IRVINE, CA--(Marketwired - Jan 15, 2014) - TRIMEDYNE, INC. (OTCBB: TMED) (OTCQB: TMED) reported revenues of $5,989,000 for the fiscal year ended September 30, 2012, a 1.5% decrease from revenues of $6,080,000 for the prior fiscal year. The decrease was primarily due to the decrease in domestic Laser sales combined with the delaying of shipments of Fibers, Needles and Switch Tips resulting from the relocation to our new manufacturing facility in Irvine, California.
The Company had an operating loss of $(368,000) for the 2013 fiscal year, compared to an operating loss of $(1,170,000) for the prior fiscal year. The Company had net income of $329,000 or 0.02 per share for the fiscal year ended September 30, 2013 as compared to a net loss of $(836,000) or $(0.05) per share for the prior fiscal year. Our results in 2013 was benefitted by the receipt of $610,000 in non-recurring income, of which $433,000 was received from the settlement of a patent lawsuit.
For the quarter ended September 30, 2013, the Company had revenues of $1,263,000, a 13% decrease from revenues of $1,449,000 for the same quarter of the prior year. The Company had an operating loss of $(71,000) for the quarter ended September 30, 2013, compared to an operating loss of $(340,000) for the same quarter of the prior year. The Company had net income of $370,000 or $0.02 per share for the quarter ended September 30, 2013, versus a net loss of $(314,000) or $(0.02) per share for the year earlier quarter. Our 2013 results were benefitted by $433,000 in non-recurring income from the settlement of the same lawsuit.
The Company ended the 2013 fiscal year with cash and equivalents of $1,572,000 and receivables and other current assets of $1,842,000, versus accounts payable and accrued expenses of $593,000, and no long-term debt.
Trimedyne manufactures proprietary Holmium lasers and patented fiber optic laser devices for vaporizing spinal disc tissue to treat herniated or ruptured discs, fragmenting urinary stones and for use 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.