Film stock maker Eastman Kodak Co. (EKDKQ), Monday reported a loss for the full year 2012 that widened from last year, hurt mainly by restructuring costs and lower revenues.
Eastman Kodak that filed for bankruptcy last year, said its loss for the year widened to $1.38 billion from last year's $764 million. Excluding reorganization and restructuring costs totaling $1.07 billion, the loss for the year would have been $308 million.
Revenues for the full year declined 20 percent to $4.11 billion from $5.15 billion last year, as volumes declined across all segments. The company said its revenue decline due to strategic decisions to focus on profitable businesses, soft industry demand, lower sales of traditional products, and unfavorable foreign exchange impact.
Total graphics, entertainment and commercial films divisions sales declined 23 percent to $1.74 billion, while digital printing and enterprise unit sales dropped 14 percent to $940 million. Personalized and document imaging division's sales for the year was down 20 percent to $1.43 billion.
Selling, general and administrative expenses dropped 22 percent to 824 million from $1.05 billion last year, mostly a result of cost reduction actions.
Kodak believes that it is on a path to emerge from Chapter 11 reorganization in mid-2013.
Chief Executive Antonio Perez said, "We also optimized our use of the Chapter 11 process, which offers valuable restructuring advantages despite the many demands it also imposes."
The company's worldwide cash balance was $1.14 billion at the end of 2012.
On the OTC markets, Kodak closed Monday's trading at $0.202, up $0.003 or 1.51%.
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