Irvine, California, Dec. 21, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- TRIMEDYNE, INC. (OTCBB “TMED”) today reported its financial results for its Fiscal Year ending on September 30, 2018.
For the Fiscal Year Ended September 30, 2018, Trimedyne had revenues of $5,567,000, an increase of 18.6% from revenues of $4,695,000 for the prior year. We had net income for the current year of $234,000 or $1.91 per share, as compared to a net loss of $44,000 or $0.36 per share for the prior year, adjusted for a 150 to one reverse stock split in November, 2016. This $278,000 increase compared to the prior fiscal year is a considerable improvement, which was primarily the result of the increase in sales stated above.
At the end of the fiscal year on September 30, 2018, we had cash and cash equivalents of $765,000, as compared to $1,161,000 at the end of the prior fiscal year which included $580,000 in customer deposits for future orders of which $482,000 in sales were shipped during the current year.
Commenting on the financial results for the quarter, Marvin P. Loeb, Sc.D., Chairman of Trimedyne, said: “Inasmuch as 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 appraisal of our operations and financial condition for the periods and dates shown below.
We appreciate the patience of our shareholders and are working hard to improve our financial condition.”
To view Trimedyne’s financials, please click on this Link: Trimedyne, Inc.'s Financials for F/Y Ending on September 30, 2018