LAKE FOREST, Calif., Feb. 1, 2013 /PRNewswire/ -- TRIMEDYNE, INC. (OTCBB "TMED") reported revenues of $6,080,000 for the fiscal year ended September 30, 2012, a 9% decrease from revenues of $6,656,000 for the prior fiscal year. The decrease in revenues was largely due to a decrease in sales of Lasers, partially offset by an increase in sales of Fibers, Needles and Tips.
The Company had an operating loss of $1,170,000 for the 2012 fiscal year, compared to an operating loss of $1,522,000 for the prior fiscal year. Due to economies instituted in the past year, the Company had net loss of $836,000 or $0.05 per share for the fiscal year ended September 30, 2012, as compared to a net loss of $1,486,000 or $0.08 per share for the prior fiscal year.
For the quarter ended September 30, 2012, the Company had revenues of $1,449,000, a 16% decrease from revenues of $1,732,000 for the same quarter of the prior year. Due to economies instituted in the past year, the Company had an operating loss of $340,000 for the quarter ended September 30, 2012, compared to an operating loss of $683,000 for the same quarter of the prior year. The Company had a net loss of $314,000 or $0.02 per share for the quarter ended September 30, 2012, versus a net loss of $689,000 or $0.04 per share for the year earlier quarter.
Included in the cost of sales for the fiscal year and quarter ended September 30, 2012, was a charge for excess and obsolete inventory of $225,000. Without this non-cash charge, the Company's loss from operations for the fiscal year and quarter ended September 30, 2012, would have been $945,000 and $115,000, respectively, and the Company's net loss for the fiscal year and quarter ended September 30, 2012, would have been $611,000 and $89,000, respectively.
The Company ended the 2012 fiscal year with cash and equivalents of $472,000 and receivables and other current assets of $651,000, versus accounts payable and accrued expenses of $501,000.
The Company is aggressively pursuing financing for the seven (7) subsidiaries the Company plans to organize to conduct clinical trials of the Company's breakthrough lasers and optical fiber devices to treat a variety of medical conditions, as described in the Company's Press Release of November 28, 2012.
Trimedyne manufactures proprietary Holmium lasers and patented fiber optic laser devices for vaporizing the prostate to treat BPH, vaporizing 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, 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.
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SOURCE Trimedyne, Inc.