LAKE FOREST, CA – TRIMEDYNE, INC. (OTCBB: TMED) reported revenues of $6,656,000 for the fiscal year ended September 30, 2011, a 4% increase from revenues of $6,401,000 for the prior fiscal year. The increase in revenues was largely due to increased Laser sales offset by a decrease in sales of Fibers, Needles and Switchtips, due to the economic slowdown and persistent unemployment, in which unemployed and uninsured people are putting-off elective, outpatient procedures.
The Company had an operating loss of $(1,522,000) for the 2011 fiscal year, compared to an operating loss of $(1,441,000) for the prior fiscal year. The Company had net loss of ($1,486,000) or $(0.08) per share for the fiscal year ended September 30, 2011 as compared to a net income of $639,000 or $0.04 per share for the prior fiscal year, which was benefitted by the receipt of $2,000,000 from the amicable settlement of the Company’s contract dispute with a prospective customer. The customer also renewed its Patent License Agreement with Trimedyne through July 21, 2014, when the patent expires.
For the quarter ended September 30, 2011, the Company had revenues of $1,732,000, a 15% increase from revenues of $1,505,000 for the same quarter of the prior year. The Company had an operating loss of $(683,000) for the quarter ended September 30, 2010, compared to an operating loss of $(573,000) for the same quarter of the prior year. The Company had a loss of $(689,000) or $0.04 per share for the quarter ended September 30, 2011, versus net income of $1,308,000 or $0.07 per share for the year earlier quarter, due to the amicable settlement of the Company’s contract dispute described above.
Included in the cost of sales for the fiscal year and quarter ended September 30, 2011, was a charge for excess and obsolete inventory of $287,000. Without this non-cash charge, the Company’s loss from operations would have been $(1,235,000) for the fiscal year and $(396,000) for the quarter ended September 30, 2011, and the Company’s net loss for the fiscal year and quarter ended September 30, 2011, would have been $(1,199,000) and $(402,000), respectively.
The Company ended the 2011 fiscal year with cash and equivalents of $1,151,000 and receivables and other current assets of $741,000, versus accounts payable and accrued expenses of $698,000.
Trimedyne manufactures proprietary Holmium lasers and patented fiber optic laser devices for vaporizing the prostate to treat BPH, vaporizing 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.
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