Kodak posts larger loss amid bankruptcy costs

Published October 30, 2012

| Reuters

Eastman Kodak Co on Tuesday said its third-quarter loss grew 41 percent from a year earlier, reflecting restructuring and other costs as the bankrupt camera pioneer shifts its business focus toward printing from photography.

The net loss widened to $312 million, or $1.15 per share, from $222 million, or 83 cents, a year earlier, Kodak said in a regulatory filing.

Revenue fell 19 percent to $1.02 billion, hurt by a weakened economy, currency fluctuations, and the decision to exit some businesses, Kodak said.

Excluding restructuring and reorganization costs, Kodak said it lost $139 million in the quarter, compared with roughly $205 million a year earlier, and ended September with $1.13 billion of cash.

The Rochester, New York-based company has been in talks with creditors on a possible reorganization plan that Chief Executive Antonio Perez hopes will enable it to emerge from Chapter 11 protection next year.

Kodak has shuttered its digital camera business and plans to stop selling inkjet printers. It is still exploring options to sell more than 1,100 digital patents after failing to win acceptable bids in an auction held in August.

The company filed for bankruptcy protection on January 19 after failing to keep up as consumers and rivals shifted to digital photography from film photography. High pension costs have also weighed on Kodak.

The case is In re: Eastman Kodak Co, U.S. Bankruptcy Court, Southern District of New York, No. 12-10202.

(Reporting By Jonathan Stempel in Washington, D.C.; editing by Carol Bishopric)

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