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December 1, 1993


By CBR Staff Writer

Waltham, Massachusetts-based Kendall Square Research Corp is restructuring its senior management in the wake of the embarrassment of having to restate financial results for 1992 and 1993: founder Henry Burkhardt steps down as chief executive but remains president, while William Koch, chairman and its largest shareholder, becomes acting chief executive until a new one is found; Peter Appleton, executive vice-president, and Karl Wassmann, chief financial officer, are fired; the company said that based on an internal review, it revised downward by $14m revenues for the six months of 1993 but believes that some of the revenues will be recognised in future quarters, so that its 1992 product revenues will be $16.3m against the $20.5m reported; the 1992 net loss will be about $17.2m compared with the previously reported $12.7m; $4.2m of product revenues were improperly reported.

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