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.
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)