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TRIMEDYNE REPORTS REVENUE AND PROFIT FOR THE QUARTER ENDED MARCH 31, 2004
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May 21, 2004 – Irvine, CA: TRIMEDYNE, INC. (OTCBB “TMED”)
today reported a net profit of $149,000 or $0.01 per share,
fully diluted, on net revenues from sales and other income
received of $1,451,000 for the quarter ended March 31, 2004,
compared to a net profit of $207,000 or $0.02 per share, fully
diluted, on net revenues from sales and other income received of
$1,676,000 for the same quarter of the prior year.
This
represents the Company’s sixth, consecutive, profitable
quarter. However, the Company had a loss from operations of $24,000 in
the current quarter, compared to an operating profit of $210,000
in the prior year quarter. Proceeds from royalties and the settlement of litigation
were $181,000 in the current quarter.
Revenues
in the current quarter were 23% less than in the same period of
the prior year, primarily due to a decline in laser sales. However, sales of lasers are expected to increase in the
coming quarter, as we intend to expand our laser product
offering. With lasers selling for $40,000 to $100,000, an increase or
decrease in the number of lasers sold in a quarter can have a
significant impact on revenues and profits. Sales of disposable and reusable fiber optic devices
remained relatively stable in the quarter ended March 31, 2004,
compared to the prior year quarter.
As
a percentage of sales, the Company’s cost of goods was
comparable in both quarters, SG&A increased from 35% to 42%,
R&D expenses rose to 7% from 2% and gross profit declined to
48% in the current quarter from 50% in the same period of the
prior year. A
$4,000 provision for income tax was required in the current
quarter, while $26,000 in income tax was incurred in the prior
year quarter.
Trimedyne manufactures lasers and proprietary
fiber optic devices for a variety of minimally invasive surgical
procedures, many of which are performed on an outpatient basis
at substantially less cost than conventional surgery.
For product, financial and other information, 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 1993 and Section 21E of the
Securities and Exchange Act of 1934. Such statements may involve various risks and
uncertainties, some of which may be discussed in the Company's
most recent report on Form 10-K-SB 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.
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