TRIMEDYNE, INC. (OTCBB: TMED) today reported its financial results for the quarter and six month period ended March 31, 2014.
Revenues for the current quarter were $1,382,000, a decrease of 12% from revenues of $1,570,000 for the prior year's quarter. The $188,000 decrease in revenues was primarily due a decrease in sales of Lasers compared to the prior year period. Lasers carry a high selling price and are subject to a longer, less predictable closing period which, as a result, can create larger variances between periods. The Company had a net loss of $11,000 or $0.001 per share for the current quarter, compared to net income of $161,000 or $0.875 per share for the prior year quarter. The decrease in net income between periods was primarily the result of non-recurring income of $166,000 during the prior year period ended March 31, 2013.
For the six month period ended March 31, 2014, revenues were $2,781,000, a decrease of 9% from $3,045,000 for the same period of 2013. For the six months ended March 31, 2014, the Company's net loss was $270,000 or $0.015 per share, compared to net income of $17,000 or $0.001 per share for the same six month period of 2013, primarily due to the non-recurring income in the prior year period mentioned above.
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, 2014 and 2013, respectively.
Commenting on the Company's plans, its Chairman, Marvin P. Loeb, said, "We are concentrating on raising capital for the companies being formed to each conduct two (2) or more randomized, controlled clinical trials of our breakthrough laser and fiber-optic technologies in the treatment of new conditions in their respective areas of medicine. We are carefully controlling our costs. However, we cannot assure that we will be able to increase or maintain our sales or operate profitability in the future."
If you would like to view our financial statements for the Quarter and Six Months ended March 31, 2014, 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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SOURCE: Trimedyne, Inc.