SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported)
September 24, 1999
GISH BIOMEDICAL, INC.
(Exact name of registrant as specified in its charter)
California
(State of other jurisdiction of incorporation or organization)
0-10728 95-3046028
(Commission File Number) (I.R.S. Employer Identification Number)
2681 Kelvin Avenue
Irvine, California 92614
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code
(949) 756-5485
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Item 5. Other Events
On September 24, 1999, the Company announced a 23 percent reduction in its work
force, with the objective of reducing operating costs. Severance costs related
to the reduction in personnel of approximately $100,000 are expected to be
charged to operations in the quarter ending September 30, 1999.
Item 7. Exhibits
Exhibit No. Description
- ---------- -----------
99.1 Press Release Dated September 24, 1999
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Gish Biomedical, Inc.
-----------------------------
(Registrant)
By /s/ JAMES R. TALEVICH
-----------------------------
James R. Talevich
Vice President/CFO
Date September 30, 1999
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EXHIBIT 99.1
PRESS RELEASE DATED SEPTEMBER 24, 1999
GISH BIOMEDICAL ANNOUNCES STREAMLINING OF WORK FORCE
Irvine, California-September 24, 1999-The Board of Directors of Gish Biomedical,
Inc. (Nasdaq:GISH) today announced a 23% reduction in its work force. The
Company is continuing to evaluate all possible further cost savings measures.
These moves are steps to increase Gish's competitive position in the marketplace
and to decrease its overhead and production costs. Severance costs related to
the reduction in personnel of approximately $100,000 are expected to be charged
to operations in the quarter ending September 30, 1999.
Gish Biomedical designs and manufactures disposable medical devices for various
surgical specialties including cardiovascular surgery, orthopedics, and
oncology. Currently there are 3,473,862 shares of Gish's common stock
outstanding.
This news release contains forward-looking statements concerning the Company's
business and products. Actual results may differ materially depending on a
number of risk factors, including the impact of competition, downward pricing
pressures in the relevant markets, risks related to product performance and the
risks relating to consumer acceptance of the Company's products. These and other
risks inherent in the Company's business are described in the Company's
Securities and Exchange Commission filings, including its Annual Report on Form
10-K. The Company undertakes no obligation to revise the forward-looking
statements contained herein to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events.
