Gish Biomedical Reports Dip in Profit
Gish Biomedical Inc., an Irvine manufacturer of medical products, posted a profit of $1.3 million, or 41 cents a share, for the fiscal year ended June 30, down 28% from the $1.8 million, or 54 cents a share, recorded for the previous year. The company attributed the decline to higher research and development costs and to increased direct sales activity. Revenue remained at $21.1 million. Fourth-quarter profit was down 4% from the like period a year ago, to $435,000, or 14 cents a share, from $452,000, or 14 cents a share. Sales dipped to $5.5 million from $5.7 million for fiscal 1993.