Trimedyne Announces Third Quarter Financial Results.Business Editors & High-Tech Writers IRVINE, Calif.--(BUSINESS WIRE)--Aug. 3, 2000 Trimedyne Inc. (Nasdaq:TMED TMED Transfusion Medicine ) Thursday announced revenues of $1,646,000 for its third fiscal quarter ended June 30, 2000, a 15% increase over revenues of $1,437,000 for the same quarter of the prior year. The company's net loss for the third quarter was $997,000 or $0.09 per share, compared with the prior year third quarter operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $1,074,000 or $0.10 per share. Product development costs during the current quarter were $923,000, of which $365,000 was incurred in the development of the new Angiogenic angiogenic /an·gio·gen·ic/ (-jen´ik) 1. pertaining to angiogenesis. 2. of vascular origin. angiogenic adjective Relating to angiogenesis Injection and Laser TMR TMR total mixed ration. TMR 1 Trainable mentally retarded 2 Transmyocardial revascularization, see there System for the company's 90% owned subsidiary, Cardiodyne Inc. For the nine months ended June 30, 2000, Trimedyne reported a net loss of $2,246,000 or $0.20 per share, on revenues of $5,147,000, compared with a net loss of $3,197,000 or $0.29 per share, before an extraordinary item, on revenues of $5,017,000, in the prior year. Including extraordinary income of $6.5 million, after legal fees and costs, received in December 1998 from the settlement of the company's lawsuit against C.R. Bard Inc., the company's net profit for the nine-month period of the prior year was $3,303,000 or $0.30 per share. At June 30, 2000 the company had cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has of $5,015,000 and working capital of $10,467,000 or $0.93 per share, with no outstanding long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . Shane H. Traveller, president of Trimedyne, said, "We are continuing to reduce operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. and have stabilized our operations over the past year. We are committed to increasing sales and returning the company to profitability. "In the next few months we plan to announce an aggressive new operating strategy, which will include the introduction of new product lines and a revision of our sales and marketing plan. These changes make us confident in Trimedyne's future." Trimedyne is a leading manufacturer of surgical lasers located in Irvine. Trimedyne manufactures a family of Holmium holmium (hōl`mēəm) [Lat.,=Stockholm], metallic chemical element; symbol Ho; at. no. 67; at. wt. 164.9304; m.p. about 1,474°C;; b.p. about 2,425°C;; sp. gr. 8.78 at 25°C;; valence +3. and Nd:YAG lasers for use in urology, lithotripsy Lithotripsy Definition Lithotripsy is the use of high-energy shock waves to fragment and disintegrate kidney stones. The shock wave, created by using a high-voltage spark or an electromagnetic impulse, is focused on the stone. orthopedics, lumbar diskectomy, ENT ENT ears, nose, and throat (otorhinolaryngology). ENT abbr. ear, nose, and throat ENT ear, nose and throat. ENT Ears, nose & throat; formally, otorhinolaryngology surgery, gynecology, gastrointestinal surgery and general surgery to treat a variety of diseases and medical conditions. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement Under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and : Statements in this news release 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 including, without limitation, statements regarding potential future plans, beliefs, expectations, time lines and objectives, are forward-looking statements that involve various risks and uncertainties. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on any forward-looking statements contained herein. Some of the risks and uncertainties may be discussed in the company's most recent report on Form 10-K-SB and subsequently filed SEC reports. The company assumes no obligation to update the information contained in this release.
TRIMEDYNE INC.
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(In thousands except for per share information)
(UNAUDITED)
THREE NINE
MONTHS ENDED MONTHS ENDED
JUNE 30, JUNE 30,
2000 1999 2000 1999
Net Revenue $ 1,646 $ 1,437 $ 5,147 $ 5,017
Net Income (Loss) (997) (1,073) (2,246) 3,303
Basic and dilutive
earnings (loss) per
share: $ (0.09) $(0.10) $ (0.20) $ 0.30
Weighted Average Number
of Shares 11,368,163 10,905,956 11,368,163 10,905,956
SELECTED CONSOLIDATED CONDENSED BALANCE SHEET DATA
(In thousands except for Total Outstanding Shares)
(UNAUDITED)
JUNE 30, 2000
Cash and Equivalents and
Marketable Securities $ 5,015
Current Assets 11,556
Total Assets 11,998
Current Liabilities 1,089
Total Liabilities 1,089
Shareholders' Equity 10,909
Total Liabilities and Equity 11,998
Total Outstanding Common Shares 11,830,369
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