IRVINE, Calif., Feb. 11, 2016 /PRNewswire/ -- PRO-DEX, INC. (NasdaqCM: PDEX) today announced financial results for its fiscal 2016 second quarter ended December 31, 2015. The Company also filed its Quarterly Report on Form 10-Q for the second quarter of fiscal year 2016 with the Securities and Exchange Commission today.
Quarter Ended December 31, 2015
Net sales for the three months ended December 31, 2015 increased $2.6 million, or 95%, to $5.4 million from $2.8 million for the three months ended December 31, 2014, due primarily to increases in medical device revenues as well as an additional medical device product launch during the quarter. Gross profit for the three months ended December 31, 2015 increased $843,000, or 121%, to $1.5 million from $696,000 for the same period in fiscal 2015. Contributing to this increase were the increase in sales volume, described above, and improved absorption of our fixed manufacturing overhead as compared to the corresponding quarter in fiscal 2015.
Operating expenses (which include selling, general and administrative, and research and development expenses) for the quarter ended December 31, 2015 increased $54,000 or 5% to $1.1 million compared to the prior fiscal year’s corresponding quarter, reflecting primarily increased selling expenses.
Income from continuing operations for the quarter ended December 31, 2015 increased by $593,000 to $391,000, compared to a loss from continuing operations of $202,000 in the corresponding quarter in fiscal 2015. Net income for the quarter ended December 31, 2015 was $391,000, or $0.09 per share, compared to a net loss of $192,000, or $0.05 per share, for the corresponding quarter in fiscal 2015.
Six Months Ended December 31, 2015
Net sales for the six months ended December 31, 2015 increased $4.1 million, or 77%, to $9.5 million from $5.4 million for the six months ended December 31, 2014, due primarily to increases in medical device revenues, which represents approximately 70% of our revenue for the six months ended December 31, 2015.
Gross profit for the six months ended December 31, 2015 increased $1.1 million, or 70% compared to the same period in fiscal 2015.
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