Innovex Inc. announced the resignation of Terry M. Dauenhauer as president and chief executive officer and as a director of the company, effective October 12, 2009. John M. Clark, chairman of the Board and a director of the company, has been appointed to the position of interim chief executive officer, effective immediately.

Innovex Inc., Annual General Meeting, Feb 10, 2010

Innovex Inc. reported earnings results for the third quarter and nine months ended July 4, 2009. The company reported revenue for the fiscal 2009 third quarter ending July 4, 2009 of $10.7 million compared to $8.9 million for the fiscal 2009 second quarter, representing a 20.0% increase quarter on quarter. Revenue, excluding pass through material, for the fiscal 2009 third quarter was $7.4 million compared to $7.2 million for the fiscal 2009 second quarter, representing a 2.8% increase quarter on quarter. The company reported a net loss of $8.7 million, or $0.45 per diluted share, in the fiscal 2009 third quarter, as compared to a net loss of $6.5 million, or $0.33 per diluted share, in the fiscal 2009 second quarter. The net loss reported in the fiscal 2009 second quarter included an asset impairment charge of $0.7 million based on a potential cancellation of the sales contract of the Litchfield facility. Loss before income taxes was $8.70 million compared to $4.47 in the previous year period. Excluding the asset impairment charges, the net loss in the fiscal 2009 second quarter was $5.8 million, or $0.30 per diluted share. Cash used by operating activities was $1.3 million in the fiscal 2009 third quarter. For the nine months ended July 4, 2009, the company reported net loss of $19.84 million or $1.02 per diluted share on net sales of $33.21 million compared to net loss of $21.54 million or $1.11 per diluted share on net sales of $50.24 million in the previous year period. Loss before income taxes was $19.84 million compared to $21.54 in the previous year period. Net cash used in operating activities was $4.16 million compared to $14.33 million in the previous year period. Capital expenditure was $1.15 million compared to capital expenditure of $1.38 million in the previous year period.