Irvine, CA, May 03, 2018 (GLOBE NEWSWIRE) -- TRIMEDYNE, INC. (OTCPINK “TMED”) today reported its financial results for its quarter ending on March 31, 2018.
For the quarter ended March 31, 2018, Trimedyne had revenues of $1,352,000, an increase of 21% from revenues of $1,119,000 for the prior year quarter. We had a net income for the current quarter of $24,000 or $0.20 per share, as compared to a net loss of $31,000 or $(0.25) per share for the prior year quarter. The net income during the current quarter as compared to a net loss during the prior year quarter is a considerable improvement, which was primarily the result of an increase of export sales revenue and the continuation of our cost controls.
For the six-month period ended March 31, 2018, Trimedyne had revenues of $2,886,000, an increase of 30% from revenues of $2,213,000 for the prior year six-month period. We had net income for the current six-month period of $110,000 or $0.90 per share, as compared to a net loss of $256,000 or $(2.09) per share for the prior year six-month period. The net income during the current six-month period as compared to a net loss during the prior year six-month period is a considerable improvement, which was primarily the result of an increase of export sales revenue and the continuation of our cost controls.
Commenting on the financial results for the quarter, Marvin P. Loeb, Sc.D., Chairman of Trimedyne, said: “Since we are no longer required to file periodic reports with the SEC, our Financial Statements are un-audited. However, we believe our Financial Statements have been prepared and contain all adjustments of a recurring nature that are necessary for a fair presentation of our operations and financial condition for the periods and dates shown.”
“We appreciate the patience of our shareholders, and we are working hard to improve our financial condition.”
If you would like a copy of the financial statements, please send an email to rspence@trimedyne.com, and we will be happy to send it to you.