Gish Earnings Fall

IRVINE — 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.