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TRIMEDYNE REPORTS REVENUES AND PROFIT FOR THE QUARTER
AND NINE MONTHS ENDED JUNE 30, 2004
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August 12, 2004 –
Irvine, CA: TRIMEDYNE, INC. (OTCBB “TMED”) today reported a
net profit of $158,000 or $0.01 per share, fully diluted, on
revenues of $1,696,000 for the quarter ended June 30, 2004,
compared to a net profit of $331,000 or $0.02 per share, fully
diluted, on revenues of $1,497,000 for the same quarter of the
prior year. This
represents the Company’s seventh, consecutive, profitable
quarter.
Revenues
in the current quarter were 13% higher than in the same period
of the prior year, primarily due to an increase in laser sales. With lasers selling for $40,000 to $100,000, an increase or
decrease in the number of lasers sold in a quarter can have a
significant impact on revenues and profits.
Sales of disposable and reusable fiber optic devices
remained relatively stable in the quarter ended June 30, 2004,
compared to the prior year quarter.
As
a percentage of sales, compared to the same quarter of the prior
year, the Company’s cost of goods increased to 51% from 43%,
SG&A increased to 34% from 32%, R&D expenses rose to 5%
from 2%, and gross profit declined to 49% from 57%.
A $20,000 provision for income tax was made in the
current quarter, while $17,000 of income tax was incurred in the
prior year quarter.
In
the current quarter, the increase of cost of goods and decrease
in gross profit was largely due to slightly lower selling prices
for lasers, a higher proportion of new lasers being sold, versus
older, partially amortized units, and the cost of expanding
operations of the Company’s wholly-owned laser rental
subsidiary, which is expected to result in increased revenues in
the future.
For
the nine months ended June 30, 2004, the Company had a net
profit of $472,000 or $0.03 per share on revenues of $4,350,000
compared to a net profit of $828,000 or $0.06 per share on
revenues of $4,835,000 in the same period of the prior year.
As a percentage of sales, compared to the same period of
the prior year, the cost of goods increased to 51% from 48%, SG&A
increased to 39% from 32%, R & D expenses increased to 6%
from 3% and gross profit decreased to 49% from 52%.
Provisions for income tax were $24,000 in the current
nine month period, versus $43,000 in the prior year period.
Trimedyne
manufactures lasers and proprietary fiber optic devices for a
variety of minimally invasive surgical procedures, many of which
are performed on an outpatient basis at substantially less cost
than conventional surgery. For product, financial and other information, 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 1993 and Section 21E of the
Securities and Exchange Act of 1934.
Such statements may involve various risks and
uncertainties, some of which may be discussed in the Company's
most recent report on Form 10-KSB and subsequently filed SEC
reports. There is
no assurance any new products can be cleared for sale by the FDA
or successfully commercialized or any forward-looking statements
will prove accurate, as actual results and future events could
differ materially from those presently anticipated.
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