Irvine, CA, Aug. 27, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- TRIMEDYNE, INC. (OTCPINK “TMED”) today reported its financial results for its quarter ended on June 30, 2019.
For the quarter ended June 30, 2019, Trimedyne had revenues of $1,017,000, a decrease of 36% from revenues of $1,597,000 for the prior year quarter. The net loss for the current quarter of $136,000 or $(1.11) per share, as compared to a net income of $46,000 or $0.38 per share for the prior year quarter. The net loss during the current quarter as compared to a net income during the prior year quarter was primarily the result of a decrease of export sales revenue and an increase in general expenses as a result of the relocation of our California Facility during the current quarter.
Revenues for the nine-month period ended June 30, 2019, were $3,601,000, a decrease of 20% from revenues of $4,483,000 for the prior year nine-month period. The net loss for the current nine-month period was $260,000 or $(2.12) per share, as compared to net income of $156,000 or $1.27 per share for the prior year nine-month period. The net loss during the current nine-month period as compared to net income during the prior year nine-month period was primarily the result of a decrease in export sales revenue and an increase in general expenses as a result of the relocation of our California Facility.
Commenting on the financial results for the quarter, Glenn D. Yeik, Interim Chairman of Trimedyne, said: “With the acceleration of our facility move due to issues with our prior landlord, we unfortunately had to focus last quarter on facilities and other non-revenue generating activities. We have plans to improve the performance of the Company that we will be in a position to disclose in the coming months.”
“We truly appreciate the patience of our shareholders, and we are diligently working to improve our business and financial condition.”
To view Trimedyne’s financials, please click on this Link:
CONTACT: Jeffrey Rudner