Trimedyne Reports Its Financial Results for the Quarter Ending on December 31, 2017


IRVINE, Calif., Feb. 20, 2018 (GLOBE NEWSWIRE) -- TRIMEDYNE, INC. (OTCPINK:TMED) today reported its financial results for its quarter ending on December 31, 2017.

For the Quarter Ended December 31, 2017, Trimedyne had revenues of $1,534,000, an increase of 40% from revenues of $1,094,000 for the prior year quarter.  We had a net income for the current quarter of $86,000 or $0.70 per share, as compared to a net loss of $225,000 or $1.83 per share for the prior year quarter. This 138% increase in net income as compared to the prior year quarter is a considerable improvement, which was primarily the result of an increase in our sales revenue and the continuation of our cost controls.

At the end of the quarter on December 31, 2017, we had cash and cash equivalents of $1,047,000, which included $576,000 in customer deposits for future orders, as compared to $200,000 of deposits at the end of the prior fiscal year.

Commenting on the financial results for the quarter, Marvin P. Loeb, Sc.D., Chairman of Trimedyne, said: “Since we are no longer required to file periodic reports with the SEC, our Financial Statements are un-audited.  However, we believe our Financial Statements have been prepared and contain all adjustments of a recurring nature that are necessary for a fair presentation of our operations and financial condition for the period and dates shown in the financial statements attached herein.  

We appreciate the patience of our shareholders, and we are working hard to improve our financial condition.”

 
TRIMEDYNE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
  December 31, 2017  September 30, 2017 
ASSETS        
Current assets:        
Cash and cash equivalents $1,047,000  $1,161,000 
Trade accounts receivable, net of allowance for doubtful accounts of $11,000 at December 31, 2017 and September 30, 2017, respectively  329,000   360,000 
Inventories  1,449,000   1,156,000 
Other current assets  70,000   128,000 
Total current assets  2,895,000   2,805,000 
         
Property and equipment, net  379,000   359,000 
Other  42,000   39,000 
Goodwill  544,000   544,000 
         
Total Assets $3,860,000  $3,747,000 
         
LIABILITIES AND STOCKHOLDERS' EQUITY        
         
Current liabilities:        
Accounts payable $280,000  $206,000 
Accrued expenses  307,000   369,000 
Customer deposits  576,000   580,000 
Deferred revenue  43,000   11,000 
Accrued warranty  63,000   60,000 
Taxes payable  8,000   6,000 
Current portion of note payable and capital leases  --   20,000 
Total current liabilities  1,277,000   1,252,000 
         
Deferred rent  3,000   3,000 
         
Total liabilities  1,280,000   1,255,000 
         
Commitments and contingencies        
         
Stockholders' equity:        
Preferred stock - $0.01 par value, 6,668 shares authorized, none issued and outstanding      
Common stock - $0.01 par value, 200,000 shares authorized, 123,317 shares issued,
122,640 shares outstanding at December 31, 2017 and September 30, 2017 adjusted for split, respectively
  1,000   1,000 
Additional paid-in capital  51,555,000   51,554,000 
Accumulated deficit  (48,263,000)  (48,350,000)
   3,293,000   3,205,000 
Treasury stock, at cost (678 shares)  (713,000)  (713,000)
         
Total stockholders' equity  2,580,000   2,492,000 
         
Total liabilities and stockholder's equity $3,860,000  $3,747,000 
         


 
TRIMEDYNE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
  For the Three Months Ended
December 31,
 
  2017  2016 
Net revenues $1,534,000  $1,094,000 
Cost of revenues  1,008,000   838,000 
Gross profit  526,000   256,000 
         
Operating expenses:        
Selling, general and administrative  373,000   395,000 
Research and development  75,000   89,000 
Total operating expenses  448,000   507,000 
         
Gain (loss) from operations  78,000   (228,000)
         
Other expense, net  10,000   5,000 
         
Income (loss) before income taxes  88,000   (223,000)
         
Provision for income taxes  2,000   2,000 
Net income (loss) $86,000  $(225,000)
         
Net income (loss) per share:        
Basic $0.70  $(1.83)
Diluted $0.70  $(1.83)
         
Weighted average number of shares outstanding:        
Basic  122,640   122,640 
Diluted  122,640   122,640 
         


CONTACT:
Jeffrey Rudner
(949) 951-3800, Ext. 285
jrudner@trimedyne.com