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IRVINE, Calif., Feb. 20, 2018 -- TRIMEDYNE, INC. (OTCPINK:TMED) today reported its financial results for its quarter ending on December 31, 2017.
For the Quarter Ended December 31, 2017, Trimedyne had revenues of $1,534,000, an increase of 40% from revenues of $1,094,000 for the prior year quarter. We had a net income for the current quarter of $86,000 or $0.70 per share, as compared to a net loss of $225,000 or $1.83 per share for the prior year quarter. This 138% increase in net income as compared to the prior year quarter is a considerable improvement, which was primarily the result of an increase in our sales revenue and the continuation of our cost controls.
At the end of the quarter on December 31, 2017, we had cash and cash equivalents of $1,047,000, which included $576,000 in customer deposits for future orders, as compared to $200,000 of deposits at the end of the prior fiscal year.
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 attached herein.
We appreciate the patience of our shareholders, and we are working hard to improve our financial condition.”
| TRIMEDYNE, INC. | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (UNAUDITED) | ||||||||
| December 31, 2017 | September 30, 2017 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,047,000 | $ | 1,161,000 | ||||
| Trade accounts receivable, net of allowance for doubtful accounts of $11,000 at December 31, 2017 and September 30, 2017, respectively | 329,000 | 360,000 | ||||||
| Inventories | 1,449,000 | 1,156,000 | ||||||
| Other current assets | 70,000 | 128,000 | ||||||
| Total current assets | 2,895,000 | 2,805,000 | ||||||
| Property and equipment, net | 379,000 | 359,000 | ||||||
| Other | 42,000 | 39,000 | ||||||
| Goodwill | 544,000 | 544,000 | ||||||
| Total Assets | $ | 3,860,000 | $ | 3,747,000 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 280,000 | $ | 206,000 | ||||
| Accrued expenses | 307,000 | 369,000 | ||||||
| Customer deposits | 576,000 | 580,000 | ||||||
| Deferred revenue | 43,000 | 11,000 | ||||||
| Accrued warranty | 63,000 | 60,000 | ||||||
| Taxes payable | 8,000 | 6,000 | ||||||
| Current portion of note payable and capital leases | -- | 20,000 | ||||||
| Total current liabilities | 1,277,000 | 1,252,000 | ||||||
| Deferred rent | 3,000 | 3,000 | ||||||
| Total liabilities | 1,280,000 | 1,255,000 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Preferred stock - $0.01 par value, 6,668 shares authorized, none issued and outstanding | – | – | ||||||
| Common stock - $0.01 par value, 200,000 shares authorized, 123,317 shares issued, 122,640 shares outstanding at December 31, 2017 and September 30, 2017 adjusted for split, respectively | 1,000 | 1,000 | ||||||
| Additional paid-in capital | 51,555,000 | 51,554,000 | ||||||
| Accumulated deficit | (48,263,000 | ) | (48,350,000 | ) | ||||
| 3,293,000 | 3,205,000 | |||||||
| Treasury stock, at cost (678 shares) | (713,000 | ) | (713,000 | ) | ||||
| Total stockholders' equity | 2,580,000 | 2,492,000 | ||||||
| Total liabilities and stockholder's equity | $ | 3,860,000 | $ | 3,747,000 | ||||
| TRIMEDYNE, INC. | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| (UNAUDITED) | ||||||||
| For the Three Months Ended December 31, | ||||||||
| 2017 | 2016 | |||||||
| Net revenues | $ | 1,534,000 | $ | 1,094,000 | ||||
| Cost of revenues | 1,008,000 | 838,000 | ||||||
| Gross profit | 526,000 | 256,000 | ||||||
| Operating expenses: | ||||||||
| Selling, general and administrative | 373,000 | 395,000 | ||||||
| Research and development | 75,000 | 89,000 | ||||||
| Total operating expenses | 448,000 | 507,000 | ||||||
| Gain (loss) from operations | 78,000 | (228,000 | ) | |||||
| Other expense, net | 10,000 | 5,000 | ||||||
| Income (loss) before income taxes | 88,000 | (223,000 | ) | |||||
| Provision for income taxes | 2,000 | 2,000 | ||||||
| Net income (loss) | $ | 86,000 | $ | (225,000 | ) | |||
| Net income (loss) per share: | ||||||||
| Basic | $ | 0.70 | $ | (1.83 | ) | |||
| Diluted | $ | 0.70 | $ | (1.83 | ) | |||
| Weighted average number of shares outstanding: | ||||||||
| Basic | 122,640 | 122,640 | ||||||
| Diluted | 122,640 | 122,640 | ||||||
CONTACT:
Jeffrey Rudner
(949) 951-3800, Ext. 285
[email protected]
