0001193125-11-303435.txt : 20111109 0001193125-11-303435.hdr.sgml : 20111109 20111109090354 ACCESSION NUMBER: 0001193125-11-303435 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20111109 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20111109 DATE AS OF CHANGE: 20111109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRO DEX INC CENTRAL INDEX KEY: 0000788920 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 841261240 STATE OF INCORPORATION: CO FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14942 FILM NUMBER: 111189754 BUSINESS ADDRESS: STREET 1: 2361 MCGAW AVENUE CITY: IRVINE STATE: CA ZIP: 92614 BUSINESS PHONE: 949-769-3200 MAIL ADDRESS: STREET 1: 2361 MCGAW AVENUE CITY: IRVINE STATE: CA ZIP: 92614 8-K 1 d253537d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the

Securities Exchange Act of 1934

Date of Report

(Date of earliest event reported)

November 9, 2011

 

 

PRO-DEX, INC.

(Exact name of registrant as specified in its charter)

 

 

 

COLORADO   0-14942   84-1261240

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification Number)

2361 McGaw Avenue

Irvine, Ca. 92614

(Address of principal executive offices, zip code)

(949) 769-3200

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 2.02. Results of Operations and Financial Condition.

The information in this Item 2.02 of this Form 8-K, as well as Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On November 9, 2011, Pro-Dex, Inc. (the “Company”) issued a press release announcing its financial performance for the first quarter of fiscal year 2012. On that same date, the Company held a conference call concerning its financial performance for the first quarter of fiscal year 2012. A copy of the press release is attached to this Form 8-K as Exhibit 99.1, which is incorporated herein by this reference.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit 99.1    Press Release dated November 9, 2011.

 

2


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: November 9, 2011   PRO-DEX, INC (REGISTRANT).
  By:  

/s/ Harold A. Hurwitz

    Harold A. Hurwitz
    Chief Financial Officer

 

3


INDEX TO EXHIBITS

Exhibit
Number

  

Description

Exhibit 99.1    Press Release dated November 9, 2011.

 

 

4

EX-99.1 2 d253537dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

LOGO

 

Contact:   Mark Murphy, Chief Executive Officer
  (949) 769-3200

For Immediate Release

PRO-DEX, INC. ANNOUNCES FISCAL 2012 FIRST QUARTER RESULTS

IRVINE, CA, November 9, 2011-PRO-DEX, INC. (NasdaqCM: PDEX) today announced financial results for its fiscal first quarter ended September 30, 2011.

Sales for the quarter ended September 30, 2011 were $6.0 million, 3% higher than sales of $5.8 million for the corresponding quarter in 2010, due primarily to increases in sales of the Company’s medical device products and fractional horsepower motors.

Operating income was $457,000 for the quarter, a 13% increase from operating income of $405,000 in the corresponding 2010 period.

Net income for the quarter was $446,000, or $0.14 per diluted share, which represents a 30% improvement from net income of $342,000, or $0.10 per diluted share in the corresponding 2010 quarter.

Gross profit for the quarter ended September 30, 2011 increased to $2.3 million, a 38% gross profit margin, compared to gross profit of $2.2 million, a 37% gross profit margin, for the same year-ago period.

Mark Murphy, the Company’s President and Chief Executive Officer, commented, “We were pleased with our operating results this quarter. Medical device sales remained strong as increased year-over-year sales to our second-largest customer more than offset decreased year-over-year sales to our largest customer. In addition, we were happy to see an increase in sales of our fractional horsepower motors. While these results are pleasing, our focus remains on the diversification of our revenue base. In the process, we continue to control expenses and strengthen our balance sheet, as we generated $349,000 of operating cash during the quarter.”

Teleconference Information:

Investors and analysts are invited to listen to a broadcast review of the Company’s fiscal 2012 first quarter financial results today at 9:30 a.m. Eastern Time (6:30 a.m. Pacific Time) that may be accessed by visiting the Company’s website at www.pro-dex.com. The conference call may also be accessed at www.InvestorCalendar.com. Investors and analysts who would like to participate in the conference call may do so via telephone at (877) 407-8033, or at (201) 689-8033 if calling from outside the U.S.

For those who cannot access the live broadcast, a replay will be available approximately two hours after the completion of the call until midnight (Eastern Time) on November 22, 2011 by calling (877) 660-6853, or (201) 612-7415 if calling from outside the U.S., and then entering account number 286 and conference I.D. number 382391. An online archive of the broadcast will be available on the Company’s website www.pro-dex.com for a period of 365 days.


Pro-Dex, Inc., with operations in California, Oregon and Nevada, specializes in bringing speed to market in the development and manufacture of technology-based solutions that incorporate powered surgical device drive systems, embedded motion control and fractional horsepower DC motors, serving the medical, dental, semi-conductor, scientific research and aerospace markets. Pro-Dex’s products are found in hospitals, dental offices, medical engineering labs, commercial and military aircraft, scientific research facilities and high tech manufacturing operations around the world. For more information, visit the Company’s website at www.pro-dex.com.

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.

(tables follow)


PRO-DEX, INC. and SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

 

     September 30, 2011     June 30, 2011  

ASSETS

    

Current assets:

    

Cash and cash equivalents

   $ 4,907,000      $ 4,689,000   

Accounts receivable, net of allowance for doubtful accounts of $8,000 at September 30, 2011 and $7,000 at June 30, 2011

     2,330,000        3,128,000   

Other receivables

     24,000        12,000   

Inventories

     4,041,000        3,703,000   

Prepaid expenses

     264,000        145,000   

Deferred income taxes

     162,000        163,000   
  

 

 

   

 

 

 

Total current assets

     11,728,000        11,840,000   

Property, plant, equipment and leasehold improvements, net

     3,534,000        3,661,000   

Other assets

     53,000        60,000   
  

 

 

   

 

 

 

Total assets

   $ 15,315,000      $ 15,561,000   
  

 

 

   

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

    

Current liabilities:

    

Accounts payable

   $ 1,163,000      $ 1,207,000   

Accrued expenses

     1,804,000        2,379,000   

Income taxes payable

     80,000        78,000   

Current portion of bank term loan

     357,000        357,000   
  

 

 

   

 

 

 

Total current liabilities

     3,404,000        4,021,000   
  

 

 

   

 

 

 

Non-current liabilities:

    

Bank term loan

     685,000        774,000   

Deferred income taxes

     162,000        163,000   

Deferred rent

     282,000        279,000   
  

 

 

   

 

 

 

Total non-current liabilities

     1,129,000        1,216,000   
  

 

 

   

 

 

 

Total liabilities

     4,533,000        5,237,000   
  

 

 

   

 

 

 

Commitments and contingencies

    

Shareholders’ equity:

    

Common shares; no par value; 50,000,000 shares authorized; 3,272,350 shares issued and outstanding at September 30, 2011 and at June 30, 2011

     16,756,000        16,744,000   

Accumulated deficit

     (5,974,000     (6,420,000
  

 

 

   

 

 

 

Total shareholders’ equity

     10,782,000        10,324,000   
  

 

 

   

 

 

 

Total liabilities and shareholders’ equity

   $ 15,315,000      $ 15,561,000   
  

 

 

   

 

 

 


PRO-DEX, INC. and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

 

     For The Three Months Ended
September 30,
 
     2011     2010  

Net sales

   $ 6,030,000      $ 5,829,000   

Cost of sales

     3,701,000        3,645,000   
  

 

 

   

 

 

 

Gross profit

     2,329,000        2,184,000   
  

 

 

   

 

 

 

Operating expenses:

    

Selling expenses

     374,000        424,000   

General and administrative expenses

     836,000        764,000   

Research and development costs

     662,000        591,000   
  

 

 

   

 

 

 

Total operating expenses

     1,872,000        1,779,000   
  

 

 

   

 

 

 

Income from operations

     457,000        405,000   
  

 

 

   

 

 

 

Other income (expense):

    

Interest expense, net

     (10,000     (57,000
  

 

 

   

 

 

 

Total other income (expense)

     (10,000     (57,000
  

 

 

   

 

 

 

Income before provision for income taxes

     447,000        348,000   

Provision for income taxes

     1,000        6,000   
  

 

 

   

 

 

 

Net income

   $ 446,000      $ 342,000   
  

 

 

   

 

 

 

Net income per share:

    

Basic

   $ 0.14      $ 0.11   

Diluted

   $ 0.14      $ 0.10   

Weighted average shares outstanding—basic

     3,272,350        3,251,850   

Weighted average shares outstanding—diluted

     3,280,045        3,263,366   


PRO-DEX, INC. and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

 

     For The Three Months Ended
September 30,
 
     2011     2010  

Cash flows from operating activities:

    

Net income

   $ 446,000      $ 342,000   

Adjustments to reconcile net income to net cash provided by operating activities:

    

Depreciation and amortization

     169,000        172,000   

Allowance for doubtful accounts

     1,000        (12,000

Stock based compensation

     12,000        4,000   

Deferred taxes

     —          (18,000

Changes in:

    

Accounts receivable

     785,000        (18,000

Inventories

     (338,000     (621,000

Prepaid expenses

     (119,000     (36,000

Other assets

     8,000        17,000   

Accounts payable and accrued expenses

     (616,000     582,000   

Income taxes payable

     1,000        (31,000
  

 

 

   

 

 

 

Net cash provided by operating activities

     349,000        381,000   
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Purchases of equipment and leasehold improvements

     (42,000     (6,000
  

 

 

   

 

 

 

Net cash used in investing activities

     (42,000     (6,000
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Principal payments on term loan

     (89,000     (100,000

Principal payments on mortgage

     —          (1,528,000
  

 

 

   

 

 

 

Net cash used by financing activities

     (89,000     (1,628,000
  

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

     218,000        (1,253,000

Cash and cash equivalents, beginning of period

     4,689,000        3,794,000   
  

 

 

   

 

 

 

Cash and cash equivalents, end of period

   $ 4,907,000      $ 2,541,000   
  

 

 

   

 

 

 
Supplemental Information     

Cash payments for interest

   $ 11,000      $ 68,000   

Cash payments for income taxes

     —        $ 55,000   
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