Kodak Q4 losses triple as sales plummet
March 12 , 2013
Eastman Kodak’s fourth-quarter net loss widened to $402 million from $117 million on the back of net sales falling 24 percent to $1.12 billion, according to regulatory filings on Monday.
For all of 2012, Kodak's losses rose by 80 percent to $1.38 billion. However, excluding reorganization and restructuring costs, the loss sat at $308 million.
Full-year net sales were down 20 percent to $4.11 billion.
Kodak said it ended the year with $1.14 billion of cash.
In a bid to revive its business, Chief Executive Antonio Perez said the firm was on track to emerge from bankruptcy in the middle of 2013 as it shifts its focus from photography to printing
Earlier this month, Kodak said it expected to file a Chapter 11 reorganization plan in April.
The company filed for bankruptcy protection last January due to high pension costs and a failure to keep up with consumers and rivals shifting to digital photography as opposed to film photography.