IRVINE, Calif, Jan. 14, 2004 (PRIMEZONE) -- Trimedyne, Inc. (OTCBB:TMED) today reported a net profit of $1,034,000 or $0.08 per share ($0.07 per share fully diluted) on revenues of $6,459,000 for the fiscal year ended September 30, 2003, compared to a loss before income taxes of $1,215,000 or $(0.09) per share on revenues of 7,057,000 for the prior fiscal year. Net profit for quarter ended September 30, 2003 was $172,000 or $0.02 per share on net revenues of $1,624,000, compared to a loss before income taxes of $165,000 or $(.01) per share on revenues of $1,649,000 for the year earlier period. Income taxes for both periods were not significant.
This is the Company's fourth, consecutive, profitable quarter. The Company's cost of goods, G&A, sales and R&D expenses were significantly lower in the current fiscal year and quarter than in the prior fiscal year and quarter, as a result of management's aggressive cost control efforts. Gross profit for the fiscal year was 48.0% of sales, compared to 40.6% of sales in the prior year. Please see the Company's Annual Report on Form 10K for audited financial statements.
Trimedyne is a leading manufacturer of surgical lasers and proprietary disposable and reusable fiber optic devices for applications in a variety of minimally invasive surgical procedures in orthopedics (discectomy and arthroscopy), lithotripsy (fragmentation of stones), ENT surgery, gynecology, gastrointestinal surgery and general surgery. For product, financial or other information, visit Trimedyne's website at www.trimedyne.com.
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act:
Statements in this news released may contain forward-looking information 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. All statements, other than statements of historical fact included in this release, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Some of the risks and uncertainties may be discussed in Trimedyne's most recent report on Form 10K-SB and subsequently filed SEC reports.