ProDex Inc. (PDEX, Financial) filed Quarterly Report for the period ended 2008-12-31.
Pro-Dex Inc. with operations in Santa Ana California Beaverton Oregon and Carson City Nevada specializes in bringing speed to market in the development and manufacture of technology-based solutions that incorporate embedded motion control miniature rotary drive systems 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 scientific research facilities commercial and military aircraft and high tech manufacturing operations globally. ProDex Inc. has a market cap of $3.88 million; its shares were traded at around $0.4001 with and P/S ratio of 0.15.
Selling, General and Administrative Costs (S, G&A). Consolidated S, G & A expenses decreased to $1,162,000 for the quarter ended December 31, 2008 from $1,218,000 for the quarter ended December 31, 2007. The decrease in selling expense is mainly due to lower labor costs ($54,000) offset by higher travel costs ($20,000). The decrease in G & A costs was due to lower labor costs ($69,000), offset by Sarbanes Oxley consulting expense ($33,000). As a percentage of sales, S, G&A expenses increased to 22% of sales from 20% of sales for the quarter ended December 31, 2008 and 2007 respectively. S, G&A costs were as follows:
Net Income. Our net income for the three months ended December 31, 2008 was $81,000 or $0.01 per share on a basic and diluted basis, as compared to net income of $305,000 or $0.03 per share on a basic and diluted basis for the three months ended December 31, 2007.
Selling, General and Administrative Costs (S, G&A). Consolidated S, G & A expenses for the six months ended December 31, 2008 increased $78,000 to $2,354,000 from $2,276,000 for the six months ended December 31, 2007. Expense increases in the first six months of 2008 compared to the first six months of 2007 include consulting related to Sarbanes-Oxley compliance activities ($94,000), and increased costs associated with the Irvine facility ($66,000). These increases were offset by a reduction in associate labor costs ($82,000). As a percentage of sales, S, G&A expenses increased to 22% of sales from 19% of sales. S, G & A costs were as follows:
Our working capital at December 31, 2008 decreased to $6.3 million compared to $6.5 million at December 31, 2007 and was $1.7 million higher than the $4.6 million at June 30, 2008. Cash flow used in operations was $56,000 in the six months ended December 31, 2008 compared to cash flow provided by operations of $1,266,000 for the six months ended December 31, 2007. Fiscal year 2009 cash was consumed largely through a pay down in accounts payable ($1,832,000) offset by a decrease in inventory ($1,063,000) and reduction in accounts receivable ($362,000).
In September 2002, our Board of Directors authorized the repurchase on the open market of up to 500,000 shares of our outstanding Common Stock at a share price no greater than $1.25, subject to compliance with applicable laws and regulations. There is no requirement that we repurchase all or any portion of such shares. The maximum total value of the repurchase is not to exceed $500,000. From the inception of the repurchase authorization through the fiscal year-end date of June 30, 2003, we repurchased 75,700 shares of Common Stock for $43,741, at an average price of $0.58 per share. No additional shares were repurchased in fiscal years 2004 through 2008. We started repurchasing shares again in the first quarter of fiscal year 2009. During the first quarter of the 2009 fiscal year, we repurchased 64,929 shares of common stock for $58,924, at an average price of $0.91 per share. In the second quarter of the 2009 fiscal year we repurchased 69,160 shares of common stock for $40,100 at an average price of $0.58 per share. Since the initiation of the buyback program in 2002 through December 31, 2008, we have repurchased 209,789 shares for $142,765
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Pro-Dex Inc. with operations in Santa Ana California Beaverton Oregon and Carson City Nevada specializes in bringing speed to market in the development and manufacture of technology-based solutions that incorporate embedded motion control miniature rotary drive systems 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 scientific research facilities commercial and military aircraft and high tech manufacturing operations globally. ProDex Inc. has a market cap of $3.88 million; its shares were traded at around $0.4001 with and P/S ratio of 0.15.
Highlight of Business Operations:
At the present time, we are generally able to fill orders within sixty (60) days. At December 31, 2008, we had a backlog, including orders for delivery beyond 60 days, of $12.1 million compared with a backlog of $11.7 million at December 31, 2007 and $10.4 million at June 30, 2008. We expect to ship most of our backlog in fiscal year 2009 and the remainder in fiscal year 2010. The increased backlog compared to December 2007 and June 2008 is due the booking of a $1.3 million order for a new product expected to be released in calendar year 2009. We do not typically experience seasonal fluctuations in our new order bookings, but may experience variability in our new order bookings due to the timing of major new product launches. Similarly, we do not typically experience seasonal fluctuations in our shipments and revenues.Selling, General and Administrative Costs (S, G&A). Consolidated S, G & A expenses decreased to $1,162,000 for the quarter ended December 31, 2008 from $1,218,000 for the quarter ended December 31, 2007. The decrease in selling expense is mainly due to lower labor costs ($54,000) offset by higher travel costs ($20,000). The decrease in G & A costs was due to lower labor costs ($69,000), offset by Sarbanes Oxley consulting expense ($33,000). As a percentage of sales, S, G&A expenses increased to 22% of sales from 20% of sales for the quarter ended December 31, 2008 and 2007 respectively. S, G&A costs were as follows:
Net Income. Our net income for the three months ended December 31, 2008 was $81,000 or $0.01 per share on a basic and diluted basis, as compared to net income of $305,000 or $0.03 per share on a basic and diluted basis for the three months ended December 31, 2007.
Selling, General and Administrative Costs (S, G&A). Consolidated S, G & A expenses for the six months ended December 31, 2008 increased $78,000 to $2,354,000 from $2,276,000 for the six months ended December 31, 2007. Expense increases in the first six months of 2008 compared to the first six months of 2007 include consulting related to Sarbanes-Oxley compliance activities ($94,000), and increased costs associated with the Irvine facility ($66,000). These increases were offset by a reduction in associate labor costs ($82,000). As a percentage of sales, S, G&A expenses increased to 22% of sales from 19% of sales. S, G & A costs were as follows:
Our working capital at December 31, 2008 decreased to $6.3 million compared to $6.5 million at December 31, 2007 and was $1.7 million higher than the $4.6 million at June 30, 2008. Cash flow used in operations was $56,000 in the six months ended December 31, 2008 compared to cash flow provided by operations of $1,266,000 for the six months ended December 31, 2007. Fiscal year 2009 cash was consumed largely through a pay down in accounts payable ($1,832,000) offset by a decrease in inventory ($1,063,000) and reduction in accounts receivable ($362,000).
In September 2002, our Board of Directors authorized the repurchase on the open market of up to 500,000 shares of our outstanding Common Stock at a share price no greater than $1.25, subject to compliance with applicable laws and regulations. There is no requirement that we repurchase all or any portion of such shares. The maximum total value of the repurchase is not to exceed $500,000. From the inception of the repurchase authorization through the fiscal year-end date of June 30, 2003, we repurchased 75,700 shares of Common Stock for $43,741, at an average price of $0.58 per share. No additional shares were repurchased in fiscal years 2004 through 2008. We started repurchasing shares again in the first quarter of fiscal year 2009. During the first quarter of the 2009 fiscal year, we repurchased 64,929 shares of common stock for $58,924, at an average price of $0.91 per share. In the second quarter of the 2009 fiscal year we repurchased 69,160 shares of common stock for $40,100 at an average price of $0.58 per share. Since the initiation of the buyback program in 2002 through December 31, 2008, we have repurchased 209,789 shares for $142,765
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