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

Source:Trimedyne, Inc.