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.