Gish Biomedical Inc.
Despite climbing sales, Gish Biomedical Inc., the Santa Ana maker of disposable medical products, reported earnings plunged 41% during its second quarter because of increased spending for new product development.
For the three months ended Dec. 31, the company earned $22,692, compared to $38,319 in the same period a year earlier. Revenues for the quarter were $1.3 million, 31% higher than the $994,246 reported in the year-ago period.
Gish Chairman Jack Brown attributed the lower earnings to an 80% increase in spending for the research and development of products the company expects to introduce later this year. The company cited the new products introduced during previous quarters for its climbing sales.
For the first six months, earnings were $39,877, 76% below the $166,435 posted in the prior-year period. Revenues for the first half of the year were $2.6 million, 17% higher than the $2.2 million recorded in the year-ago half.
Microsemi Corp.
Largely due to ongoing military sales, Microsemi Corp., a Santa Ana-based manufacturer of electronic components, has reported first-quarter earnings of $898,000, the highest in the company’s history and 50% greater than the year-ago period.
Revenues for the quarter ended Dec. 30 were $8.26 million, up 23% from the $6.69 million reported in the first three months of the prior year.
Microsemi’s performance contrasts sharply with that of many companies in the nation’s semiconductor industry, which has seen lagging orders and the layoff of thousands of workers.
Philip Frey Jr., president and chief executive, said Microsemi has been spared the industry’s problems because of its strong sales to the military for its weapons and satellite programs.
American Pacific Corp.
American Pacific Corp. of Irvine said Wednesday that it earned $256,000 for the first quarter of its 1985 fiscal year, compared to a loss of $356,000 for the same quarter a year ago.
The real estate development company, which builds homes in San Diego and Orange counties, said its revenue for the quarter, which ended Dec. 31, rose 20.1% to $20.8 million, compared to $16.4 million a year ago.
Paul Winther, American Pacific’s vice president, attributed the company’s improved earnings to an unusually large number of houses completed and sold during the quarter. He said sales in the second quarter are expected to drop because of timing delays, which caused the number of houses planned for completion during that period to decrease.
Republic Resources
Newport Beach-based Republic Resources Inc., which researches commercial uses for the jojoba bean, estimated Tuesday that it lost almost $50,000 for its fiscal year ended Oct. 31, 1984, compared to earnings of about $1.1 million in fiscal 1983.
The company’s formal financial statement, as well as its fourth-quarter results, are expected to be released by the end of the month.
Republic acknowledged in a prepared statement that it has a cash liquidity problem and is trying to refinance a $300,000 overdue debt.
Republic said its revenues plunged 75% and its interest income dropped by approximately 50% during its 1984 fiscal year.
Chairman John O’Donnell attributed the expected 1984 loss primarily to a decline in new sales contracts and the effects of the company’s decision to repurchase seven limited partnerships in 1983. Republic bought out members of the partnerships, who had been paying Republic fees for participating in the company’s ventures. The buy-outs lowered both the company’s earnings and revenues.
Quality Systems Inc.
Quality Systems Inc., a Tustin-based firm that produces computer systems for dental and health offices, said Tuesday that it lost $68,900 in its third quarter, compared to earnings of $249,700 in the same quarter of 1983.
Revenues for the quarter ended Dec. 31 were $2.7 million, 15% below the $3.2 million recorded in the year-ago period.
For the first nine months of the year, the company lost $506,000, compared to earnings of $521,000 in the year-ago period. Revenues for nine months were $7.3 million, 8.7% below the $8 million posted in the year-earlier period.
