Pro-Dex announces financial results for first quarter

Medical technology company Pro-Dex has announced its financial results for its fiscal first quarter ended 30 September 2010.

Sales for the quarter increased three per cent to $5.8m (£3.6m) compared to $5.6m for the corresponding quarter in fiscal year 2009.

Operating income was $405,000 for the quarter, a 71 per cent improvement from $237,000 in the same period a year ago.

Net income for the 2010 quarter was $342,000 ($0.10 per fully diluted share), representing an 87 per cent increase from net income of $183,000 ($0.06 per fully diluted share) in 2009.

Gross profit grew to $2.2m, a 37 per cent gross profit margin, compared to gross profit of $1.9m and 33 per cent gross profit margin for the corresponding quarter of last year.

Pro-Dex generated an additional $381,000 of cash from operations and ended the quarter with a cash balance of $2.5m.