TRIMEDYNE REPORTS FINANCIAL RESULTS FOR THE
QUARTER AND SIX MONTHS ENDED MARCH 31, 2005
16, 2005 – Irvine, CA: TRIMEDYNE, INC. (OTCBB “TMED”)
today reported a 9% increase in revenues to $1,392,000 for the
quarter ended March 31, 2005, compared to revenues of $1,274,000
for the same quarter of the prior year.
Revenues for the six months ended March 31, 2005, were
$3,231,000, an increase of 22% from revenues of $2,654,000 in
the year ago period.
revenues increased during the current quarter ended March 31,
2005, Trimedyne had a net loss of $24,000 or $0.00 per share,
compared to a net profit of $149,000 or $0.01 per share in the
prior year quarter. However,
the profit for the prior year quarter included the benefit of
$177,000 of other income, whereas other income in the current
quarter was $45,000 and R & D costs in the current quarter
increased 53% to $144,000 in the current year quarter from
$94,000 during the same quarter of the prior year.
a percentage of sales, compared to the same quarter of the prior
year, the Company’s cost of goods decreased to 49% from 53%,
SG&A increased to 45% from 42%, R&D expenses rose to 10%
from 7% and gross profit increased to 51% from 48%.
the six months ended March 31, 2005, the Company had a net
profit of $149,000 or $0.01 per share, compared to a net profit
of $314,000 or $0.02 per share in the same period of the prior
year. The profit
for the six-month period of the prior year included the benefit
of $300,000 of other income, whereas other income in the current
six-month period was $45,000.
R & D costs in the current six-month period increased
to $277,000 from $161,000 during the same period of the prior
year. As a
percentage of sales, compared to the same period of the prior
year, the cost of goods decreased to 50% from 52%, SG&A
decreased to 39% from 41%. R & D expenses increased to 9% from 6% and gross profit
increased to 50% from 48%.
D. Yeik, President of Trimedyne, said, “We are pleased to
report an increase in sales in the current quarter and six month
periods, compared to the year ago periods.
We have achieved a net profit for the first six months of
this year, despite the increase in SG&A due to the loss in
sub-lease income and increase in R&D due to increased
development of new products. We are planning to introduce some
new products shortly, and as a result, marketing expenses are
expected to rise in the coming months.
We anticipate our revenues will increase from sales of
the new products, although such cannot be assured.”
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-KSB and subsequently filed SEC
reports. There is
no assurance any new products can be cleared for sale by the FDA
or successfully commercialized or any forward-looking statements
will prove accurate, as actual results and future events could
differ materially from those presently anticipated.