4th-quarter loss seen for Kirschner Medical

February 06, 1991|By Michelle Singletary | Michelle Singletary,Evening Sun Staff

Despite steps to cut costs, Kirschner Medical Corp. said it expects to report a fourth-quarter loss and also may experience a loss for 1990.

The Timonium-based company, which develops, manufactures and markets orthopedic instruments and devices, had a $14.2 million loss last year.

Kirschner's stock closed yesterday at $8, down 87 1/2 cents.

Dr. C. Scott Harrison, newly elected chairman of the board and chief executive officer, said yesterday the company has taken a number of steps to reduce costs, including a reduction in staff, a wage freeze and salary rollbacks.

John E. Barham, director of corporate communications, said the number of jobs cut was not available. But he said the cuts included middle management, clerical and factory workers. "It has affected all divisions," he said.

Kirschner, which employs more than 500 workers, operates facilities in Fair Lawn, N.J.; Delray Beach, Fla.; Marlow, Okla.; Hopkinton, Mass.; and Valencia, Spain.

Barham said the wage freeze went into effect Jan. 1 and will PTC continue until further notice. He also said Harrison has taken a 20 percent reduction in pay.

Kirschner's fourth quarter and year-end results are expected to be released in late March.

Baltimore Sun Articles
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.