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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001003297-01-500131.txt : 20010515
<SEC-HEADER>0001003297-01-500131.hdr.sgml : 20010515
ACCESSION NUMBER:		0001003297-01-500131
CONFORMED SUBMISSION TYPE:	10QSB
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20010331
FILED AS OF DATE:		20010514

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRO DEX INC
		CENTRAL INDEX KEY:			0000788920
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-MEDICAL, DENTAL & HOSPITAL EQUIPMENT & SUPPLIES [5047]
		IRS NUMBER:				841261240
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		10QSB
		SEC ACT:		
		SEC FILE NUMBER:	000-14942
		FILM NUMBER:		1632849

	BUSINESS ADDRESS:	
		STREET 1:		650 S. TAYKOR AVENUE
		STREET 2:		SUITE 20-A
		CITY:			LOUISVILLE
		STATE:			CO
		ZIP:			80027
		BUSINESS PHONE:		3034438165

	MAIL ADDRESS:	
		STREET 1:		1401 WALNUT STREET
		STREET 2:		SUITE 540
		CITY:			BOULDER
		STATE:			CO
		ZIP:			80302
</SEC-HEADER>
<DOCUMENT>
<TYPE>10QSB
<SEQUENCE>1
<FILENAME>q1pdex.htm
<TEXT>

<HTML>
<HEAD>
<TITLE>Prepared by E-Services, LLC - www.edgar2.net</TITLE>
</HEAD>
<BODY LINK="#0000ff" VLINK="#800080">

<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><FONT SIZE=2><P ALIGN="CENTER">U.S. SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>
</FONT><FONT FACE="Arial Narrow"><P ALIGN="CENTER">_________________________</P>
<P ALIGN="CENTER">FORM 10-QSB</P>
<P ALIGN="CENTER">(Mark One)
</P><DIR>
<DIR>

<P ALIGN="JUSTIFY">[X]&nbsp;&nbsp;&nbsp;&nbsp; Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; period ended March 31, 2001.</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">[&nbsp; ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.</P>
<P ALIGN="JUSTIFY">&nbsp;</P></DIR>
</DIR>

<P ALIGN="CENTER">Commission File Number 0-14942</P>
<U><P ALIGN="CENTER">PRO-DEX, INC.<br>
</U>(Name of small business issuer in its charter)</P>
</FONT>
<TABLE BORDER="0" CELLSPACING=1 WIDTH=700>
<TR><TD WIDTH="366" VALIGN="TOP" align="center">
<P ALIGN="center"><U><FONT FACE="Arial Narrow">Colorado</U></FONT></TD>
<TD WIDTH="320" VALIGN="TOP" align="center">
<U><FONT FACE="Arial Narrow"><P ALIGN="center">84-1261240</U></FONT></TD>
</TR>
<TR><TD WIDTH="366" VALIGN="TOP" align="center">
<FONT FACE="Arial Narrow"><P ALIGN="left">(State or other jurisdiction of Incorporation or organization)</FONT></TD>
<TD WIDTH="320" VALIGN="TOP" align="center">
<FONT FACE="Arial Narrow"><P ALIGN="center">(IRS Employer ID No.)</FONT></TD>
</TR>
<TR><TD WIDTH="366" VALIGN="TOP">
<P ALIGN="JUSTIFY"></TD>
<TD WIDTH="320" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
</TABLE>

<U><P ALIGN="CENTER">650 S. Taylor Avenue, Suite 20A, Louisville, CO 80027<FONT FACE="Arial Narrow"><BR>
</FONT>
</U>Address of principal executive offices)</P>
<FONT FACE="Arial Narrow"><P ALIGN="CENTER">Issuer's telephone number: <U>(303) 443-6136</P>
</U><P ALIGN="CENTER">Securities registered under Section 12(b) of the Exchange Act:</P></FONT>
<TABLE BORDER="0" CELLSPACING=1 WIDTH=700>
<TR><TD WIDTH="33%" VALIGN="TOP" height="19">
<P>&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP" height="19">
<P>&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP" height="19">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP" height="20">
<P ALIGN="JUSTIFY"></TD>
<TD WIDTH="33%" VALIGN="TOP" height="20">
<P>&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP" height="20">
<P align="center">
<FONT FACE="Arial Narrow">Name of each exchange</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP" align="center" height="20">
<U><FONT FACE="Arial Narrow"><P ALIGN="center">Title of each class</U></FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" height="20">
<P>&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP" height="20">
<U><FONT FACE="Arial Narrow"><P ALIGN="center">on which registered</U></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP" align="center" height="16">
<FONT FACE="Arial Narrow"><P ALIGN="center">None</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" height="16">
<P ALIGN="JUSTIFY"></TD>
<TD WIDTH="33%" VALIGN="TOP" height="16">
<P align="center">
<FONT FACE="Arial Narrow">None</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial Narrow"><P ALIGN="CENTER">Securities registered under Section 12(g) of the Exchange Act:</P>
</FONT><U><P ALIGN="CENTER">Common Stock, no par value<FONT FACE="Arial Narrow"><BR>
</FONT>

</U>Title of class)</P><DIR>

<FONT FACE="Arial Narrow"><P>The number of shares of the Registrant's no par value common stock outstanding as of
May 8, 2001 was 8,787,300.</P>
</DIR>

<hr color="#000080">
<P ALIGN="JUSTIFY">&nbsp;</P>
</FONT>
<FONT FACE="Arial Narrow">
<B><P ALIGN="CENTER">PRO-DEX, INC. AND SUBSIDIARIES</P>

</B><P ALIGN="CENTER">&nbsp;</P>

<P ALIGN="CENTER">DOCUMENTS INCORPORATED BY REFERENCE: None.</P>
</FONT>
<TABLE BORDER="0" CELLSPACING=1 WIDTH=700>
<TR><TD WIDTH="616" VALIGN="TOP" colspan="4">
<U><FONT FACE="Arial Narrow"><P ALIGN="CENTER">Table of Contents</U></FONT></TD>
</TR>
<TR><TD WIDTH="72" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="66" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="335" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP" align="center">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="72" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="66" VALIGN="TOP">
  </TD>
<TD WIDTH="335" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP" align="center">
<U><FONT FACE="Arial Narrow"><P ALIGN="center">Page No.</FONT></U></TD>
</TR>
<TR><TD WIDTH="72" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">PART I</FONT></TD>
<TD WIDTH="66" VALIGN="TOP">
<P ALIGN="JUSTIFY"></TD>
<TD WIDTH="335" VALIGN="TOP">
<P>
<FONT FACE="Arial Narrow">Financial Information</FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="center">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="72" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="66" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="335" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP" align="center">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="72" VALIGN="TOP">
<P></TD>
<TD WIDTH="66" VALIGN="TOP">
<P><FONT FACE="Arial Narrow">Item 1.</FONT></TD>
<TD WIDTH="335" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP" align="center">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="72" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="66" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="335" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>Financial Statements</FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="center">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="72" VALIGN="TOP">
<P ALIGN="JUSTIFY"></TD>
<TD WIDTH="66" VALIGN="TOP">
<P ALIGN="JUSTIFY"></TD>
<TD WIDTH="335" VALIGN="TOP">
<P>
<FONT FACE="Arial Narrow"><a href="#CONSOLIDATED BALANCE SHEETS">Consolidated Balance Sheets</a></FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="center">
<P>
<FONT FACE="Arial Narrow">1</FONT></TD>
</TR>
<TR><TD WIDTH="72" VALIGN="TOP">
<P ALIGN="JUSTIFY"></TD>
<TD WIDTH="66" VALIGN="TOP">
<P ALIGN="JUSTIFY"></TD>
<TD WIDTH="335" VALIGN="TOP">
<P>
<FONT FACE="Arial Narrow"><a href="#CONSOLIDATED STATEMENTS OF OPERATIONS">Consolidated Statements of Operations</a></FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="center">
<P>
<FONT FACE="Arial Narrow">3</FONT></TD>
</TR>
<TR><TD WIDTH="72" VALIGN="TOP">
<P ALIGN="JUSTIFY"></TD>
<TD WIDTH="66" VALIGN="TOP">
<P ALIGN="JUSTIFY"></TD>
<TD WIDTH="335" VALIGN="TOP">
<P>
<FONT FACE="Arial Narrow"><a href="#CONSOLIDATED STATEMENTS OF CASH FLOWS">Consolidated Statements of Cash Flow</a></FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="center">
<P>
<FONT FACE="Arial Narrow">5</FONT></TD>
</TR>
<TR><TD WIDTH="72" VALIGN="TOP">
<P ALIGN="JUSTIFY"></TD>
<TD WIDTH="66" VALIGN="TOP">
<P ALIGN="JUSTIFY"></TD>
<TD WIDTH="335" VALIGN="TOP">
<P>
<FONT FACE="Arial Narrow"><a href="#NOTES TO CONSOLIDATED FINANCIAL STATEMENTS">Notes to Consolidated Financial Statements</a></FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="center">
<P>
<FONT FACE="Arial Narrow">6</FONT></TD>
</TR>
<TR><TD WIDTH="72" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="66" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="335" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP" align="center">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="72" VALIGN="TOP">
<P ALIGN="JUSTIFY"></TD>
<TD WIDTH="66" VALIGN="TOP">
<P>
<FONT FACE="Arial Narrow">Item 2.</FONT></TD>
<TD WIDTH="335" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP" align="center">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="72" VALIGN="TOP">
<P ALIGN="JUSTIFY"></TD>
<TD WIDTH="66" VALIGN="TOP">
<P ALIGN="JUSTIFY"></TD>
<TD WIDTH="335" VALIGN="TOP">
<P>
<FONT FACE="Arial Narrow"><a href="#Item 2. Management's Discussion and Analysis">Management Discussion and Analysis</a></FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="center">
<P>
<FONT FACE="Arial Narrow">9</FONT></TD>
</TR>
<TR><TD WIDTH="72" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="66" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="335" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP" align="center">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="72" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>PART II</FONT></TD>
<TD WIDTH="66" VALIGN="TOP">
<P></TD>
<TD WIDTH="335" VALIGN="TOP">
<P>
<FONT FACE="Arial Narrow">Other Information</FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="center">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="72" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="66" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="335" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP" align="center">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="72" VALIGN="TOP">
<P></TD>
<TD WIDTH="66" VALIGN="TOP">
<P>
<FONT FACE="Arial Narrow">Item 6.</FONT></TD>
<TD WIDTH="335" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP" align="center">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="72" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="66" VALIGN="TOP">
<P></TD>
<TD WIDTH="335" VALIGN="TOP">
<P>
<FONT FACE="Arial Narrow"><a href="#Item 6. Exhibits and Reports on Form 8-K">Exhibits and Reports on Form 8-K</a></FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="center">
<P>
<FONT FACE="Arial Narrow">13</FONT></TD>
</TR>
<TR><TD WIDTH="72" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="66" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="335" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP" align="center">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="72" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P><a href="#In accordance">SIGNATURES</a></FONT></TD>
<TD WIDTH="66" VALIGN="TOP">
<P></TD>
<TD WIDTH="335" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP" align="center">
<P>
<FONT FACE="Arial Narrow">14</FONT></TD>
</TR>
<TR><TD WIDTH="72" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="66" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="335" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP" align="center">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="72" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">EXHIBITS</FONT></TD>
<TD WIDTH="66" VALIGN="TOP">
<P>
<FONT FACE="Arial Narrow">NONE</FONT></TD>
<TD WIDTH="335" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP" align="center">
<P ALIGN="JUSTIFY"></TD>
</TR>
</TABLE>

<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">&nbsp;</P>
<hr color="#000080">
<P ALIGN="JUSTIFY">&nbsp;</P>
<B>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">PRO-DEX, INC. AND SUBSIDIARIES</P>
<P ALIGN="CENTER"><a name="CONSOLIDATED BALANCE SHEETS">CONSOLIDATED BALANCE SHEETS</a></P>
<P ALIGN="CENTER">ASSETS</P></B></FONT>
<TABLE BORDER="0" CELLSPACING=1 WIDTH=725>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=22></TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=22></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=22>
<p align="right">
<FONT FACE="Arial Narrow">March 31,</FONT></TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=22></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=22>
<p align="right">
<FONT FACE="Arial Narrow">June 30,</FONT></TD>
</TR>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial Narrow"><P ALIGN="right"><u>2001</u></FONT></TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial Narrow"><P ALIGN="right"><u>2000</u></FONT></TD>
</TR>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial Narrow"><P ALIGN="right">(unaudited)</FONT></TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial Narrow"><P>Current assets:</FONT></TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=22><P></P></TD>
</TR>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=21>

<FONT FACE="Arial Narrow"><P>&nbsp; Cash and cash equivalents
</FONT></TD>
<TD VALIGN="TOP" width="36">
<FONT FACE="Arial Narrow"><P align="RIGHT">$</FONT></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=21 align="right">
<FONT FACE="Arial Narrow"><P>233,000&nbsp;</FONT></TD>
<TD VALIGN="TOP" align="right" width="85">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=21 align="right">
<FONT FACE="Arial Narrow"><P>473,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=22>

<FONT FACE="Arial Narrow"><P>&nbsp; Accounts receivable, net of allowance for doubtful
</FONT></TD>
<TD VALIGN="TOP" height=22 width="36"><P></P></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=22 align="right"><P></P></TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=22 align="right"><P></P></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=22 align="right"><P></P></TD>
</TR>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=22>

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp; accounts of $166,000 and $76,000
</FONT></TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>2,760,000&nbsp;</FONT></TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=22 align="right"><P></P></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>3,934,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=22>

<FONT FACE="Arial Narrow"><P>&nbsp; Inventories, net
</FONT></TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>4,604,000&nbsp;</FONT></TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=22 align="right"><P></P></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>4,246,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=22>

<FONT FACE="Arial Narrow"><P>&nbsp; Deferred taxes
</FONT></TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>1,288,000&nbsp;</FONT></TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=22 align="right"><P></P></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>1,230,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=22>

<FONT FACE="Arial Narrow"><P>&nbsp; Prepaid expenses
</FONT></TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>168,000&nbsp;</FONT></TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=22 align="right"><P></P></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>102,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=22>

  </TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=22></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=22 align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=22 align="right"></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=22 align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
</TR>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp; Total current assets</FONT></TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>9,053,000&nbsp;</FONT></TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=22 align="right"><P></P></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>9,985,000&nbsp;</FONT></TD>
</TR>
  <tr>
    <TD WIDTH="398" VALIGN="TOP" HEIGHT=22>

    </TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=22></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=22 align="right">
<hr align="right" width="65" color="#0000FF">
    </TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=22 align="right"></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=22 align="right">
<hr align="right" width="65" color="#0000FF">
    </TD>
  </tr>
<TR><TD WIDTH="398" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="36" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right" height="21">
<P>&nbsp;</TD>
<TD WIDTH="85" VALIGN="TOP" align="right" height="21">
<P>&nbsp;</TD>
<TD WIDTH="86" VALIGN="TOP" align="right" height="21">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=21 align="right"><P></P></TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=21 align="right"><P></P></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=21 align="right"><P></P></TD>
</TR>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=22>

<FONT FACE="Arial Narrow"><P>Property and equipment
</FONT></TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>5,375,000&nbsp;</FONT></TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=22 align="right"><P></P></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>6,274,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=22>

<FONT FACE="Arial Narrow"><P>&nbsp; Less accumulated depreciation
</FONT></TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>(3,486,000)</FONT></TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=22 align="right"><P></P></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>(3,613,000)</FONT></TD>
</TR>
  <tr>
    <TD WIDTH="398" VALIGN="TOP" HEIGHT=22>

    </TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=22></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=22 align="right">
<hr align="right" width="65" color="#0000FF">
    </TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=22 align="right"></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=22 align="right">
<hr align="right" width="65" color="#0000FF">
    </TD>
  </tr>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp; Net property and equipment</FONT></TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>1,889,000&nbsp;</FONT></TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=22 align="right"><P></P></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>2,661,000&nbsp;</FONT></TD>
</TR>
  <tr>
    <TD WIDTH="398" VALIGN="TOP" HEIGHT=22>

    </TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=22></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=22 align="right">
<hr align="right" width="65" color="#0000FF">
    </TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=22 align="right"></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=22 align="right">
<hr align="right" width="65" color="#0000FF">
    </TD>
  </tr>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=21 align="right"><P></P></TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=21 align="right"><P></P></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=21 align="right"><P></P></TD>
</TR>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial Narrow"><P>Land and buildings held for sale</FONT></TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>471,000&nbsp;</FONT></TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=22 align="right"><P></P></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>0&nbsp;</FONT></TD>
</TR>
  <tr>
    <TD WIDTH="398" VALIGN="TOP" HEIGHT=22>

    </TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=22></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=22 align="right">
<hr align="right" width="65" color="#0000FF">
    </TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=22 align="right"></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=22 align="right">
<hr align="right" width="65" color="#0000FF">
    </TD>
  </tr>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=21 align="right"><P></P></TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=21 align="right"><P></P></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=21 align="right"><P></P></TD>
</TR>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial Narrow"><P>Other assets:</FONT></TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=22 align="right"><P></P></TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=22 align="right"><P></P></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=22 align="right"><P></P></TD>
</TR>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=22>

<FONT FACE="Arial Narrow"><P>&nbsp; Deferred taxes
</FONT></TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>612,000&nbsp;</FONT></TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=22 align="right"><P></P></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>612,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=22>

<FONT FACE="Arial Narrow"><P>&nbsp; Other
</FONT></TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>116,000&nbsp;</FONT></TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=22 align="right"><P></P></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>306,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=22>

<FONT FACE="Arial Narrow"><P>&nbsp; Intangibles, net
</FONT></TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>2,402,000&nbsp;</FONT></TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=22 align="right"><P></P></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>2,859,000&nbsp;</FONT></TD>
</TR>
  <tr>
    <TD WIDTH="398" VALIGN="TOP" HEIGHT=22>

    </TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=22></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=22 align="right">
<hr align="right" width="65" color="#0000FF">
    </TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=22 align="right"></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=22 align="right">
<hr align="right" width="65" color="#0000FF">
    </TD>
  </tr>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=21 align="right"><P></P></TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=21 align="right"><P></P></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=21 align="right"><P></P></TD>
</TR>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=22>

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; Total other assets
</FONT></TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>3,130,000&nbsp;</FONT></TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=22 align="right"><P></P></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>3,777,000&nbsp;</FONT></TD>
</TR>
  <tr>
    <TD WIDTH="398" VALIGN="TOP" HEIGHT=22>

    </TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=22></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=22 align="right">
<hr align="right" width="65" color="#0000FF">
    </TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=22 align="right"></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=22 align="right">
<hr align="right" width="65" color="#0000FF">
    </TD>
  </tr>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=21><P></P></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=21 align="right"><P></P></TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=21 align="right"><P></P></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=21 align="right"><P></P></TD>
</TR>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=22>

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; Total assets
</FONT></TD>
<TD VALIGN="TOP" height=22 width="36">
<FONT FACE="Arial Narrow"><P align="RIGHT">$</FONT></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>14,543,000&nbsp;</FONT></TD>
<TD VALIGN="TOP" height=22 align="right" width="85">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>16,423,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="398" VALIGN="TOP" HEIGHT=21>

  </TD>
<TD WIDTH="36" VALIGN="TOP" HEIGHT=21>
  </TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=21 align="right">
  <hr align="right" width="65" color="#0000FF" size="6">
  </TD>
<TD WIDTH="85" VALIGN="TOP" HEIGHT=21 align="right">
  </TD>
<TD WIDTH="86" VALIGN="TOP" HEIGHT=21 align="right">
  <hr align="right" width="65" color="#0000FF" size="6">
  </TD>
</TR>
</TABLE>

<FONT FACE="Arial Narrow"><P ALIGN="left">See &quot;Notes to Consolidated
Financial Statements&quot;</P>
<P ALIGN="CENTER">1</P>
<hr color="#000080">
<P ALIGN="CENTER">&nbsp;</P>
<B><P ALIGN="CENTER">PRO-DEX, INC. AND SUBSIDIARIES</P>
<P ALIGN="CENTER">CONSOLIDATED BALANCE SHEETS - CONTINUED</P>
<P ALIGN="CENTER">LIABILITIES &amp; SHAREHOLDERS' EQUITY</P></B></FONT>
<div align="left">
<TABLE BORDER="0" CELLSPACING=1 width=742>
<TR><TD WIDTH="419" VALIGN="TOP">
  </TD>
<TD WIDTH="34" VALIGN="TOP">
  </TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<P align="right">
<FONT FACE="Arial Narrow">March 31,</FONT></P></TD>
<TD WIDTH="92" VALIGN="TOP">
  </TD>
<TD VALIGN="TOP" align="right" width="81">
<FONT FACE="Arial Narrow"><P ALIGN="right">June 30,</FONT></TD>
</TR>
<TR><TD WIDTH="419" VALIGN="TOP">
  </TD>
<TD WIDTH="34" VALIGN="TOP">
  </TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right"><u>2001</u></FONT></TD>
<TD WIDTH="92" VALIGN="TOP">
  </TD>
<TD VALIGN="TOP" align="right" width="81">
<FONT FACE="Arial Narrow"><P ALIGN="right"><u>2000</u></FONT></TD>
</TR>
<TR><TD WIDTH="419" VALIGN="TOP">
  </TD>
<TD WIDTH="34" VALIGN="TOP">
  </TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow">(unaudited)</FONT></TD>
<TD WIDTH="92" VALIGN="TOP">
  </TD>
<TD VALIGN="TOP" align="right" width="81">
  </TD>
</TR>
<TR><TD WIDTH="419" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>Current liabilities:</FONT></TD>
<TD WIDTH="34" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="84" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="92" VALIGN="TOP">
<P>&nbsp;</TD>
<TD VALIGN="TOP" align="right" width="81">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="419" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; Current portion of long-term debt
</FONT></TD>
<TD WIDTH="34" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>6,168,000&nbsp;</FONT></TD>
<TD width="92" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>$</FONT></TD>
<TD VALIGN="TOP" align="right" width="81">
<FONT FACE="Arial Narrow"><P>7,637,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="419" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; Accounts payable
</FONT></TD>
<TD WIDTH="34" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>1,047,000&nbsp;</FONT></TD>
<TD WIDTH="92" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD VALIGN="TOP" align="right" width="81">
<FONT FACE="Arial Narrow"><P>849,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="419" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; Accrued expenses
</FONT></TD>
<TD WIDTH="34" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>1,274,000&nbsp;</FONT></TD>
<TD WIDTH="92" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD VALIGN="TOP" align="right" width="81">
<FONT FACE="Arial Narrow"><P>2,007,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="419" VALIGN="TOP">

  </TD>
<TD WIDTH="34" VALIGN="TOP">
  </TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
<TD WIDTH="92" VALIGN="TOP" align="right">
  </TD>
<TD VALIGN="TOP" align="right" width="81">
<hr align="right" width="65" color="#0000FF">
  </TD>
</TR>
<TR><TD WIDTH="419" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities
</FONT></TD>
<TD WIDTH="34" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>8,489,000&nbsp;</FONT></TD>
<TD WIDTH="92" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD VALIGN="TOP" align="right" width="81">
<FONT FACE="Arial Narrow"><P>10,493,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="419" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="34" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
<TD WIDTH="92" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD VALIGN="TOP" align="right" width="81">
<hr align="right" width="65" color="#0000FF">
  </TD>
</TR>
<TR><TD WIDTH="419" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="34" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="92" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD VALIGN="TOP" align="right" width="81">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="419" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>Commitments and contingencies</FONT></TD>
<TD WIDTH="34" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="92" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD VALIGN="TOP" align="right" width="81">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="419" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="34" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="92" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD VALIGN="TOP" align="right" width="81">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="419" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>Shareholders' equity:</FONT></TD>
<TD WIDTH="34" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="92" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD VALIGN="TOP" align="right" width="81">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="419" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; Series A convertible preferred shares, no par value; liquidation
</FONT></TD>
<TD WIDTH="34" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="92" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD VALIGN="TOP" align="right" width="81">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="419" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; preference of $3.60 per share; 10,000,000 shares
</FONT></TD>
<TD WIDTH="34" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="92" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD VALIGN="TOP" align="right" width="81">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="419" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; authorized; 78,129 shares issued and outstanding
</FONT></TD>
<TD WIDTH="34" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>283,000&nbsp;</FONT></TD>
<TD WIDTH="92" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD VALIGN="TOP" align="right" width="81">
<FONT FACE="Arial Narrow"><P>283,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="419" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; Common shares, no par value; 50,000,000 shares
</FONT></TD>
<TD WIDTH="34" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="92" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD VALIGN="TOP" align="right" width="81">
<P>&nbsp;&nbsp;</TD>
</TR>
<TR><TD WIDTH="419" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; authorized; 8,787,300 shares issued and outstanding
</FONT></TD>
<TD WIDTH="34" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>14,976,000&nbsp;</FONT></TD>
<TD WIDTH="92" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD VALIGN="TOP" align="right" width="81">
<FONT FACE="Arial Narrow"><P>14,976,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="419" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; Accumulated deficit
</FONT></TD>
<TD WIDTH="34" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>(9,098,000)</FONT></TD>
<TD WIDTH="92" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD VALIGN="TOP" align="right" width="81">
<FONT FACE="Arial Narrow"><P>(9,203,000)</FONT></TD>
</TR>
  <tr>
    <TD WIDTH="419" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="34" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
    </TD>
<TD WIDTH="92" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD VALIGN="TOP" align="right" width="81">
<hr align="right" width="65" color="#0000FF">
    </TD>
  </tr>
<TR><TD WIDTH="419" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="34" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>6,161,000&nbsp;</FONT></TD>
<TD WIDTH="92" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD VALIGN="TOP" align="right" width="81">
<FONT FACE="Arial Narrow"><P>6,056,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="419" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; Receivable for stock purchase</FONT></TD>
<TD WIDTH="34" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>(107,000)</FONT></TD>
<TD WIDTH="92" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD VALIGN="TOP" align="right" width="81">
<FONT FACE="Arial Narrow"><P>(126,000)</FONT></TD>
</TR>
  <tr>
    <TD WIDTH="419" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="34" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
    </TD>
<TD WIDTH="92" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD VALIGN="TOP" align="right" width="81">
<hr align="right" width="65" color="#0000FF">
    </TD>
  </tr>
<TR><TD WIDTH="419" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity
</FONT></TD>
<TD WIDTH="34" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>6,054,000&nbsp;</FONT></TD>
<TD WIDTH="92" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD VALIGN="TOP" align="right" width="81">
<FONT FACE="Arial Narrow"><P>5,930,000&nbsp;</FONT></TD>
</TR>
  <tr>
    <TD WIDTH="419" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="34" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
    </TD>
<TD WIDTH="92" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD VALIGN="TOP" align="right" width="81">
<hr align="right" width="65" color="#0000FF">
    </TD>
  </tr>
<TR><TD WIDTH="419" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="34" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="92" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD VALIGN="TOP" align="right" width="81">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="419" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and shareholders' equity
</FONT></TD>
<TD WIDTH="34" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>14,543,000&nbsp;</FONT></TD>
<TD width="92" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">$</FONT></TD>
<TD VALIGN="TOP" align="right" width="81">
<FONT FACE="Arial Narrow"><P>16,423,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="419" VALIGN="TOP">

  </TD>
<TD WIDTH="34" VALIGN="TOP">
  </TD>
<TD WIDTH="84" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF" size="6">
  </TD>
<TD WIDTH="92" VALIGN="TOP" align="right">
  </TD>
<TD VALIGN="TOP" align="right" width="81">
<hr align="right" width="65" color="#0000FF" size="6">
  </TD>
</TR>
</TABLE>

</div>

<FONT FACE="Arial Narrow"><P ALIGN="left">See &quot;Notes to Consolidated
Financial Statements&quot;</P>
<P ALIGN="CENTER">2</P>
<hr color="#000080">
<P ALIGN="CENTER">&nbsp;</P>
<B><P ALIGN="CENTER">PRO-DEX, INC. AND SUBSIDIARIES</P>
<P ALIGN="CENTER"><a name="CONSOLIDATED STATEMENTS OF OPERATIONS">CONSOLIDATED STATEMENTS OF OPERATIONS</a></P></B></FONT>
<P ALIGN="CENTER">&nbsp;<CENTER>
<div align="left">
  <TABLE BORDER="0" CELLSPACING=1 WIDTH=725>
<TR><TD WIDTH="416" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="295" VALIGN="TOP" COLSPAN=4>
<FONT FACE="Arial Narrow"><P ALIGN="CENTER">Quarter ended March 31,</FONT></TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
</CENTER>

<TD WIDTH="82" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="right"><u>2001</u></FONT></TD>
<CENTER>
<TD WIDTH="89" VALIGN="TOP">
<P>&nbsp;</TD>
</CENTER>

<TD WIDTH="83" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="right"><u>2000</u></FONT></TD>
</TR>
<CENTER>
<TR><TD WIDTH="416" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
</CENTER>

<TD WIDTH="82" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="right">(unaudited)</FONT></TD>
<CENTER>
<TD WIDTH="89" VALIGN="TOP">
<P>&nbsp;</TD>
</CENTER>

<TD WIDTH="83" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="right">(unaudited)</FONT></TD>
</TR>
<CENTER>
<TR><TD WIDTH="416" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>Net sales
</FONT></TD>
<TD WIDTH="23" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>5,554,000&nbsp;</FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>6,847,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>Cost of sales (Includes rent paid to a director of </FONT></TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $91,000 and $87,000 for 2001 and 2000)</FONT></TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>3,182,000&nbsp;</FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>3,361,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>Gross profits</FONT></TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>2,372,000&nbsp;</FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>3,486,000&nbsp;</FONT></TD>
</TR>
<tr>
  <TD WIDTH="416" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
</tr>
<TR><TD WIDTH="416" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>Operating expenses:</FONT></TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; Selling
</FONT></TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>951,000&nbsp;</FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>1,039,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; General and administrative
</FONT></TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>1,071,000&nbsp;</FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>1,059,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; Research and development
</FONT></TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>422,000&nbsp;</FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>436,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; Amortization
</FONT></TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>122,000&nbsp;</FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>122,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; Unusual charges</FONT></TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>227,000&nbsp;</FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>0&nbsp;</FONT></TD>
</TR>
<tr>
  <TD WIDTH="416" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
</tr>
<TR><TD WIDTH="416" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses
</FONT></TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>2,793,000&nbsp;</FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>2,656,000&nbsp;</FONT></TD>
</TR>
<tr>
  <TD WIDTH="416" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
</tr>
<TR><TD WIDTH="416" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>Income (loss) from operations
</FONT></TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>(421,000)</FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>830,000&nbsp;</FONT></TD>
</TR>
<tr>
  <TD WIDTH="416" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
</tr>
<TR><TD WIDTH="416" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>Other income (expense):
</FONT></TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; Other income, net
</FONT></TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>24,000&nbsp;</FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>25,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; Interest (expense)
</FONT></TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>(199,000)</FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>(290,000)</FONT></TD>
</TR>
<tr>
  <TD WIDTH="416" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
</tr>
<TR><TD WIDTH="416" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total
</FONT></TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>(175,000)</FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>(265,000)</FONT></TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>Income (loss) before income taxes
</FONT></TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>(596,000)</FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>566,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>Income taxes (credits)</FONT></TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>(238,000)</FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>255,000&nbsp;</FONT></TD>
</TR>
<tr>
  <TD WIDTH="416" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
</tr>
<TR><TD WIDTH="416" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>Net income (loss)</FONT></TD>
<TD WIDTH="23" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>(358,000)</FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>311,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF" size="6">
  </TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF" size="6">
  </TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>Basic and diluted net earnings (loss) per common
</FONT></TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; and common equivalent share
</FONT></TD>
<TD WIDTH="23" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>(0.04)</FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>0.04&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>Weighted average number of common and </FONT></TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; common equivalent shares outstanding:</FONT></TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; Basic
</FONT></TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>8,787,300&nbsp;</FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>8,787,300&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="416" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; Diluted
</FONT></TD>
<TD WIDTH="23" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>8,787,300&nbsp;</FONT></TD>
<TD WIDTH="89" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>8,880,766&nbsp;</FONT></TD>
</TR>
</TABLE>
</div>
</CENTER>

<FONT FACE="Arial Narrow">
<P ALIGN="left">See &quot;Notes to Consolidated Financial Statements&quot;</P>
<P ALIGN="CENTER">3</P>

<B>
<p ALIGN="CENTER">&nbsp;</p>
<hr color="#000080">
<p ALIGN="CENTER">&nbsp;</p>
<P ALIGN="CENTER">PRO-DEX, INC. AND SUBSIDIARIES </P>
<P ALIGN="CENTER">CONSOLIDATED STATEMENTS OF OPERATIONS</P></B></FONT>
<P ALIGN="CENTER">&nbsp;<CENTER>
<div align="left">
  <TABLE BORDER="0" CELLSPACING=1 WIDTH=725>
<TR><TD WIDTH="430" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="281" VALIGN="TOP" COLSPAN=4>
<FONT FACE="Arial Narrow"><P ALIGN="CENTER">Nine months ended March 31,</FONT></TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
</CENTER>
<TD WIDTH="91" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="right"><u>2001</u></FONT></TD>
<CENTER>
<TD WIDTH="68" VALIGN="TOP">
<P>&nbsp;</TD>
</CENTER>
<TD WIDTH="88" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="right"><u>2000</u></FONT></TD>
</TR>
<CENTER>
<TR><TD WIDTH="430" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
</CENTER>
<TD WIDTH="91" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="right">(unaudited)</FONT></TD>
<CENTER>
<TD WIDTH="68" VALIGN="TOP">
<P>&nbsp;</TD>
</CENTER>
<TD WIDTH="88" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="right">(unaudited)</FONT></TD>
</TR>
<CENTER>
<TR><TD WIDTH="430" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="68" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>Net sales
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>19,025,000&nbsp;</FONT></TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>19,038,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP" HEIGHT=10>
<FONT FACE="Arial Narrow"><P>Cost of sales (Includes rent paid to a director of </FONT></TD>
<TD WIDTH="16" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="91" VALIGN="TOP" HEIGHT=10 align="right"><P></P></TD>
<TD WIDTH="68" VALIGN="TOP" HEIGHT=10 align="right"><P></P></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=10 align="right"><P></P></TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; $ 268,000 and $262,000 for 2001 and 2000)</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>9,109,000&nbsp;</FONT></TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>8,673,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>Gross profits</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>9,916,000&nbsp;</FONT></TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>10,365,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>Operating expenses:</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; Selling
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>2,937,000&nbsp;</FONT></TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>2,840,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; General and administrative
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>3,707,000&nbsp;</FONT></TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>3,225,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; Research and development
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>1,344,000&nbsp;</FONT></TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>1,257,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; Amortization
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>368,000&nbsp;</FONT></TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>366,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; Unusual charges
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>720,000&nbsp;</FONT></TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>0&nbsp;</FONT></TD>
</TR>
<tr>
  <TD WIDTH="430" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
</tr>
<TR><TD WIDTH="430" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>9,076,000&nbsp;</FONT></TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>7,688,000&nbsp;</FONT></TD>
</TR>
<tr>
  <TD WIDTH="430" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
</tr>
<TR><TD WIDTH="430" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="16" VALIGN="TOP" HEIGHT=20><P></P></TD>
<TD WIDTH="91" VALIGN="TOP" HEIGHT=20 align="right"><P></P></TD>
<TD WIDTH="68" VALIGN="TOP" HEIGHT=20 align="right"><P></P></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=20 align="right"><P></P></TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>Income from operations
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>840,000&nbsp;</FONT></TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>2,677,000&nbsp;</FONT></TD>
</TR>
<tr>
  <TD WIDTH="430" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
</tr>
<TR><TD WIDTH="430" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>Other income (expense):
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; Other income, net
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>36,000&nbsp;</FONT></TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>8,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; Interest (expense)
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>(702,000)</FONT></TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>(808,000)</FONT></TD>
</TR>
<tr>
  <TD WIDTH="430" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
</tr>
<TR><TD WIDTH="430" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>(666,000)</FONT></TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>(800,000)</FONT></TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>Income before income taxes
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>174,000&nbsp;</FONT></TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>1,877,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>Income taxes </FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>70,000&nbsp;</FONT></TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>761,000&nbsp;</FONT></TD>
</TR>
<tr>
  <TD WIDTH="430" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
</tr>
<TR><TD WIDTH="430" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>Net income </FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>104,000&nbsp;</FONT></TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>1,116,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF" size="6">
  </TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF" size="6">
  </TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>Basic and diluted net earnings per common
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; and common equivalent share
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">$</FONT></TD>
</CENTER>
<TD WIDTH="91" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">0.01&nbsp;</FONT></TD>
<CENTER>
<TD WIDTH="68" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>0.13&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>Weighted average number of common and </FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; common equivalent shares outstanding:</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; Basic
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>8,787,300&nbsp;</FONT></TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>8,787,300&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="430" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp; Diluted
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="91" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>8,928,373&nbsp;</FONT></TD>
<TD WIDTH="68" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>8,971,300&nbsp;</FONT></TD>
</TR>
</TABLE>
  </div>
</CENTER>

<FONT FACE="Arial Narrow"><P ALIGN="left">See &quot;Notes to Consolidated
Financial Statements&quot;</P>
<P ALIGN="CENTER">4</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<hr color="#000080">
<P ALIGN="JUSTIFY">&nbsp;</P>
<B><P ALIGN="CENTER">PRO-DEX, INC. AND SUBSIDIARIES </P>
<P ALIGN="CENTER"><a name="CONSOLIDATED STATEMENTS OF CASH FLOWS">CONSOLIDATED STATEMENTS OF CASH FLOWS</a></P></B></FONT>
<TABLE BORDER="0" CELLSPACING=1 WIDTH=725>
<TR><TD VALIGN="TOP" COLSPAN=5 height="22" width="717">
<P ALIGN="RIGHT"><FONT FACE="Arial Narrow">Nine months ended March 31,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P ALIGN="right">2001</FONT></TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P ALIGN="right">2000</FONT></TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P ALIGN="right">(unaudited)</FONT></TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P align="right">(unaudited)</FONT></TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">
<FONT FACE="Arial Narrow"><P>CASH FLOWS FROM OPERATING ACTIVITIES</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<P>&nbsp;</TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp; Net income (loss)
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>104,000&nbsp;</FONT></TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>1,116,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp; Adjustments to reconcile net income (loss) to net
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<P>&nbsp;</TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp; cash provided by operating activities:
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<P>&nbsp;</TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>852,000&nbsp;</FONT></TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>850,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of assets
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>30,000&nbsp;</FONT></TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>0&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for doubtful accounts
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>110,000&nbsp;</FONT></TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>29,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">
<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve for obsolete inventory</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>177,000&nbsp;</FONT></TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>(212,000)</FONT></TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">
<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash compensation</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>19,000&nbsp;</FONT></TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>0&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">
<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred taxes</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>28,000&nbsp;</FONT></TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>770,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp; Change in working capital components net of effects
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<P>&nbsp;</TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">
<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp; of purchases and divestitures: </FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<P>&nbsp;</TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">

<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(Increase) decrease in accounts receivable
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>1,097,000&nbsp;</FONT></TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>(343,000)</FONT></TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">
<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Increase)
Decrease in inventories</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>(535,000)</FONT></TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>391,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">
<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Increase) in prepaid expenses</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>(153,000)</FONT></TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>(42,000)</FONT></TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Increase) decrease in other assets
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>246,000&nbsp;</FONT></TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>(147,000)</FONT></TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">

<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(Decrease) in accounts payable
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<P>&nbsp;</TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">

<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
and accrued expense
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>(487,000)</FONT></TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>(1,004,000)</FONT></TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="23">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Decrease) in income taxes payable
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="23">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="23">
<FONT FACE="Arial Narrow"><P>(47,000)</FONT></TD>
<TD WIDTH="67" VALIGN="TOP" height="23">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="23">
<FONT FACE="Arial Narrow"><P>0&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="21">
<hr align="right" width="65" color="#0000FF">
  </TD>
<TD WIDTH="67" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="21">
<hr align="right" width="65" color="#0000FF">
  </TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp; Net cash provided by operating activities
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>1,441,000&nbsp;</FONT></TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>1,408,000&nbsp;</FONT></TD>
</TR>
<tr>
  <TD WIDTH="429" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="21">
<hr align="right" width="65" color="#0000FF">
  </TD>
<TD WIDTH="67" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="21">
<hr align="right" width="65" color="#0000FF">
  </TD>
</tr>
<TR><TD WIDTH="429" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="21">
<P>&nbsp;</TD>
<TD WIDTH="67" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="21">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">
<FONT FACE="Arial Narrow"><P>CASH FLOWS FROM INVESTING ACTIVITIES</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<P>&nbsp;</TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp; Proceeds from sale of property and equipment
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>4,000&nbsp;</FONT></TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>0&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp; Purchase of property and equipment
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>(216,000)</FONT></TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>(160,000)</FONT></TD>
</TR>
<tr>
  <TD WIDTH="429" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="21">
<hr align="right" width="65" color="#0000FF">
  </TD>
<TD WIDTH="67" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="21">
<hr align="right" width="65" color="#0000FF">
  </TD>
</tr>
<TR><TD WIDTH="429" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="21">
<P>&nbsp;</TD>
<TD WIDTH="67" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="21">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp; Net cash flows (used in) investing activities
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>(212,000)</FONT></TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>(160,000)</FONT></TD>
</TR>
<tr>
  <TD WIDTH="429" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="21">
<hr align="right" width="65" color="#0000FF">
  </TD>
<TD WIDTH="67" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="21">
<hr align="right" width="65" color="#0000FF">
  </TD>
</tr>
<TR><TD WIDTH="429" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="21">
<P>&nbsp;</TD>
<TD WIDTH="67" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="21">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">
<FONT FACE="Arial Narrow"><P>CASH FLOWS FROM FINANCING ACTIVITIES</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<P>&nbsp;</TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp; Proceeds from short-term borrowing
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>115,000&nbsp;</FONT></TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>0&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp; Principal payments on long-term borrowing
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>(1,584,000)</FONT></TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>(826,000)</FONT></TD>
</TR>
<tr>
  <TD WIDTH="429" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="21">
<hr align="right" width="65" color="#0000FF">
  </TD>
<TD WIDTH="67" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="21">
<hr align="right" width="65" color="#0000FF">
  </TD>
</tr>
<TR><TD WIDTH="429" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="21">
<P>&nbsp;</TD>
<TD WIDTH="67" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="21">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp; Net cash flows (used in) financing activities
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>(1,469,000)</FONT></TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>(826,000)</FONT></TD>
</TR>
<tr>
  <TD WIDTH="429" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="21">
<hr align="right" width="65" color="#0000FF">
  </TD>
<TD WIDTH="67" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="21">
<hr align="right" width="65" color="#0000FF">
  </TD>
</tr>
<TR><TD WIDTH="429" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="21">
<P>&nbsp;</TD>
<TD WIDTH="67" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="21">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">
<FONT FACE="Arial Narrow"><P>NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>(240,000)</FONT></TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>422,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">
<FONT FACE="Arial Narrow"><P>Cash and cash equivalents, beginning of period</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>473,000&nbsp;</FONT></TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>107,000&nbsp;</FONT></TD>
</TR>
<tr>
  <TD WIDTH="429" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="21">
<hr align="right" width="65" color="#0000FF">
  </TD>
<TD WIDTH="67" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="21">
<hr align="right" width="65" color="#0000FF">
  </TD>
</tr>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">
<FONT FACE="Arial Narrow"><P>Cash and cash equivalents, end of period</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>233,000&nbsp;</FONT></TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>529,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="21">
<hr align="right" width="65" color="#0000FF" size="6">
  </TD>
<TD WIDTH="67" VALIGN="TOP" height="21">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="21">
<hr align="right" width="65" color="#0000FF" size="6">
  </TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">
<FONT FACE="Arial Narrow"><P>SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<P>&nbsp;</TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp; Cash payments for interest
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">702,000&nbsp;</FONT></TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">809,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="429" VALIGN="TOP" height="22">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp; Cash payments for income taxes
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="94" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">78,000&nbsp;</FONT></TD>
<TD WIDTH="67" VALIGN="TOP" height="22">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="87" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P ALIGN="RIGHT">0</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial Narrow"><P ALIGN="left">See &quot;Notes to Consolidated
Financial Statements&quot;</P>
<P ALIGN="CENTER">5</P>

<B><P ALIGN="CENTER">&nbsp;</P>
<hr color="#000080">
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">PRO-DEX, INC. AND SUBSIDIARIES </P>
<P ALIGN="CENTER"><a name="NOTES TO CONSOLIDATED FINANCIAL STATEMENTS">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
</a>
For The Nine Months Ended March 31, 2001</P>
<P ALIGN="JUSTIFY">BASIS OF PRESENTATION</P>
</B></FONT>
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial
information and with the instruction to Form 10-QSB and Regulation S-B. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of
management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the quarter ended March 31, 2001 are not necessarily indicative of the results that may be
expected for the year ended June 30, 2001. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's annual report on Form 10-KSB for the year ended June 30, 2000.</P>
<B><P ALIGN="JUSTIFY">LAND AND BUILDINGS HELD FOR SALE</P>
</B><P ALIGN="JUSTIFY">Land and buildings are held at lower of cost or net realizable value.</P>
<B><P ALIGN="JUSTIFY">INVENTORIES</P>
</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp; Inventories are stated at the lower of cost (the first-in, first-out method) or market and consist of the following:</P>
<P ALIGN="RIGHT">&#9;</P></FONT>
<TABLE BORDER="0" CELLSPACING=1 WIDTH=703>
<TR><TD WIDTH="388" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="146" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">March 31,</FONT></TD>
<TD WIDTH="149" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="right">June 30,</FONT></TD>
</TR>
<TR><TD WIDTH="388" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="146" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P><u>2001</u></FONT></TD>
<TD WIDTH="149" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="right"><u>2000</u></FONT></TD>
</TR>
<TR><TD WIDTH="388" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">Raw materials</FONT></TD>
<TD WIDTH="146" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="right">$ 1,402,000&nbsp;</FONT></TD>
<TD WIDTH="149" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P align="right">$&nbsp;&nbsp;&nbsp; 975,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="388" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">Work in process</FONT></TD>
<TD WIDTH="146" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">382,000&nbsp;</FONT></TD>
<TD WIDTH="149" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>454,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="388" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">Finished goods</FONT></TD>
<TD WIDTH="146" VALIGN="TOP" HEIGHT=17 align="right">
<FONT FACE="Arial Narrow"><P>3,580,000&nbsp;</FONT></TD>
<TD WIDTH="149" VALIGN="TOP" HEIGHT=17 align="right">
<FONT FACE="Arial Narrow"><P>3,400,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="388" VALIGN="TOP" HEIGHT=17>
  </TD>
<TD WIDTH="146" VALIGN="TOP" HEIGHT=17 align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
<TD WIDTH="149" VALIGN="TOP" HEIGHT=17 align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
</TR>
<TR><TD WIDTH="388" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp; Total</FONT></TD>
<TD WIDTH="146" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">5,364,000&nbsp;</FONT></TD>
<TD WIDTH="149" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>4,829,000&nbsp;&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="388" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">Reserve for slow moving items</FONT></TD>
<TD WIDTH="146" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>(760,000)</FONT></TD>
<TD WIDTH="149" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>(583,000)</FONT></TD>
</TR>
<TR><TD WIDTH="388" VALIGN="TOP">
  </TD>
<TD WIDTH="146" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
<TD WIDTH="149" VALIGN="TOP" align="right">
<hr align="right" width="65" color="#0000FF">
  </TD>
</TR>
<TR><TD WIDTH="388" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp; Total inventories, net</FONT></TD>
<TD WIDTH="146" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>$ 4,604,000&nbsp;</FONT></TD>
<TD WIDTH="149" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>$ 4,246,000&nbsp;</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial Narrow">
<P ALIGN="center">6</P>
<hr color="#000080">
<P ALIGN="JUSTIFY">&nbsp;</P>
<B><P ALIGN="JUSTIFY">EARNINGS PER COMMON SHARE</P>
</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted per share amounts assume the conversion, exercise or issuance of all potential common stock instruments unless the effect is to reduce a loss or increase the income per common
share from continuing operations. No adjustments to net income were made for purposes of computing basic or diluted earnings per share. At March 31, 2001 there were
141,073&nbsp; option and warrant shares that were anti-dilutive. The weighted-average number of common shares and common share equivalents outstanding during the period used to compute basic and diluted earnings per common share is as follows:</P></FONT>
<div align="left">
<TABLE BORDER="0" CELLSPACING=1 width="725">
<TR><TD width="322" VALIGN="TOP" align="left">
<P>&nbsp;</TD>
<TD WIDTH="107" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="CENTER"><br>
Quarter ended March 31, 2001</FONT></P>
  </TD>
<TD WIDTH="135" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="CENTER">Nine-months&nbsp;<br>
 ended&nbsp;<br>
 March 31, 2001</FONT></P>
  </TD>
<TD WIDTH="135" VALIGN="TOP">
<p align="center">
<FONT FACE="Arial Narrow"><br>
Quarter ended March 31, 2000</FONT>
  </TD>
<TD WIDTH="146" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="CENTER">Nine-months&nbsp;<br>
 ended&nbsp;<br>
 March 31, 2000</FONT></P>
  </TD>
</TR>
<TR><TD width="322" VALIGN="TOP" align="left">
<FONT FACE="Arial Narrow"><P ALIGN="left">Weighted-average common shares used in computation of basic earnings per share</FONT></TD>
<TD WIDTH="107" VALIGN="BOTTOM" align="right">
<FONT FACE="Arial Narrow"><P>8,787,300</FONT></TD>
<TD WIDTH="135" VALIGN="BOTTOM" align="right">
<FONT FACE="Arial Narrow"><P>8,787,300</FONT></TD>
<TD WIDTH="135" VALIGN="BOTTOM" align="right">
<font face="Arial Narrow">8,787,300</font></TD>
<TD WIDTH="146" VALIGN="BOTTOM" align="right">
<FONT FACE="Arial Narrow"><P>8,787,300</FONT></TD>
</TR>
<TR><TD width="322" VALIGN="TOP" align="left">
<FONT FACE="Arial Narrow"><P ALIGN="left">Effect of dilutive securities:</FONT></TD>
<TD WIDTH="107" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="135" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="135" VALIGN="TOP" align="right">
  </TD>
<TD WIDTH="146" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
</TR>
<TR><TD width="322" VALIGN="TOP" align="left">
<FONT FACE="Arial Narrow"><P ALIGN="left">&nbsp; Common stock options and warrants </FONT></TD>
<TD WIDTH="107" VALIGN="TOP" align="center">
<FONT FACE="Arial Narrow"><P align="right">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
<TD WIDTH="135" VALIGN="TOP" align="right">
<p ALIGN="right"><font face="Arial Narrow">88,987</font></TD>
<TD WIDTH="135" VALIGN="TOP" align="right">
<font face="Arial Narrow">15,337</font></TD>
<TD WIDTH="146" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>106,000</FONT></TD>
</TR>
<TR><TD width="322" VALIGN="TOP" align="left">
<FONT FACE="Arial Narrow"><P ALIGN="left">&nbsp; Convertible preferred stock</FONT></TD>
<TD WIDTH="107" VALIGN="TOP" align="center">
<FONT FACE="Arial Narrow"><P ALIGN="right">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
<TD WIDTH="135" VALIGN="TOP" align="right">
<p ALIGN="right"><font face="Arial Narrow">52,086</font></TD>
<TD WIDTH="135" VALIGN="TOP" align="right">
<font face="Arial Narrow">78,129</font></TD>
<TD WIDTH="146" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>78,000</FONT></TD>
</TR>
<TR><TD width="322" VALIGN="TOP" align="left">
  </TD>
<TD WIDTH="107" VALIGN="TOP" align="right">
<hr align="right" width="75" color="#0000FF">
  </TD>
<TD WIDTH="135" VALIGN="TOP" align="right">
<hr align="right" width="75" color="#0000FF">
  </TD>
<TD WIDTH="135" VALIGN="TOP" align="right">
<hr align="right" width="75" color="#0000FF">
  </TD>
<TD WIDTH="146" VALIGN="TOP" align="right">
<hr align="right" width="75" color="#0000FF">
  </TD>
</TR>
<TR><TD width="322" VALIGN="TOP" align="left">
<FONT FACE="Arial Narrow"><P ALIGN="left">Weighted-average common and common share equivalents used in the computation of diluted earnings per share</FONT></TD>
<TD WIDTH="107" VALIGN="BOTTOM" HEIGHT=55 align="right">
<FONT FACE="Arial Narrow"><P>8,787,300</FONT></TD>
<TD WIDTH="135" VALIGN="BOTTOM" HEIGHT=55 align="right">
<font face="Arial Narrow">8,928,373</font></TD>
<TD WIDTH="135" VALIGN="BOTTOM" HEIGHT=55 align="right">
<font face="Arial Narrow">8,880,766</font></TD>
<TD WIDTH="146" VALIGN="BOTTOM" HEIGHT=55 align="right">
<FONT FACE="Arial Narrow"><P>8,971,300</FONT></TD>
</TR>
</TABLE>

  </div>

<FONT FACE="Courier New" SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><B><FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">LONG TERM DEBT</P>
</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company's credit facility with Harris Bank was terminated by the bank in July, 1999 as a result of various loan covenant violations. The entire obligation to the bank consisting of a
$1.8 million balance on a term loan, and a revolving line of credit with a balance of $4 million is shown as currently due. The Company has been unable to borrow any additional funds under either facility since July 1999, and has been operating under a
series of forbearance agreements provided by Harris Bank. The new forbearance agreement expires on July 31, 2001, and requires monthly principal payments of $125,000 plus an additional payment calculated monthly as a percentage of excess cash flow. The
Company continues to meet all of the covenant requirements contained in the forbearance agreement and all fees have been paid when due.</P>
<B><P ALIGN="JUSTIFY">STOCK OPTIONS</P>
</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; During the quarter ended March 31, 2001, the Company granted 30,000 stock options to employees at the average price of $2.60. 35,000 options expired during the quarter ended March 31, 2001.
</P>
<B><P>SEGMENT INFORMATION </P>
</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company's reportable segments are strategic business units that offer different products and services. They are managed separately because each business requires different technology
and marketing strategies. </P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There are four reportable segments: Biotrol International, Inc. (Biotrol/Challenge), Micro Motors, Inc. (Micro), Oregon Micro Systems, Inc. (OMS), and the parent company (Corporate).
Biotrol/Challenge manufactures and distributes infection control products, preventive products, tooth brightening systems and a full line of hand care products for the dental industry. Micro manufactures a complete line of handpieces for the dental
industry, and miniature pneumatic motors with dental, medical and industrial applications. OMS designs and manufactures motion controllers used to control the motion of servo and stepper motors, predominantly for the medical analysis equipment and
semiconductor industries. </P>
<P ALIGN="JUSTIFY">&nbsp; </P>
<P ALIGN="center">7 </P>
  <hr color="#000080">
<P ALIGN="JUSTIFY">&nbsp; </P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The accounting policies applied to determine the segment information are the same as those described in the summary of significant accounting policies. Interest expense is allocated based upon
the specific identification of debt incurred by the individual segment. Corporate overhead and the provision for income taxes are not allocated to the individual reported segments. Inter-segment sales and transfers are accounted for at amounts that
management believes provides the transferring segment with fair compensation for the products transferred, considering their condition, market demand, and, where appropriate, a reasonable profit that recognized which segment will be responsible for
marketing costs. Management evaluates the performance of each segment based on income (loss) before income taxes.</P>
<P ALIGN="JUSTIFY">Financial information with respect to the reportable segments follows (in thousands):</P></FONT>
<TABLE BORDER="0" CELLSPACING=1 WIDTH=700>
<TR><TD WIDTH="38%" VALIGN="bottom">
<FONT FACE="Arial Narrow">
<P ALIGN="CENTER"><br>
Nine-months ended<br>
<u>
March 31, 2001</u></FONT></P>
  </TD>
<TD VALIGN="bottom" align="center">
<FONT FACE="Arial Narrow">
<P ALIGN="right"><br>
<br>
<u>
Biotrol</u></FONT></TD>
<TD WIDTH="13%" VALIGN="bottom" align="center">
<FONT FACE="Arial Narrow"><P ALIGN="right"><br>
Micro<br>
<u>
Motors</u></FONT></P>
  </TD>
<TD WIDTH="14%" VALIGN="bottom" align="center">

<FONT FACE="Arial Narrow">

<P ALIGN="right">Oregon<br>
Micro<br>
<u>
Systems</u></FONT></P>
  </TD>
<TD WIDTH="12%" VALIGN="bottom" align="center">
<FONT FACE="Arial Narrow">
<P ALIGN="right"><br>
<br>
<u>
Corp.</u></FONT></TD>
<TD WIDTH="11%" VALIGN="bottom" align="center">
<FONT FACE="Arial Narrow">

<P ALIGN="right"><br>
<br>
<u>
Total</u>
</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=10><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">Sales from external customers</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">$7,045</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">$5,616&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">$6,364</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>--&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">$19,025</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">Intersegment sales</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">473</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>181&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">--</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>--&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>654</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">Segment profit (loss)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>186</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>(1,132)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>2,909</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>(1,859)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>104</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">Segment assets</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>2,637</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>6,468&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>2,496</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>2,942&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>14,543</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
</TABLE>

<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<TABLE BORDER="0" CELLSPACING=1 WIDTH=700>
<TR><TD WIDTH="38%" VALIGN="TOP">
<P ALIGN="CENTER"><FONT FACE="Arial Narrow">&nbsp;<br>
Nine-months ended<br>
<u>
March 31, 2000</u></FONT></P>
  </TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P align="right"><br>
<br>
<u>
Biotrol</u> </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="right"><br>
Micro<br>
<u>
Motors</u></FONT></P>
  </TD>
<TD WIDTH="14%" VALIGN="TOP">

<FONT FACE="Arial Narrow">

<P ALIGN="right">Oregon<br>
Micro<br>
<u>
Systems</u></FONT></P>
  </TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT FACE="Arial Narrow">
<P ALIGN="right"><br>
<br>
<u>
Corp.</u></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT FACE="Arial Narrow">
<P ALIGN="right"><br>
<br>
<u>
Total</u></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=10 align="right"><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=10 align="right"><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=10 align="right"><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=10 align="right"><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=10 align="right"><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">Sales from external customers</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">$7,519</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">$5,092&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">$6,427</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">--&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">$19,038</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">Intersegment sales</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">716</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>321&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">--</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>--&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>1,037</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">Segment profit (loss)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>1,296</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>(1,012)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>3,105</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>(2,273)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>1,116</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">Segment assets</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>3,722</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>7,191&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>2,949</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>3,140&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>17,002</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
</TABLE>

<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="center">8</P>
<hr color="#000080">
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P></FONT>
<TABLE BORDER="0" CELLSPACING=1 WIDTH=700>
<TR><TD WIDTH="37%" VALIGN="TOP">
<P ALIGN="CENTER"><FONT FACE="Arial Narrow">&nbsp;<br>
Three months ended<br>
<u>
March 31, 2001</u></FONT></P>
  </TD>
<TD WIDTH="13%" VALIGN="MIDDLE" align="right">
<FONT FACE="Arial Narrow">
<P ALIGN="right"><br>
<br>
<u>
Biotrol</u></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right"><br>
Micro<br>
<u>
Motors</u></FONT></P>
  </TD>
<TD WIDTH="14%" VALIGN="TOP" align="right">

<FONT FACE="Arial Narrow">

<P ALIGN="right">Oregon<br>
Micro<br>
<u>
Systems</u></FONT></P>
  </TD>
<TD WIDTH="12%" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow">
<P ALIGN="right"><br>
<br>
<u>
Corp.</u></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow">

<P><br>
<br>
<u>
Total</u>
</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=10><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">Sales from external customers</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">$2,313&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">$1,928&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">$1,313</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>--&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">$ 5,554&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">Intersegment sales</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">--&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>44&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">--&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>--&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>44&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">Segment profit (loss)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>(29)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>(427)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>293</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>(195)</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>(358)</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">Segment assets</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>2,637&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>6,468&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>2,496</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>2,942&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>14,543&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
</TR>
<TR><TD WIDTH="37%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
</TABLE>

<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">&nbsp;</P></FONT>
<TABLE BORDER="0" CELLSPACING=1 WIDTH=700>
<TR><TD WIDTH="38%" VALIGN="TOP">
<P ALIGN="CENTER"><FONT FACE="Arial Narrow"><br>
&nbsp;Three months ended<br>
<u>
March 31, 2000</u></FONT></P>
  </TD>
<TD WIDTH="13%" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow">
<P ALIGN="right"><br>
<br>
<u>
Biotrol</u></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right"><br>
Micro<br>
<u>
Motors</u></FONT></P>
  </TD>
<TD WIDTH="14%" VALIGN="TOP" align="right">

<FONT FACE="Arial Narrow"><P ALIGN="right">Oregon<br>
Micro<br>
<u>
Systems</u></FONT></P></TD>
<TD WIDTH="12%" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow">
<P ALIGN="right"><br>
<br>
<u>
Corp.</u></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow">
<P ALIGN="right"><br>
<br>
<u>
Total</u></FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=10><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=10><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">Sales from external customers</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">$2,584</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">$1,935&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">$2,328</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">--&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">$ 6,847</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">Intersegment sales</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">229</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>48&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">--</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>--&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>277</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">Segment profit (loss)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>374</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>(390)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>1,025</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>(698)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>311</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">Segment assets</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>3,722</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>7,191&nbsp;</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>2,949</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>3,140&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16 align="right">
<FONT FACE="Arial Narrow"><P>17,002</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16 align="right"><P></P></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
</TABLE>

<B><FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY"><a name="Item 2. Management's Discussion and Analysis">Item 2.
Management's Discussion and Analysis</a> </P>
<P ALIGN="JUSTIFY">Results of Operations</P>
</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Looking Statements. All forward looking statements in the following discussion of management's analysis of results of operation, liquidity and capital requirements, and the
possible effect of inflation, as well as elsewhere in the Company's assumptions regarding factors such as (1) market acceptance of the products of each subsidiary, including brand and name recognition for quality and value in each of the Company's
subsidiaries' markets, (2) existence, scope, defensibility and non-infringement of patents, trade-secrets and other trade rights, (3) each subsidiary's relative success in achieving and maintaining technical parity or superiority with competitors, (4)
interest rates for domestic and Eurofunds, (5) the relative success of each subsidiary in attracting and retaining technical and sales personnel with the requisite skills to develop, manufacture and market the Company's products, (6) the non-occurrence of
general economic downturns or downturns in any of the Company's market regions or industries (such as dental products and tools or computer chip manufacturers), (7) the relative competitiveness of products manufactured by the Company's facilities,
including any contractors in the global economy, (8) the non-occurrence of natural disasters, (9) a stable regulatory environment in areas of significance to each of the Company's subsidiaries, (10) the Company's success in managing its regulatory
relations and avoiding any adverse determinations, (11) the availability of talented senior executives for the parent and each of the subsidiaries, (12) other factors affecting the sales and profitability of the Company in each of its markets, (13) the
ability to generate larger margins from the consolidation of the Challenge operations into the Biotrol facility. Should any of the foregoing assumptions or other assumptions not listed fail to be
realized, the forward-looking statements herein may be inaccurate. In making forward looking statements in this and other Sections of the Company's report on Form 10-QSB, the Company relies upon recently promulgated policies of the Securities and
Exchange Commission and</P>
  <P ALIGN="JUSTIFY">&nbsp;</P>
  <P ALIGN="center">9</P>
  <hr color="#000080">
  <P ALIGN="JUSTIFY">&nbsp;</P>
  <P ALIGN="JUSTIFY">statutory provisions, including Section 21E of the Securities Exchange Act of 1934, which provide a safe-harbor for forward looking statements.</P>
<B><P ALIGN="JUSTIFY">Results of Operations for the Quarter Ended March 31, 2001 Compared to the Quarter Ended March 31, 2000.</P>
</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On April 10, 2001 the Registrant announced that Dentsply was withdrawing its original proposal announced November 8, 2000 to acquire Pro-Dex in a stock for stock transaction at an exchange
ratio of .091 shares of Dentsply shares for each share of Pro-Dex stock. On that date the parties agreed to continue discussion regarding Dentsply's possible acquisition of the Registrant's dental operations. On April 30, 2001 the Company announced that
it was unable to reach agreement on terms satisfactory to both parties, and terminated all discussions concerning possible acquisition of its dental subsidiaries by Dentsply International.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On November 1, 2000, the Registrant announced that its Challenge Products division will be integrated with Pro-Dex's Biotrol International division. The Challenge Products division will
continue to operate as an independent division, but will move all of
its operations to the Biotrol facility in Louisville, Colorado. The Challenge operations and manufacturing were discontinued on November 14, 2000. The move of the Challenge operation was completed by January 5, 2001. As of January 8, 2001, a substantial
portion of the production and shipping resumed at the Biotrol facility. The transfer of the Challenge operation to Biotrol will likely yield greater gross profit margins in the future due to reduced manufacturing costs and increased efficiency.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net sales by subsidiary follows:</P></FONT>
<TABLE BORDER="0" CELLSPACING=1 WIDTH=700>
<TR><TD WIDTH="312" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="80" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right"><br>
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001</u></FONT></TD>
<TD WIDTH="47" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right"><br>
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000</u></FONT></TD>
<TD WIDTH="41" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="78" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P ALIGN="right">Increase/<br>
<u>&nbsp; (Decrease)</u></FONT></P>
  </TD>
</TR>
<TR><TD WIDTH="312" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Biotrol / Challenge</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>$</FONT></TD>
<TD WIDTH="80" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>2,313,000&nbsp;</FONT></TD>
<TD WIDTH="47" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>$</FONT></TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>2,813,000&nbsp;</FONT></TD>
<TD WIDTH="41" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>$</FONT></TD>
<TD WIDTH="78" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>(500,000)</FONT></TD>
</TR>
<TR><TD WIDTH="312" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Micro Motors</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="80" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>1,972,000&nbsp;</FONT></TD>
<TD WIDTH="47" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>1,983,000&nbsp;</FONT></TD>
<TD WIDTH="41" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="78" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>(11,000)</FONT></TD>
</TR>
<TR><TD WIDTH="312" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Oregon Micro Systems</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="80" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>1,313,000&nbsp;</FONT></TD>
<TD WIDTH="47" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>2,328,000&nbsp;</FONT></TD>
<TD WIDTH="41" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="78" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>(1,015,000)</FONT></TD>
</TR>
<TR><TD WIDTH="312" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(Inter-company sales)</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="80" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P><u>&nbsp;&nbsp;&nbsp;&nbsp; (44,000)</u></FONT></TD>
<TD WIDTH="47" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P><u>&nbsp;&nbsp;&nbsp;&nbsp; (277,000)</u></FONT></TD>
<TD WIDTH="41" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="78" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P><u>&nbsp;&nbsp;&nbsp;&nbsp; 233,000&nbsp;</u></FONT></TD>
</TR>
<TR><TD WIDTH="312" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>$</FONT></TD>
<TD WIDTH="80" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>5,554,000&nbsp;</FONT></TD>
<TD WIDTH="47" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>$</FONT></TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>6,847,000&nbsp;</FONT></TD>
<TD WIDTH="41" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>$</FONT></TD>
<TD WIDTH="78" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>(1,293,000)</FONT></TD>
</TR>
<TR><TD WIDTH="312" VALIGN="TOP">
  </TD>
<TD WIDTH="16" VALIGN="TOP">
  </TD>
<TD WIDTH="80" VALIGN="TOP" align="right">
========</TD>
<TD WIDTH="47" VALIGN="TOP" align="right">
  </TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
========</TD>
<TD WIDTH="41" VALIGN="TOP" align="right">
  </TD>
<TD WIDTH="78" VALIGN="TOP" align="right">
=======</TD>
</TR>
</TABLE>

<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Consolidated sales decreased 18.9% for the quarter ended March 31, 2001, over the quarter ended March 31, 2000. At Biotrol/Challenge, sales for the quarter decreased 17.8% compared to the previous year when combined with Challenge's net sales for the
same period. The decrease in sales is partially due to the temporary delay in shipments caused by the closing of the Challenge facility, and transfer of its operation to the Biotrol facility. Additional revenue was lost due to the disruption in the
Biotrol/Challenge business caused by the announcement made November 8, 2000 that the Company was being acquired by Dentsply International, Inc. At Micro Motors, sales decreased less than 1% for the quarter ended March 31, 2001 compared to the quarter
ended March 31, 2000. At Oregon Micro Systems, sales decreased 43.6% for the quarter ended March 31, 2001 compared to the quarter ended March 31, 2000 due to a severe decline in the semiconductor industry.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross profits by subsidiary follows:</P></FONT>
<TABLE BORDER="0" CELLSPACING=1 WIDTH=710>
<TR><TD WIDTH="312" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="78" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="right"><br>
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001</u></FONT></TD>
<TD WIDTH="47" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="right"><br>
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000</u></FONT></TD>
<TD WIDTH="42" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="right">Increase/<br>
<u>&nbsp; (Decrease)</u></FONT></P>
  </TD>
</TR>
<TR><TD WIDTH="312" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Biotrol / Challenge
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P align="right">$</FONT></TD>
<TD WIDTH="78" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>1,102,000</FONT></TD>
<TD WIDTH="47" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>$</FONT></TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>1,432,000</FONT></TD>
<TD WIDTH="42" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>$</FONT></TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>(330,000)</FONT></TD>
</TR>
<TR><TD WIDTH="312" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Micro Motors
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="78" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>411,000</FONT></TD>
<TD WIDTH="47" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>358,000</FONT></TD>
<TD WIDTH="42" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>53,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="312" VALIGN="TOP">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Oregon Micro Systems
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="78" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 859,000</u></FONT></TD>
<TD WIDTH="47" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="83" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P><u>&nbsp;&nbsp;&nbsp;&nbsp; 1,696,000</u></FONT></TD>
<TD WIDTH="42" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (837,000)</u></FONT></TD>
</TR>
<TR><TD WIDTH="312" VALIGN="TOP" HEIGHT=5><P></P></TD>
<TD WIDTH="16" VALIGN="TOP" HEIGHT=5>
<FONT FACE="Arial Narrow"><P align="right">$</FONT></TD>
<TD WIDTH="78" VALIGN="TOP" HEIGHT=5 align="right">
<FONT FACE="Arial Narrow"><P>2,372,000</FONT></TD>
<TD WIDTH="47" VALIGN="TOP" HEIGHT=5 align="right">
<FONT FACE="Arial Narrow"><P>$</FONT></TD>
<TD WIDTH="83" VALIGN="TOP" HEIGHT=5 align="right">
<FONT FACE="Arial Narrow"><P>3,486,000</FONT></TD>
<TD WIDTH="42" VALIGN="TOP" HEIGHT=5 align="right">
<FONT FACE="Arial Narrow"><P>$</FONT></TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=5 align="right">
<FONT FACE="Arial Narrow"><P>(1,114,000)</FONT></TD>
</TR>
<TR><TD WIDTH="312" VALIGN="TOP" HEIGHT=5></TD>
<TD WIDTH="16" VALIGN="TOP" HEIGHT=5>
  </TD>
<TD WIDTH="78" VALIGN="TOP" HEIGHT=5 align="right">
  ========
  </TD>
<TD WIDTH="47" VALIGN="TOP" HEIGHT=5 align="right">
  </TD>
<TD WIDTH="83" VALIGN="TOP" HEIGHT=5 align="right">
  ========
  </TD>
<TD WIDTH="42" VALIGN="TOP" HEIGHT=5 align="right">
  </TD>
<TD WIDTH="88" VALIGN="TOP" HEIGHT=5 align="right">
  =========
  </TD>
</TR>
</TABLE>

<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overall gross profit dollars decreased 32% for the quarter ended March 31, 2001, compared to the quarter ended March 31, 2000 primarily due to the decrease in
revenue. The gross profit percentage for the quarter ended March 31, 2001, was 43% compared to 51% for the quarter ended March 31, 2000. The decrease in the gross profit is primarily due to the non-recurring costs and the interruption of production
necessary to integrate the Challenge unit&nbsp; </P>
<P ALIGN="JUSTIFY">&nbsp; </P>
<P ALIGN="center">10 </P>
<hr color="#000080">
<P ALIGN="JUSTIFY">&nbsp; </P>
<P ALIGN="JUSTIFY"> into the Biotrol facility. The transfer of the Challenge operation to Biotrol will likely yield greater gross profit margins in the future due to reduced manufacturing costs and increased efficiency. </P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating expenses without unusual charges decreased 3.4% to $2,566,000 for the quarter ended March 31, 2001, from $2,656,000 for the quarter ended March 31, 2000. Operating expenses, with
unusual charges of $227,000 included, for the quarter ended March 31, 2001, were $2,793,000 (50.3% of net sales) compared to $2,656,000 (38.8% of net sales) for the quarter ended March 31, 2000, an increase of 5.2%. The unusual charges include $192,000 of
costs associated with the break-up of the Dentsply transaction.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from operations for the quarter ended March 31, 2001 was ($421,000), compared to income from operations of $830,000 for the quarter ended March 31, 2000. Decreased gross profit combined
with an increase in operating expenses contributed to the decrease in net operating income.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense declined to $199,000 for the quarter ended March 31, 2001 compared to $290,000 for the comparable period in the prior year. The decrease in interest expense is attributed to
debt reduction as well as a drop in interest rates during the period.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company's effective income tax rate for the quarter ended March 31, 2001 is 40% compared to 45% for the quarter ended March 31, 2000. The Company has non-deductible expenses for goodwill
that are generally offset by allowable research and development credits. </P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss was ($358,000) for the quarter ended March 31, 2001, compared to a net income of $311,000 for the quarter ended March 31, 2000. </P>
<B><P ALIGN="JUSTIFY">Results of Operations for the Nine Months Ended March 31, 2001 Compared to the Nine Months Ended
</B></FONT>

<FONT FACE="Arial Narrow">
<B>March 31, 2000.</P>
</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net sales by subsidiary follows:</P></FONT>
<TABLE BORDER="0" CELLSPACING=1 WIDTH=700>
<TR><TD WIDTH="312" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="right"><u><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001</u></FONT></TD>
<TD WIDTH="39" VALIGN="TOP">
<P></TD>
<TD WIDTH="82" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="right"><u><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000</u></FONT></TD>
<TD WIDTH="43" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="right">Increase/<br>
<u>
&nbsp; (Decrease)</u></FONT></P>
  </TD>
</TR>
<TR><TD WIDTH="312" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Biotrol / Challenge</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>$</FONT></TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>7,518,000&nbsp;</FONT></TD>
<TD WIDTH="39" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>$</FONT></TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>8,235,000&nbsp;</FONT></TD>
<TD WIDTH="43" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>$</FONT></TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>(717,000)</FONT></TD>
</TR>
<TR><TD WIDTH="312" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Micro Motors</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>5,797,000&nbsp;</FONT></TD>
<TD WIDTH="39" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>5,413,000&nbsp;</FONT></TD>
<TD WIDTH="43" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>384,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="312" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Oregon Micro Systems</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>6,364,000&nbsp;</FONT></TD>
<TD WIDTH="39" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>6,427,000&nbsp;</FONT></TD>
<TD WIDTH="43" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>(63,000)</FONT></TD>
</TR>
<TR><TD WIDTH="312" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(Inter-company sales)</FONT></TD>
<TD WIDTH="16" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P><u>&nbsp;&nbsp;&nbsp; (654,000)</u></FONT></TD>
<TD WIDTH="39" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P><u>&nbsp; (1,037,000)</u></FONT></TD>
<TD WIDTH="43" VALIGN="TOP" align="right">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P><u>&nbsp;&nbsp;&nbsp;&nbsp; 383,000&nbsp;</u></FONT></TD>
</TR>
<TR><TD WIDTH="312" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P>$</FONT></TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>19,025,000&nbsp;</FONT></TD>
<TD WIDTH="39" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>$</FONT></TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>19,038,000&nbsp;</FONT></TD>
<TD WIDTH="43" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>$</FONT></TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<FONT FACE="Arial Narrow"><P>(13,000)</FONT></TD>
</TR>
<TR><TD WIDTH="312" VALIGN="TOP">
  </TD>
<TD WIDTH="16" VALIGN="TOP">
  </TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<font face="Times New Roman" size="3">========</font></TD>
<TD WIDTH="39" VALIGN="TOP" align="right">
  </TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<font face="Times New Roman" size="3">========</font></TD>
<TD WIDTH="43" VALIGN="TOP" align="right">
  </TD>
<TD WIDTH="82" VALIGN="TOP" align="right">
<font face="Times New Roman" size="3">========</font></TD>
</TR>
</TABLE>

<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Consolidated sales from continuing operations decreased less than 1% for the nine months ended March 31, 2001, compared to the nine months ended March 31, 2000. At Biotrol/Challenge, sales for the nine months decreased by 8.7% combining Challenge net
sales for the nine-month period. The decrease in sales is partially due to the temporary delay in shipments caused by the closing of the Challenge facility, and transfer of its operation to the Biotrol facility. Additional revenue was lost due to the
disruption in the Biotrol/Challenge business caused by the announcement made November 8, 2000 that the Company was being acquired by Dentsply International, Inc. Sales at Micro Motors increased 7.1% for the nine months ended March 31, 2001 over the nine
months ended March 31, 2000, primarily due to increased revenue from private label sales to its endodontic customers. Revenue at Oregon Micro Systems decreased 1.0% for the nine months ended March 31, 2001 compared to the same nine months of the previous
year. </P>
<P ALIGN="JUSTIFY">
Gross profits by subsidiary follows:</P>
<TABLE BORDER="0" CELLSPACING=1 WIDTH=700 height="148">
<TR><TD WIDTH="312" VALIGN="TOP" height="40">
<P>&nbsp;</TD>
<TD WIDTH="16" VALIGN="TOP" height="40">
<P>&nbsp;</TD>
<TD WIDTH="77" VALIGN="TOP" height="40">
<FONT FACE="Arial Narrow"><P ALIGN="right"><br>
<u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001</u></FONT></TD>
<TD WIDTH="49" VALIGN="TOP" height="40">
<P>&nbsp;</TD>
<TD WIDTH="80" VALIGN="TOP" height="40">
<FONT FACE="Arial Narrow"><P ALIGN="right"><br>
<u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000</u></FONT></TD>
<TD WIDTH="40" VALIGN="TOP" height="40">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" height="40">
<FONT FACE="Arial Narrow"><P ALIGN="right">Increase/<br>
<u>
&nbsp; (Decrease)</u></FONT></P>
  </TD>
</TR>
<TR><TD WIDTH="312" VALIGN="TOP" height="22">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Biotrol / Challenge
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<FONT FACE="Arial Narrow"><P>$</FONT></TD>
<TD WIDTH="77" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>3,675,000</FONT></TD>
<TD WIDTH="49" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>$</FONT></TD>
<TD WIDTH="80" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>4,233,000</FONT></TD>
<TD WIDTH="40" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>$</FONT></TD>
<TD WIDTH="82" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>(558,000)</FONT></TD>
</TR>
<TR><TD WIDTH="312" VALIGN="TOP" height="22">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Micro Motors
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="77" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>1,522,000</FONT></TD>
<TD WIDTH="49" VALIGN="TOP" align="right" height="22">
<P>&nbsp;</TD>
<TD WIDTH="80" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>1,288,000</FONT></TD>
<TD WIDTH="40" VALIGN="TOP" align="right" height="22">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P>234,000&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="312" VALIGN="TOP" height="22">

<FONT FACE="Arial Narrow"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Oregon Micro Systems
</FONT></TD>
<TD WIDTH="16" VALIGN="TOP" height="22">
<P>&nbsp;</TD>
<TD WIDTH="77" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P><u>&nbsp;&nbsp; 4,719,000</u></FONT></TD>
<TD WIDTH="49" VALIGN="TOP" align="right" height="22">
<P>&nbsp;</TD>
<TD WIDTH="80" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P><u>&nbsp;&nbsp; 4,844,000</u></FONT></TD>
<TD WIDTH="40" VALIGN="TOP" align="right" height="22">
<P>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP" align="right" height="22">
<FONT FACE="Arial Narrow"><P><u>&nbsp;&nbsp; (125,000)</u></FONT></TD>
</TR>
<TR><TD WIDTH="312" VALIGN="TOP" HEIGHT=22><P></P></TD>
<TD WIDTH="16" VALIGN="TOP" HEIGHT=22>
<FONT FACE="Arial Narrow"><P>$</FONT></TD>
<TD WIDTH="77" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>9,916,000</FONT></TD>
<TD WIDTH="49" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>$</FONT></TD>
<TD WIDTH="80" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>10,365,000</FONT></TD>
<TD WIDTH="40" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>$</FONT></TD>
<TD WIDTH="82" VALIGN="TOP" HEIGHT=22 align="right">
<FONT FACE="Arial Narrow"><P>(449,000)</FONT></TD>
</TR>
<TR><TD WIDTH="312" VALIGN="TOP" HEIGHT=22></TD>
<TD WIDTH="16" VALIGN="TOP" HEIGHT=22>
  </TD>
<TD WIDTH="77" VALIGN="TOP" HEIGHT=22 align="right">
<font face="Times New Roman" size="3">=======</font></TD>
<TD WIDTH="49" VALIGN="TOP" HEIGHT=22 align="right">
  </TD>
<TD WIDTH="80" VALIGN="TOP" HEIGHT=22 align="right">
<font face="Times New Roman" size="3">=======</font></TD>
<TD WIDTH="40" VALIGN="TOP" HEIGHT=22 align="right">
  </TD>
<TD WIDTH="82" VALIGN="TOP" HEIGHT=22 align="right">
<font face="Times New Roman" size="3">=======</font></TD>
</TR>
</TABLE>

<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P ALIGN="center">11</P>
<hr color="#000080">
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;
Consolidated gross profit dollars from continuing operations for the nine months ended March 31, 2001 decreased 4.3%. The Company's consolidated gross profit percentage decreased to 52.1% for the nine months ended March 31, 2001 compared to 54.4% for the
nine months ended March 31, 2000. The decrease in the gross profit is primarily due to the non-recurring costs and the interruption of production necessary to integrate the Challenge unit into the Biotrol facility. The transfer of the Challenge operation
to Biotrol will likely yield greater gross profit margins in the future due to reduced manufacturing costs and increased efficiency. At Micro Motors, the gross profit percentage declined due to higher manufacturing costs. Higher costs were attributed to
efforts to decrease the backlog of past due sales orders. Higher sales of lower margin products also contributed to the lower gross profit at Micro. The backlog of past due orders has been cleared up, and steps have been taken to increase gross profit on
low margin products.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating expenses increased to $9,076,000 for the nine months ended March 31, 2001 compared to $7,688,000 for the nine months ended March 31, 2000. Included in operating expenses for the nine
months ended March 31, 2001 are unusual charges of $720,000. Unusual charges include approximately $492,000 of costs associated with the failed Dentsply negotiations, and $156,000 of costs related to the integration of the Challenge operation into the
Biotrol facility. Also included in operating expenses for the period are non-recurring payroll costs for severance and prior period adjustments totaling approximately $294,000. Operating expense as a percentage of revenue was 47.7% for the nine months
ended March 31, 2001 compared to 40.4% for the nine months ended March 31, 2000. </P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income from operations for the nine months ended March 31, 2001 was $840,000 compared to income from operations for the nine months ended March 31, 2000 of $2,677,000, a decrease of $1,837,000.
</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense for the nine months ended March 31, 2001 was $702,000 compared to $808,000 for the nine months ended March 31, 2000. The Company lowered its debt during the period, and
reduced its interest rate due to the lowering of the discount rate by the bank.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company's effective tax rate is 40.5% for the nine months ended March 31, 2001, compared to 40% for the prior year's nine-month period. The Company has deductions for goodwill that are not
tax deductible, and are offset by the availability of a research and development credit.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income for the nine months ended March 31, 2001 was $104,000 compared to a net of $1,116,000 for the same nine months of the previous year.</P>
<B><P ALIGN="JUSTIFY">Liquidity and Capital Resources</P>
</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The operations of the Company are conducted primarily through its three wholly owned subsidiaries. The Company is currently unable to borrow funds from its existing credit facility with
Harris Bank. In addition, it is required to present the entire obligation of $5.8 million to the bank as a current liability. Consequently, working capital on March 31, 2001 is $564,000. The Company's
cash flow from operations enabled it to finance current operations and
retire&nbsp; $1,584,000&nbsp; of outstanding debt. This was offset by net borrowings on a short-term note for the payment of insurance of $115,000. </P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company's credit facility with Harris Bank was terminated by the bank in July, 1999, as a result of various covenant violations. Since then the Company has been operating under a series of
forbearance agreements provided by the bank. The most recent forbearance agreement expires on July 31, 2001 under terms that obligate the Company to make principal payments of $125,000 per month plus an additional payment calculated monthly as a
percentage of excess cash flow. The Company continues to meet all the covenant requirements contained in the new forbearance agreement. </P>
<P ALIGN="JUSTIFY">&nbsp; </P>
<P ALIGN="center">12 </P>
<hr color="#000080">
<P ALIGN="JUSTIFY">&nbsp; </P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On 8 November 2000, the Registrant announced it had reached an agreement in principal whereby DENTSPLY International, Inc. (NASDAQ: XRAY) will acquire all of the issued and outstanding shares
of Pro-Dex, Inc. The agreement in principal provides that each share of Pro-Dex will be exchanged, at the completion of the transaction, for .091 shares of DENTSPLY. On April 10, 2001, the Registrant further announced that Dentsply was withdrawing its
original proposal announced November 8, 2000 to acquire Pro-Dex in a stock for stock transaction at an exchange ratio of .091 shares of Dentsply shares for each share of Pro-Dex stock. On April 30, 2001 the Company announced that it was unable to reach
agreement on terms satisfactory to both parties, and terminated all discussions concerning possible acquisition of its dental subsidiaries by Dentsply International.</P>
<B><P ALIGN="JUSTIFY">Impact of Inflation and Changing Prices</P>
</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The industries in which the Company competes are labor intensive, often involving personnel with high-level technical or sales skills. Wages and other expenses increase during periods of
inflation and when shortages in the marketplace occur. The Company expects its subsidiaries to face somewhat higher labor costs, as the market for personnel with the skills sought by the Company becomes tighter in a period of full employment. In addition,
suppliers pass along rising costs to the Company's subsidiaries in the form of higher prices. Further, the Company's credit facility with Harris Bank involves increased costs if domestic interest rates rise or there are other adverse changes in the
international interest rates, exchange rates, and/or Eurocredit availability. To some extent, the Company's subsidiaries have been able to offset increases in operating costs by increasing charges, expanding services and implementing cost control
measures. Nevertheless, each of the Company's subsidiaries' ability to increase prices is limited by market conditions, including international competition in many of the Company's markets.</P>
<P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The nature of the foregoing discussion requires the use of forward-looking statements that involve assumptions, risks, and uncertainties that could cause outcomes to be substantially different
from those projected.</P>
<B><P ALIGN="JUSTIFY"><a name="Item 6. Exhibits and Reports on Form 8-K">Item 6.
Exhibits and Reports on Form 8-K</a> </P>

</B>&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp; none</FONT>

<FONT FACE="Arial Narrow"><P ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;
none&nbsp;</P>

<DIR>

<DIR>
<DIR>

<B>
<P ALIGN="JUSTIFY">&nbsp;</P>
</DIR>
</DIR>
</DIR>

</B>
<p ALIGN="center">13</p>

<B>

<hr color="#000080">
<P ALIGN="JUSTIFY">&nbsp;</P>

</B></FONT>
<DIR>

<FONT FACE="Arial Narrow"><DIR>
<DIR>

<B>
<P ALIGN="JUSTIFY">&nbsp;</P></DIR>
</DIR>
</DIR>

</B><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;<a name="In accordance">&nbsp; In accordance</a> with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P></FONT>

<TABLE BORDER="0" CELLSPACING=1 WIDTH=700>
<TR><TD WIDTH="62" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="178" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="268" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="62" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">Date:</FONT></TD>
<TD WIDTH="178" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">May 7, 2001</FONT></TD>
<TD WIDTH="268" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">/s/ Kent E. Searl</FONT></TD>
</TR>
<TR><TD WIDTH="62" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="178" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="268" VALIGN="TOP">
<P>
<FONT FACE="Arial Narrow">_______________________________</FONT></TD>
</TR>
<TR><TD WIDTH="62" VALIGN="TOP">
<P ALIGN="JUSTIFY"></TD>
<TD WIDTH="178" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="268" VALIGN="TOP">
<P>
<FONT FACE="Arial Narrow">Kent E. Searl, Chairman</FONT></TD>
</TR>
<TR><TD WIDTH="62" VALIGN="TOP">
<P ALIGN="JUSTIFY"></TD>
<TD WIDTH="178" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="268" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="62" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="178" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="268" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="62" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="178" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="268" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="62" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">Date:</FONT></TD>
<TD WIDTH="178" VALIGN="TOP">
<FONT FACE="Arial Narrow"><P ALIGN="JUSTIFY">May 7, 2001 </FONT></TD>
<TD WIDTH="268" VALIGN="TOP">
<P>
<FONT FACE="Arial Narrow">/s/ George J. Isaac</FONT></TD>
</TR>
<TR><TD WIDTH="62" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="178" VALIGN="TOP">
<P></TD>
<TD WIDTH="268" VALIGN="TOP">
<P>
<FONT FACE="Arial Narrow">_______________________________</FONT></TD>
</TR>
<TR><TD WIDTH="62" VALIGN="TOP">
<P></TD>
<TD WIDTH="178" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="268" VALIGN="TOP">
<P>
<FONT FACE="Arial Narrow">George J. Isaac, Chief Financial Officer</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial Narrow">

<B><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
</B>
<P ALIGN="CENTER">14</P>
</FONT>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>10QSB
<SEQUENCE>2
<FILENAME>q1.pdf
<TEXT>

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