Polk Audio Inc. said yesterday that it was taking an after-tax charge of $200,000, or 12 cents a share, for moving most of its remaining Baltimore manufacturing operation to its plant in Tijuana, Mexico. The charge is expected to be taken in its fiscal fourth quarter, which ended March 26.
The maker of high-quality loudspeakers for homes and cars announced Monday that it would eliminate 34 manufacturing jobs by mid-May at its headquarters in Northwest Baltimore.
That would leave 125 local workers involved in administration, distribution, engineering, sales and marketing.
In announcing the one-time charge, the company did not disclose its expected earnings.
Polk reported record earnings in its third quarter as income rose 63.6 percent to $1.1 million, or 67 cents a share. Sales in the quarter grew 37 percent to $13.9 million.
Despite the favorable results, George M. Klopfer, Polk's president and chief operating officer, said the company needed to cut its costs further by shifting production to Tijuana.