LAKE FOREST, CA--(Marketwire - February 15, 2010) - TRIMEDYNE, INC. (OTCBB: TMED) today reported its financial results for the quarter ended December 31, 2009.
Revenues for the quarter were $1,654,000, an increase of 3% from revenues of $1,610,000 for the prior year's quarter. Trimedyne had an unfilled order backlog of $100,000 at December 31, 2009. Had the backlog items been shipped by December 31, 2009, revenues for the quarter would have been $1,754,000, an increase of 10% over revenues for the same quarter of the prior year. The Company had a net loss of $300,000 or $0.016 per share for the current quarter, compared to a loss of $445,000 or $0.024 per share for the same quarter of the prior year.
Marvin P. Loeb, Sc.D., CEO & Chairman of Trimedyne, said, "We regret not being at break-even or in the black in the current Quarter. However, use of our new VaporMAX® Side Firing Fiber by physicians in the U.S. and overseas has resulted in positive feedback, and we expect sales of this new Fiber will contribute to our financial results in the first calendar quarter of this year and thereafter.
Trimedyne manufactures proprietary Holmium lasers and patented fiber optic laser devices for a variety of minimally invasive surgical procedures, many of which are performed on an outpatient basis at substantially less cost than conventional surgery. For product, press release, financial 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 Form 10-K for the year ended September 30, 2009 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.
TRIMEDYNE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
ASSETS
December 31, 2009 September 30, 2009
----------------- ------------------
Current assets:
Cash and cash equivalents $ 1,131,000 $ 1,621,000
Trade accounts receivable, net of
allowance for doubtful accounts
of $12,000 and $12,000,
respectively 936,000 988,000
Inventories 2,576,000 2,266,000
Other current assets 141,000 226,000
------------------ ------------------
Total current assets 4,784,000 5,101,000
Property and equipment, net 1,115,000 1,168,000
Other 82,000 87,000
Goodwill 544,000 544,000
------------------ ------------------
Total Assets $ 6,525,000 $ 6,900,000
================== ==================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 427,000 $ 449,000
Accrued expenses 513,000 497,000
Deferred revenue 100,000 100,000
Accrued warranty 49,000 54,000
Income tax payable 25,000 20,000
Current portion of note payable
and capital leases 187,000 209,000
------------------ ------------------
Total current liabilities 1,301,000 1,329,000
Note payable and capital leases,
net of current portion 188,000 232,000
Deferred rent 42,000 51,000
Long term warrant liability 33,000 --
------------------ ------------------
Total liabilities 1,564,000 1,612,000
------------------ ------------------
Commitments and contingencies
Stockholders' equity:
Preferred stock - $0.01 par value,
1,000,000 shares authorized, none
issued and outstanding -- --
Common stock - $0.01 par value;
30,000,000 shares authorized,
18,467,569 shares issued at
December 31, 2009 and September
30, 2009, 18,365,960 shares
outstanding at December 31, 2009
and September 30, 2009 186,000 186,000
Additional paid-in capital 51,232,000 51,461,000
Accumulated deficit (45,740,000) (45,646,000)
------------------ ------------------
5,674,000 6,001,000
Treasury stock, at cost
(101,609 shares) (713,000) (713,000)
------------------ ------------------
Total stockholders' equity 4,961,000 5,288,000
------------------ ------------------
Total liabilities and
stockholder's equity $ 6,525,000 $ 6,900,000
================== ==================
TRIMEDYNE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
For the Three Months Ended
December 31,
2009 2008
------------ ------------
Net revenues $ 1,654,000 $ 1,610,000
Cost of revenues 1,076,000 1,076,000
------------ ------------
Gross profit 578,000 534,000
Operating expenses:
Selling, general and administrative 629,000 716,000
Research and development 305,000 296,000
------------ ------------
Total operating expenses 934,000 1,012,000
------------ ------------
(Loss) from operations (356,000) (478,000)
Other income, net 61,000 38,000
------------ ------------
(Loss) before income taxes (295,000) (440,000)
Provision for income taxes 5,000 5,000
------------ ------------
Net (loss) $ (300,000) $ (445,000)
============ ============
Net (loss) per share:
Basic $ (0.02) $ (0.02)
============ ============
Diluted $ (0.02) $ (0.02)
============ ============
Weighted average number of shares outstanding:
Basic 18,365,960 18,365,960
============ ============
Diluted 18,365,960 18,365,960
============ ============
