Irvine, California, Aug. 02, 2018 (GLOBE NEWSWIRE) -- TRIMEDYNE, INC. (OTCPINK “TMED”) today reported its financial results for its quarter ended on June 30, 2018.
For the quarter ended June 30, 2018, Trimedyne had revenues of $1,597,000, an increase of 61% from revenues of $990,000 for the prior year quarter. The net income for the current quarter of $46,000 or $0.38 per share, as compared to a net loss of $3,000 or $(0.02) per share for the prior year quarter, is a considerable improvement, which was primarily the result of an increase of export sales revenue.
Revenues for the nine-month period ended June 30, 2018, were $4,483,000, an increase of 40% from revenues of $3,203,000 for the prior year nine-month period. The net income for the current nine-month period was $156,000 or $1.27 per share, as compared to a net loss of $259,000 or $(2.11) per share for the prior year nine-month period, is also a considerable improvement, which again was primarily the result of an increase of export sales revenue.
Cash and cash equivalents at the end of the current nine-month period ended June 30, 2018, were $1,058,000.
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 period and dates shown in the Financial Statements.
We appreciate the patience of our shareholders, and we are working hard to improve our financial condition.”
If you want a copy of our Unaudited Financial Statements, please send an email to jrudner@trimedyne.com.
CONTACT: Jeffrey Rudner
(949) 951-3800, Ext. 285