PRO-DEX, INC. (PDEX) has reported a 716.88 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $3.19 million, or $0.78 a share in the quarter, compared with $0.39 million, or $0.09 a share for the same period last year. Revenue during the quarter dropped 12.08 percent to $4.60 million from $5.23 million in the previous year period. Gross margin for the quarter expanded 126 basis points over the previous year period to 28.51 percent. Total expenses were 94.15 percent of quarterly revenues, up from 90.71 percent for the same period last year. That has resulted in a contraction of 344 basis points in operating margin to 5.85 percent.
Operating income for the quarter was $0.27 million, compared with $0.49 million in the previous year period.
Richard L. (“Rick”) Van Kirk, the Company’s president and chief executive officer, commented, "We are pleased with our second quarter and year-to-date results and we are pleased to have announced the sale of our OMS division. The capital infusion will be used for certain internal R&D efforts that we expect will further enhance our line of surgical drivers. We look forward to continuing our momentum this fiscal year."
Operating cash flow turns positive
PRO-DEX, INC. has generated cash of $0.76 million from operating activities during the first half as against cash outgo of $0.33 million in the last year period. The company has spent $0.69 million cash to meet investing activities during the first half as against cash inflow of $0.18 million in the last year period.
The company has spent $0.18 million cash to carry out financing activities during the first six months as against cash inflow of $0.50 million in the last year period.
Cash and cash equivalents stood at $2.18 million as on Dec. 31, 2016, up 107.03 percent or $1.13 million from $1.05 million on Dec. 31, 2015.
Working capital increases
PRO-DEX, INC. has recorded an increase in the working capital over the last year. It stood at $7.51 million as at Dec. 31, 2016, up 8.88 percent or $0.61 million from $6.89 million on Dec. 31, 2015. Current ratio was at 3.76 as on Dec. 31, 2016, up from 3.20 on Dec. 31, 2015.
Cash conversion cycle (CCC) has decreased to 86 days for the quarter from 130 days for the last year period. Days sales outstanding went up to 68 days for the quarter compared with 54 days for the same period last year.
Days inventory outstanding has decreased to 46 days for the quarter compared with 106 days for the previous year period. At the same time, days payable outstanding went down to 28 days for the quarter from 30 for the same period last year.
Debt comes down significantly
PRO-DEX, INC. has recorded a decline in total debt over the last one year. It stood at $0.15 million as on Dec. 31, 2016, down 74.53 percent or $0.43 million from $0.58 million on Dec. 31, 2015. Total debt was 0.98 percent of total assets as on Dec. 31, 2016, compared with 4.78 percent on Dec. 31, 2015. Debt to equity ratio was at 0.01 as on Dec. 31, 2016, down from 0.07 as on Dec. 31, 2015. Interest coverage ratio improved to 67.25 for the quarter from 24.30 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
