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TRIMEDYNE ANNOUNCES REVENUES AND PROFITS FOR THE QUARTER AND FISCAL YEAR ENDED SEPT. 30, 2004
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January
17, 2005 – Irvine, CA: TRIMEDYNE, INC. (OTCBB “TMED”)
today announced its financial results for the quarter and fiscal
year ended September 30, 2004.
Revenues
in the quarter ending September 30, 2004 were $1,623,000,
compared with $1,624,000 in the same period of 2003.
Net income in the current quarter was $529,000 or $0.04
per share, compared with net income of $205,000 or $0.01 per
share in the same period of 2003. The current quarter’s net income includes the benefit
of the reversal of $290,000 of the Company’s reserve for
excess and obsolete inventory, due to an analysis of inventory
turnover rates and projected future usages. The effect of this reversal was a decrease in the
Company’s cost of goods for the quarter, increasing net
income.
Revenues
for the fiscal year ended September 30, 2004 were $5,973,000,
compared with revenues of $6,459,000 in the prior fiscal year. Net income in the fiscal year ended September 30, 2004
was $1,001,000 or $0.07 per share, compared with net income of
$1,033,000 or $0.07 per share in the prior fiscal year. The current year’s results include the benefit of the
$290,000 inventory reserve reversal described above.
Marvin
P. Loeb, Chairman of Trimedyne, said, “We are pleased to
report our second consecutive year of profitable operations.
We have been engaged in the development of several new
products. We hope
one or more of these new products, whose development is almost
completed, will enable us to increase our revenues and profits
in 2005, although such cannot be assured.”
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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