IRVINE, CA -- (Marketwired) -- 06/20/13 -- TRIMEDYNE, INC. (OTCQB: TMED) today reported its financial results for the quarter and six month period ended March 31, 2013.
Revenues for the current quarter were $1,570,000, an increase of 2.9% from revenues of $1,526,000 for the prior year's quarter. The $44,000 increase in revenues was primarily due to higher revenues from sales of Needles and Fibers, compared to the prior year period. The Company had a net profit of $161,000 or $0.01 per share for the current quarter, compared to a loss of $69,000 or $0.00 per share for the prior year quarter.
For the six month period ended March 31, 2013, revenues were $3,045,000, an increase of 4.4% from $2,916,000 for the same period of 2012. For the six months ended March 31, 2013, the Company's net profit was $17,000 or $0.00 per share, compared to our net loss of $354,000 or $0.02 per share for the same six month period of 2012.
All of the above per share numbers are based on a weighted average of 18,396,960 and 18,365,960 shares outstanding as of March 31, 2013 and 2012, respectively.
Commenting on the financial results for the quarter, Marvin P. Loeb, Sc.D., Chairman of Trimedyne, said, "We are pleased to report a profit for the past quarter and six month period. We are particularly pleased with an increase in cash and equivalents in the quarter ending March 31, 2013 of $143,000 in the current quarter, compared to a decrease of $228,000 in the prior year's quarter."
"We are concentrating on raising capital for the subsidiaries we plan to form for the purpose of each subsidiary conducting one or more randomized, controlled clinical trials of our breakthrough laser and fiber-optic technologies in each of their respective areas of medicine."
"We are carefully controlling costs, have reduced our head count and significantly reduced the cost of our facilities. However, we cannot assure that we will be able to continue to lower our costs, increase or maintain our sales or continue to operate profitability in the future."
If you would like to view our financial statements for the Quarter and Six Months ended March 31, 2013, please go to www.sec.gov for our 10Q Report.
Trimedyne manufactures proprietary Holmium lasers, patented side firing optical fibers and other fiber-optic devices for vaporizing the prostate to treat BPH, fragmenting urinary stones, vaporizing excess spinal disc tissue to treat herniated or ruptured discs and for use in a variety of minimally invasive procedures, many of which are performed on an outpatient basis at substantially less cost than conventional surgery. For product, press release and other information, please visit Trimedyne's website, http://www.trimedyne.com.
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act:
Statements in this news release may contain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934, including words like "expect", "may", "could" and others. There is no assurance such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Such statements may involve various risks and uncertainties, some of which may be discussed in the Company's current Form 10-K Report and subsequently filed SEC reports, which we are not required to update.
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