Pro-Dex, Inc. Announces Fiscal Year 2010 and Fourth Quarter Results

PRO-DEX, INC.

today announced financial results for the fiscal fourth quarter and full-year ending June 30, 2010. The net loss for the full fiscal year 2010 was $2,968,000 or $0.92 per share compared to net loss for the full fiscal year 2009 of $2,845,000 or $0.88 per share. The net loss for the fourth quarter of fiscal year 2010 was $3,905,000 or $1.20 per share compared to net income of $202,000 or $0.06 per share for the three months ended June 30, 2009. Sales for the full fiscal year ended June 30, 2010 increased 10% to $23.2 million compared to $21.1 million in fiscal year 2009, driven by medical products sales to our largest two customers that were up by 30% compared to the previous year. Sales for the fourth quarter ended June 30, 2010 increased 2% to $5.7 million compared to $5.6 million reported for the fourth quarter of fiscal 2009. Operating income before recognition of impairments to goodwill and property value reductions was $1.2 million for the full year of fiscal 2010 compared to a loss of $495 thousand for fiscal year ended June 30, 2009. Operating Income before the recognition of impairments to goodwill and real property increased 24% to $296 thousand for the fourth quarter compared to $239 thousand in the same period of the prior year. Impairments and real property value reductions amounted to $4.3 million in the fourth quarter of fiscal 2010, $4.4 million for the full 2010 fiscal year, $0 in the fourth quarter of fiscal 2009 and $997 thousand for the full fiscal year of 2009.