Eastman Kodak loss widens in 2Q

Aug 03, 2012

(AP) — Eastman Kodak Co. said Friday its second-quarter net loss widened as it cut costs while reorganizing under bankruptcy protection.

The Rochester, New York-based filed for bankruptcy protection in January. It hopes to emerge from bankruptcy protection a leaner and more profitable company in 2013.

Net loss for the April to June quarter totaled $299 million, up from $179 million last year. Excluding costs related to restructuring and reorganization under bankruptcy protection, its loss narrowed to $139 million, from $179 million last year.

Revenue fell 27 percent to $1.08 billion, due to the company's exit from the business, lower sales of traditional camera products and the stronger dollar.

Kodak, founded in 1880, filed for after being hurt first by Japanese competition and then by its inability to keep pace with the shift from film to digital photo technology over the past decade.

The company subsequently announced plans to stop making digital cameras, pocket video cameras and digital picture frames, saying that it sees home photo printers, high-speed commercial inkjet presses, workflow software and packaging as the core of its future business.

Since 2005, Kodak has poured hundreds of millions of dollars into new lines of inkjet printers. Once the digital camera business is phased out, Kodak said its consumer business will focus on printing and it will seek a company to license its digital camera brand.

Explore further: China's Xiaomi raises more than $1 bn in funding

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Eastman Kodak 1Q loss widens

Apr 27, 2012

(AP) -- Eastman Kodak Co. said Friday that its first-quarter loss widened on hefty charges related to its reorganization under bankruptcy protection and a drop in sales.

Kodak wins OK to auction digital patents

Jul 03, 2012

(AP) — Kodak says bankruptcy court has approved an auction of its imaging patent portfolios over the objections of Apple and FlashPoint Technologies, giving the photography pioneer clarity on ownership claims.

Kodak gets 2013 deadline to reorganize

Jan 20, 2012

(AP) -- Eastman Kodak Co. has obtained a bankruptcy judge's approval to borrow an initial $650 million from Citigroup Inc. to keep operations running while it peddles a trove of digital-imaging patents.

Shutterfly stock flies on Eastman Kodak deal

Apr 26, 2012

(AP) -- Shutterfly's stock climbed after the online photo publishing company emerged as the sole and thus the likely winning bidder for Eastman Kodak's online photo services business.

Recommended for you

China's Xiaomi raises more than $1 bn in funding

Dec 21, 2014

China's top smartphone seller Xiaomi Corp. is raising more than $1 billion in a fresh round of funding, a move which would raise its valuation above $45 billion, a report said Sunday.

Why the Sony hack isn't big news in Japan

Dec 20, 2014

Japan's biggest newspaper, Yomiuri Shimbun, featured a story about Sony Corp. on its website Friday. It wasn't about hacking. It was about the company's struggling tablet business.

Sony faces 4th ex-employee lawsuit over hack

Dec 20, 2014

A former director of technology for Sony Pictures Entertainment has sued the company over the data breach that resulted in the online posting of his private financial and personal information.

Sony tells AFP it still plans movie release

Dec 20, 2014

Sony Pictures boss Michael Lynton denied Friday the Hollywood studio has "caved" by canceling the release of "The Interview," and said it still hoped to release the controversial film.

2012 movie massacre hung over 'Interview' decision

Dec 19, 2014

When a group claiming credit for the hacking of Sony Pictures Entertainment threated violence against theaters showing "The Interview" earlier this week, the fate of the movie's big-screen life was all but ...

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.