and a reduction in personnel and related costs primarily of our Engineering Services Division in the amount of $168,000.
Income from continuing operations for the quarter ended March 31, 2016 increased by $460,000 to $368,000, compared to a loss from continuing operations of $92,000 in the corresponding quarter in fiscal 2015. Net income for the quarter ended March 31, 2016 was $368,000, or $0.09 per share, compared to a net loss of $76,000, or $0.02 per share, for the corresponding quarter in fiscal 2015.
Net sales for the nine months ended March 31, 2016 increased $5.5 million, or 60%, to $14.9 million from $9.3 million for the nine months ended March 31, 2015, due primarily to increases in medical device revenues, which represents approximately 71% of our revenue for the nine months ended March 31, 2016.
Gross profit for the nine months ended March 31, 2016 increased $1.4 million, or 54% compared to the same period in fiscal 2015, primarily as a result of the increase in sales volume, described above.
Operating expenses (which include selling, general and administrative, and research and development expenses) for the nine months ended March 31, 2016 increased 2% to $3.6 million from $3.5 million in the prior fiscal year''s corresponding period, reflecting primarily the goodwill and long-lived asset impairment charge relating to our Fineline Molds division, a business we acquired in the third quarter of fiscal 2015.
Income from continuing operations for the nine months ended March 31, 2016 was $633,000, compared to a loss from continuing operations of $475,000 for the corresponding period in fiscal 2015. Net income for the nine months ended March 31, 2016 was $633,000, or $0.15 per share, compared to a net loss of $438,000, or $0.10 per share, for the corresponding period in fiscal 2015.
Richard L. ("Rick") Van Kirk, the Company''s President and Chief Executive Officer, commented, "We are pleased with our continued positive sales growth and have continued our earnings momentum with two consecutive quarters of profitability and I want to thank the Pro-Dex team as our results are reflective of their efforts. In addition, our gain on the Ramsey property is indicative of Pro-Dex''s willingness to be open minded and flexible while looking for opportunities to increase shareholder value," continued Mr. Van Kirk.
"Although we recorded an impairment charge related to our Fineline Molds business, we gained valuable insight related to business acquisitions and integration and have made management changes that we believe will positively impact the division going forward. In the near term, however, we will be focusing our efforts on organic sales growth. Finally," concluded Mr. Van Kirk, "during the third quarter, the USPTO issued a long awaited patent, which we use in several of our medical device products, and protects one of our key technologies, which we believe has the potential to be used in many diverse applications. We also have a number of significant proposals outstanding with customers for new projects and in fact believe that we are close to finalizing terms on a new engineering project for our medical device core business. This business development activity has us encouraged about further growth for our core business as we take this turn around to the next level."
Pro-Dex, Inc., with operations in California and Oregon, specializes in the design, development and manufacture of powered rotary drive surgical and dental instruments used primarily in the orthopedic, spine, maxocranial facial and dental markets. Its OMS division designs and manufactures embedded motion control systems serving the medical, factory automation, semi-conductor and scientific research markets. Its Fineline Molds division manufactures plastic injection molding for a variety of industries. Pro-Dex''s products are found in hospitals, dental offices, medical engineering labs, scientific research facilities and high tech manufacturing operations around the world.
Pro-Dex also provides quality and regulatory consulting services, as well as engineering consulting and placement services through its Engineering Services Division. For more information, visit the Company''s website at .
Statements herein concerning the Company''s plans, growth and strategies may include ''forward-looking statements'' within the context of the federal securities laws. Statements regarding the Company''s future events, developments and future performance, as well as management''s expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. The Company''s actual results may differ materially from those suggested as a result of various factors. Interested parties should refer to the disclosure concerning the operational and business concerns of the Company set forth in the Company''s filings with the Securities and Exchange Commission.
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Contact:
Richard L. Van Kirk
Chief Executive Officer
(949) 769-3200
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Datum: 12.05.2016 - 14:05 Uhr
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