Gish Earnings Fall

Gish Biomedical Inc. posted lower earnings for the fiscal year ended June 30, while sales rose.

The company, which makes disposable surgical products, reported that net income totaled $328,900, or 10 cents a share, which included a $702,000 charge related to the termination of a distributor contract and costs associated with the acquisition of EZ Flow pump technology. Net income for the prior year was $1.7 million, or 52 cents a share. Sales increased 6% to $23 million from $21.6 million.

Net income for the fourth quarter was down 59% to $164,700, or 5 cents a share, from $398,800 for the like 1995 period. Sales rose 15% to $6 million from $5.2 million.

Gish attributed lower earnings partially to increased manufacturing costs and increased investment in research and development.