Gish Biomedical Posts $1.9-Million Loss for Year
IRVINE — Gish Biomedical Inc., a manufacturer of disposable surgical products, incurred a net loss of $1.9 million, or 57 cents a share, for the fiscal year ended June 30, primarily from a $1.8-million fourth-quarter write-off from acquiring certain assets of Creative Medical Development in 1996, and a $90,000 increase in inventory reserves. For the prior year, the company reported net income of $329,000, or 10 cents a share. Sales declined 8% to $21.1 million from $23 million.
The company attributed the lower sales in part to industry consolidations and lower prices for cardiac surgery products. Sales of the company’s infusion pumps also were hurt by required modifications in software, Gish said.
For the fourth quarter, the company posted a loss of $1.8 million, or 54 cents a share, contrasted with net income of $165,000, or 5 cents a share, for the fourth quarter of 1996. Sales fell 12% to $5.3 million from $6 million.
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