Gish Biomedical Inc. Reports Net of $50,000

Gish Biomedical Inc. reported net income of $50,000 for its first fiscal quarter ended Sept. 30 contrasted with a net loss of $121,000 for the comparable period a year earlier.

The Santa Ana-based company said revenue for the quarter totaled $2 million compared to revenue of $1.4 million for the same period the prior year.

Gish attributed the gains in earnings and revenue to increased sales of its disposable surgical products.

The company said it also benefited from its marketing and distribution agreement with Italy-based Sorin Biomedica S.p.A. , a unit of Fiat S.p.A. Under the agreement, Sorin will sell Gish products overseas.

Gish said its results also reflected its acquisition of the rights, tooling, trademarks and inventories for three new catheter product lines, which complements its existing line of catheters.

Gish has said it expects to post record net income this fiscal year of $800,000. The company’s best previous performance came in its fiscal year ended June 30, 1984, when it posted net income of $246,000.