Kodak reports first quarter numbers, continues to plummet

By on April 27, 2012, 4:30 PM

Eastman Kodak Co. has posted first quarter numbers that continue to spiral downward even after filing for Chapter 11 bankruptcy protection in January. The iconic photography brand reported a net loss of $366 million, or $1.35 per share. The figure is an increase from the year-ago quarter when the company posted a $246 million net loss.

The company pinned the loss on a drop in sales and charges related to a restructuring effort under the bankruptcy plan. The sales drop is directly related to their decision to cease selling digital cameras, pocket video cameras and digital picture frames and focus efforts on other portions of the business. Kodak additionally agreed to sell their online photo gallery to Shutterfly for $23.8 million. The service boasted a surprising 75 million customer accounts.

Kodak is betting the house on home photo printers, commercial inkjet presses and workflow software moving forward. In the past decade, Kodak was unable to keep pace with digital photography innovations as interest in film technology continues to decline.

In the past year, the move has helped to slow the bleeding somewhat as losses of consumer business dropped to $164 million from $187 million the previous year. On the commercial side, losses tallied $64 million, or roughly $3 million less than last year.

Under the terms of the bankruptcy clause, Kodak has until February 15, 2013 to produce a reorganization plan but will resume daily operations thanks to a $950 million credit from Citigroup.

User Comments: 2

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Guest said:

poor kodak :(

Guest said:

Kodak needs to let everyone know there still making products.

When they said out of the game I thought they were cloing the doors and all of the product's would be gone.

On the other hand Ink jet printers cost too much to use and the Ink is the problem. Make a Cheep Printer sell it at a bargian then rob your customer blind on the ink! Sick of that tatic.

Kodak Make a Good printer Charge for it make good paper for it then lower the price of the Ink.

Do what Epson's doing with there photo printers, Good picture good paper and cheep ink.

And if one color runs out you don't have to buy them all to replace it.

Good luck EST MAN Kodak I've used your film for years, I hope someone still will make film it still has its uses.

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