Gish Biomedical Inc

Gish Biomedical Inc., a medical products company, posted net income of $61,500, or 2 cents a share, for the fiscal first quarter ended Sept. 30, contrasted with a net loss of $84,100, or 3 cents a share, for the corresponding period a year ago. Sales were unchanged at $5.3 million.

The Rancho Santa Margarita manufacturer of disposable medical devices reported a second quarter net loss of $431,000, or 12 cents a share, compared with a net loss of $334,000, or 10 cents a share, for the same period last year. Sales for the quarter ended Dec. 31 were unchanged at $4.5 million.

Gish Biomedical Inc., Irvine designer and manufacturer of disposable medical devices, posted a net loss of $2.8 million, or 81 cents a share, for the fiscal year ended June 30, compared with a net loss of $1.7 million, or 49 cents a share, a year ago. Sales declined 5% to $17.7 million. Fourth-quarter results were not released.

Gish Biomedical Inc., a manufacturer of medical devices, said net earnings for the second fiscal quarter ended Dec. 31 dropped to $97,800, or 3 cents a share, from $413,100, or 13 cents a share, for the corresponding quarter a year ago. Sales rose 7% to $5.8 million from $5.4 million. First-half net income totaled $14,000, compared with $809,900, or 25 cents a share, for the first six months a year earlier. Sales increased 3% to $11.1 million from $10.8 million.

Gish Biomedical Inc.'s stock fell 20% Wednesday after the manufacturer of disposable cardiovascular products said sales for its second quarter ending Dec. 31 would be "closer to $5 million rather than the $5.5 million projected by analysts." Gish's stock, which is traded over-the-counter, closed at $9.875 a share, down $2.50.

Gish Biomedical Inc., a medical device company, reported that net income rose 31% in the fiscal year ended June 30 to $1.7 million, or 52 cents a share, from $1.3 million, or 41 cents a share, for the prior year. Sales rose 2% to $21.6 million from $21.1 million. Profit for the fourth quarter declined 8% to $399,000, or 12 cents a share, from $435,000, or 14 cents a share, for the same period a year ago. Sales were down 5% to $5.2 million from $5.5 million.

Struggling Gish Biomedical Inc. said Wednesday it has cut about 45 employees, about 18% of its staff, over the last seven months and is considering a number of "strategic alternatives." The Irvine company, which designs and produces medical devices, said it made the cuts, which involved mostly assembly workers, after losing two major manufacturing customers. Stiff competition in the cardiovascular products market also brought lower prices, Gish said.

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.

Gish Biomedical Inc. said its plan to purchase a line of patient infusion pumps from Creative Medical Development Inc. of Nevada City, Calif., has been approved by Creative shareholders. Gish, which designs and makes devices used in cardiovascular and orthopedic surgery and oncology, will buy the product line for $2.6 million in cash and stock, said Jeanne Miller, Gish's chief financial officer. The purchase will enable Gish to enter the rapidly growing market for home health care, she said.

Gish Biomedical Inc. Chief Executive Kelly D. Scott bought 65,000 shares of the company's common stock in June, about a month after joining the Irvine maker of disposable medical devices, according to a report filed Monday with the Securities and Exchange Commission. Scott bought the stock June 13 and 14 at prices ranging from $2.19 to $2.50 a share. The stock closed Monday at $2.47, up 3 cents a share, in Nasdaq trading.

Gish Biomedical Inc.'s stock dropped 23.5% Friday, a day after the Irvine maker of disposable medical devices said chief executive James R. Yarter and three of the company's seven board members had resigned. The shares closed at $3.63, down $1.13, on the Nasdaq market.

Gish Biomedical Inc., which has posted losses the last three fiscal years and slashed its payroll, on Thursday named James R. Yarter president and chief executive officer. Yarter was president and chief executive of Block Medical and U.S. Medical. He succeeds Jack Brown, who resigned in September as chairman, president and chief executive of the Irvine designer and manufacturer of disposable medical devices.

Irvine-based Gish Biomedical Inc. dismissed almost a quarter of its employees Friday, the second major layoff announced this year by the struggling company. Gish executives said the move was designed to bring the company's overhead into line with industry norms. Gish eliminated 48 jobs, reducing the work force to 159. About half of the cuts came from its manufacturing division. "We're attempting to make the company more efficient," board member Howard Bovers said.

Beset by losses and increased competition, Gish Biomedical Inc. announced Thursday that Jack Brown resigned as chief executive, president and chairman of the Irvine-based company. "I think he thought it was in the best interest of the company for him to resign," said board member Howard Bovers. "He did so of his own free will." Brown was unavailable for comment Thursday. He will serve in the new position of managing director of product development and will retain his board seat.

Irvine-based Gish Biomedical Inc. dismissed almost a quarter of its employees Friday, the second major layoff announced this year by the struggling company. Gish executives said the move was designed to bring the company's overhead into line with industry norms. Gish eliminated 48 jobs, reducing the work force to 159. About half of the cuts came from its manufacturing division. "We're attempting to make the company more efficient," board member Howard Bovers said.