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Kodak's 3Q loss widens as company reorganizes
Wednesday - 10/31/2012, 2:38pm EDT
ROCHESTER, N.Y. (AP) - Eastman Kodak's losses widened to $312 million in the third quarter as the photo and printing company struggles to emerge from bankruptcy protection.
The loss reported late Tuesday compares to a loss of $222 million at the same time last year.
Revenue for the three-month stretch ending in September totaled $1 billion. That's a 19 percent decrease decline from last year.
The latest loss included charges taken to account for the elimination of 775 jobs during the quarter, according to a quarterly report filed with the Securities and Exchange Commission. Eastman Kodak Co. has now jettisoned more than 2,800 workers since the beginning of the year.
With the latest setback, Kodak has now lost more than $3 billion since the end of 2007.
Kodak, which is based in Rochester, N.Y., filed for bankruptcy protection in January after years of growing competition from Japan and an ineffective response to the past decade's shift to digital photography.
The upheaval has imperiled the future of a 132-year-old company that once was considered a technology pioneer.
Now, Kodak is having trouble find buyers for its portfolio of digital imaging patents. The company suspended the bankruptcy auction process in September and is now considering licensing the patents instead.
To repay its lenders and other creditors, Kodak also is trying to sell its personalized imaging and documents imaging division. Those operations posted an operating profit of $10 million on revenue of $382 million in the third quarter.
Kodak completed the $24 million sale of its online photo service to Shutterfly Inc. earlier this year.
Management was originally scheduled to file Kodak's bankruptcy reorganization plan by Oct. 15. The company is now seeking court approval to wait until end of February for the plan.
"The actions we are taking in response to economic and market conditions are working and will position us to emerge in 2013 as a growing, profitable, sustainable company," Kodak CEO Antonio Perez said in a statement.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)