Key Developments: Pro-Dex Inc (PDEX.W)
1.96USD
13 Nov 2012
$-0.05 (-2.49%)
$2.01
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Latest Key Developments (Source: Significant Developments)
Pro-Dex Inc Appoints Harold A. Hurwitz Chief Executive Officer
Pro-Dex Inc announced that Board of Directors voted unanimously to combine the roles of Chief Executive Officer and Chief Financial Officer and appointed Harold A. Hurwitz to the position of Chief Executive Officer effective immediately. Mr. Hurwitz will retain his position as the Company's Chief Financial Officer. He succeeds Michael J. Berthelot, who had served as the Company's Chief Executive Officer since April 2012. Full Article
Pro-Dex Inc Comments On FY 2013 Revenue Guidance-Conference Call
Pro-Dex Inc announced that for fiscal 2013, it expects revenues of $11 million and the Company expects breakeven point of approximately $13 million to $14 million depending on margin. Full Article
Pro-Dex Inc Issues FY 2012, 2013 Guidance-Conference Call
Pro-Dex Inc announced that on a preliminary basis it expects fiscal 2012 revenues of $17.2 million an operating loss from continuing operations before non-cash charges of $645,000 and a net loss of $850,000. It is important to note that fiscal 2012 included nearly $485,000 of severance costs associated with the replacement of the Company's CEO and Vice President of Sales, and the two previously mentioned reductions in force. For fiscal 2013, it expects revenues of $11.4 million and income from continuing operations before non-cash charges essentially at breakeven, which would generate a net loss of approximately $540,000. Full Article
Pro-Dex, Inc. Appoints Michael J. Berthelot As Chief Executive Officer
Pro-Dex, Inc. announced that it had appointed Michael J. Berthelot to the position of Chief Executive Officer, effective immediately. The Company also announced that Mark P. Murphy had resigned from all positions with the Company and its subsidiaries, including his positions as Chief Executive Officer and President and as a member of the Company's Board of Directors, effective immediately. Full Article
Pro-Dex, Inc. Announces Sale Of Motor Business
Pro-Dex, Inc. announced the sale of its fractional horsepower motor business, operating under the name Pro-Dex Astromec and located in Carson City, Nevada. Under the terms of the asset purchase agreement, executed on February 27, 2012, the Company sold substantially all the assets of Astromec, consisting of inventory, equipment and intangibles, and excluding cash, accounts receivable, the parent-owned facility in which Astromec conducted its business and all liabilities, for a cash payment of $830,000, representing the estimated net book value of the purchased assets and subject to adjustment based on physical counts of the assets sold. The Company may also receive conditional future payments based on sales of Astromec product and sales to Astromec prospects, as defined in the asset purchase agreement, over the ensuing three-year period. Full Article
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