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Pro-Dex, Inc. Announces Fiscal Third Quarter and Nine Month Results

Wednesday, May 11, 2011 General News J E 4
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Revenues Up 12% and Operating Income Up 171% For Comparative Nine-Month Periods

PRO-DEX, INC. and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

For The Nine Months Ended March 31,

2011

2010

Cash flows from operating activities:

Net income

$   1,612,000

$      937,000

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

Depreciation and amortization

507,000

546,000

Impairment of intangible asset

-

140,000

(Decrease) in allowance for doubtful accounts

(17,000)

(1,000)

Stock based compensation

28,000

96,000

Increase in deferred tax allowance

-

118,000

Changes in:

(Increase) in accounts receivable and other current receivables

(415,000)

(245,000)

(Increase) decrease in inventories

(188,000)

509,000

(Increase) in prepaid expenses

(56,000)

(115,000)

Decrease in other assets

17,000

-

Increase in accounts payable and accrued expenses

166,000

712,000

Increase (decrease) in income taxes payable

158,000

(36,000)

Net cash provided by operating activities

1,812,000

2,661,000

Cash flows from investing activities:

Purchases of equipment and leasehold improvements

(181,000)

(109,000)

Net cash (used in) investing activities

(181,000)

(109,000)

Cash flows from financing activities:

Principal payments on bank term loan

(296,000)

(300,000)

Net proceeds from bank term loan refinancing

150,000

-

Principal payments on real estate loan

(1,528,000)

(24,000)

Proceeds from exercise of stock options

27,000

-

Net cash (used in) financing activities

(1,647,000)

(324,000)

Net (decrease) increase in cash and cash equivalents

(16,000)

2,228,000

Cash and cash equivalents, beginning of period

3,794,000

1,124,000

Cash and cash equivalents, end of period

$   3,778,000

$   3,352,000

Supplemental Information

Cash payments for interest

$      151,000

$      157,000

Cash payments for income taxes

$      205,000

$        87,000

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