Irvine, CA, August 22, 2013 – (Accesswire) - TRIMEDYNE, INC. (TMED) today reported its financial results for the quarter and nine months ended June 30, 2013.
Revenues for the current quarter were $1,681,000, a decrease of 2% from revenues of $1,715,000 for the prior year’s quarter. The Company had a net loss of $58,000 or $0.00 per share in the current quarter, a decrease of 60% from a loss of $168,000 or $0.01 per share for the prior year quarter, largely due to our cost reduction efforts. The above figures are based on a weighted average of 18,395,960 shares outstanding for the current quarter and the prior year quarter.
For the nine month period ended June 30, 2013, revenues were $4,726,000, an increase of 2% from revenues of $4,631,000 for the same period of 2012. For the nine months ended June 30, 2013, the Company’s net loss was $41,000 or $0.00 per share, a decrease of 92% from a net loss of $522,000 or $0.03 per share for the same nine month period of 2012, again largely due to our cost reduction efforts and $166,000 of non-recurring income. The above figures are also based on the above weighted average number of shares outstanding for these periods.
Commenting on the financial results for the quarter, Marvin P. Loeb, Sc.D., Chairman of Trimedyne said, ”We are pleased our losses for the above 3 and 9 month periods have substantially declined. We are carefully controlling our operating costs. However, we cannot assure that we will be able to maintain our current sales or further lower our operating costs. We are concentrating on obtaining financing for the clinical trials of our planned subsidiaries.”
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 information, please visit Trimedyne's website, http://www.trimedyne.com/. For SEC Reports, please visit http://www.otcmarkets.com/home.
"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 “believe”, “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.
CONTACT: Jeffrey Rudner
(949) 951-3800, Ext. 285
SOURCE Trimedyne, Inc.