LAKE FOREST, CA--(Marketwire - May 29, 2012) - Trimedyne, Inc. (OTCBB: TMED) today reported its financial results for the quarter and six month period ended March 31, 2012.
Revenues for the current quarter were $1,526,000, a decrease of 18.8% from revenues of $1,880,000 for the prior year's quarter. The $354,000 decrease in revenues was primarily due to lower revenues from sales of lasers compared to the prior year period, as shipments of lasers totaling $215,500, for which we had received purchase orders, were delayed and were subsequently shipped in April. The Company had a net loss of $69,000 or $0.00 per share for the current quarter, compared to a loss of $75,000 or $0.00 per share for the prior year quarter.
For the six month period ended March 31, 2012, revenues were $2,916,000, a decrease of 17.0% from $3,515,000 for the same period of 2011. For the six months ended March 31, 2011, the Company's net loss was $354,000 or $0.02 per share, a 3.8% decrease from a net loss of $368,000 or $0.02 per share for the same six month period of 2010.
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, 2012 and 2011, respectively.
Commenting on the financial results for the quarter, Marvin P. Loeb, Sc.D., Chairman of Trimedyne, said, "We are disappointed with the decrease in revenues for the current quarter, even though most of the decrease was due to the delayed shipment of $215,500 of lasers in April, instead of in March. We are particularly displeased with the decrease in cash and equivalents at March 31, 2012, compared to September 30, 2011.
"We are carefully controlling costs and devoting very limited funds to the development of new products. However, we cannot assure that we will be able to increase or maintain our sales level or further reduce our costs."
If you would like to view the financial statements for the Quarter and Six Months ended March 31, 2012, please go to www.sec.gov for our 10Q Report.
Trimedyne manufactures proprietary Holmium lasers and patented fiber optic laser devices for vaporizing the prostate to treat BPH, vaporizing excess spinal disc tissue to treat herniated or ruptured discs and in a variety of other, minimally invasive procedures, many of which are performed on an outpatient basis at substantially less cost than conventional surgery. For product, press release, financial, SEC Reports 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. 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. 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.