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The Bleeding Continues: Kodak Reports Loss of $312 Million

It seems like Kodak is having a hard time figuring out how to getting its finances back in the black. Kodak has announced its 3rd quarter financial results, and the numbers aren’t pretty — they’re downright ugly, actually. Despite raking in $1 billion over the three-month period ending in September (down 19% from the same period last year), the company still posted a net loss of $312 million (up from a loss of $222M during the same period last year).

The company is currently trying hard to shed weight in its attempt to climb out of bankruptcy, selling off many of its longtime businesses (e.g. cameras, film, online printing) in order to emerge at the end as a commercial printing company.

To put the 3-month loss of $312M in perspective: when Kodak sold its Gallery business and its 75M users to Shutterfly earlier this year, the price was only $23.8 million. The company burned through the money it made through that deal in less than a week.

Kodak’s new Professional Film App for iOS

The 132-year-old photo company seems to have lost its way in terms of innovation, much like Polaroid did before it went under. Photo Rumors writes that during PDN Photo Plus Expo in NYC last week, the only new thing Kodak had for visitors was an iOS app for using/finding/buying Kodak film — an app that’s getting panned around the web. Apparently it only lists 5 places in the US where you can buy Kodak film.

(via Washington Post)


 
  • 54343434343

    kodak.. polluting our world for decades.
    RIP

  • http://twitter.com/filmdevelop BelieveInFilm Gordon

    They have been headed for liquidation for months now. They replaced their CFO with one who has experience doing just that. They scheduled to go before their creditors and basically say “give us more money or you won’t get any back,” I’m pretty sure their creditors will just want to cut their losses and move on. If that happens they have less than 6 months worth of cash on hand.

  • wickerprints

    There’s nothing left of the company TO sell, except for corporate fat cat executives who are still taking their multimillion dollar salaries and reaping self-paid bonuses for firing all the employees who were involved in making actual products and innovations.

    Kodak could have been saved, but all this “restructuring” and sale of various business divisions has nothing to do with saving the company. Liquidation of their most valuable assets is basically a form of auto-cannibalism–cutting off one’s arm or leg in order to feed one’s mouth.

  • muddyclouds

    Maybe a campaign with Paul Simon and his song Kodachrome could help? I love that song..

  • Martin

    I asked for the film like app 20 years ago at Photo Plus, Los Angeles. Guy nobody would buy it.

  • kuskuss2

    unfortunately my link was deleted by the mods.

    kodak is making people sick in Rochester.. but nobody cares.

    ignorance is a virtue here….

  • http://twitter.com/cjblizzard Chris Blizzard

    I really don’t understand the strategy… Unless of course they’re TRYING to kill the company. Kodak is still a world famous brand. Ask anyone what kodak do/make, you’ll no doubt get most people saying film, a few saying developing photos, and a few older people remembering all the amazing cameras they used to make (personally I’ve got a brownie reflex, a jr 620, and an 8mm movie camera). Their first step was to get rid of everything they’re known for, and to try and push ahead into commercial printing where they had minimal market share, and massive competitors. The question is… Why?