Third-quarter loss widens to $222 million (€162 million).
Eastman Kodak have revealed their Q3 results, with a loss of $222 million (€162 million) and finishing the quarter with almost 10 percent less cash, reports Associated Press. Consumer digital-imaging sales declined by 38 percent, and revenue fell 17 percent from $1.76 billion (€1.28 billion) Q3 2010 to $1.46 billion (€1.06 billion).
Its third quarterly loss in a row – and ninth loss in the last three years – amounted to 83 cents per share. Kodak reported a loss of $43 million (€31 million), at 16 cents a share, last year.
Kodak anticipates segment losses in 2011 in the region of $300 million (€218 million), within the forecast range of $100 million (€72 million) to $300 million in losses.
Chief Executive of Kodak Antonio Perez commented in a conference call with analysts: “These required statements shouldn’t be misunderstood in any way as dampening my optimism in our ability to complete the sale of our digital-imaging patent portfolio, which is very high.”
However Shannon Cross, Cross Research, remarked: “You’ve got a challenge here. Kodak’s at a point where one of two things have to happen – either they have to raise more money or they have to complete the same (of digital-imaging patents). Otherwise they’re not going to be able to continue.”
“The reports of Kodak’s death, where everyone was expecting Kodak to go bankrupt, are premature,” stated Ulysses Yannas, a Buckman, Buckman and Reid broker. “They continue to lose a lot of money but they have the wherewithal to become profitable again.”