ROCHESTER, N.Y. - Eastman Kodak Co. reported a narrower loss for its first quarter on Friday, its ninth deficit in the last 10 quarters as it applies some final touches to a drastic digital makeover.
The world's top maker of photographic film lost $151 million, or 53 cents a share, in the three months ended March 31 versus a loss of $298 million, or $1.04 cents a share, a year ago when it took hefty charges linked to its massive overhaul.
Sales fell 8 percent to $2.12 billion from $2.89 billion a year ago.
Its overall digital sales in the latest quarter fell 3 percent to $1.2 billion, while revenues from film, paper and other traditional, chemical-based businesses dipped 13 percent to $896 million.
Analysts surveyed by Thomson Financial had forecast a loss of 2 cents a share when one-time items are excluded on sales of $2.1 billion.
Last week, Kodak formally wrapped up the $2.35 billion sale of its health-imaging business to Canadian investment firm Onex Corp. It plans to pay down about $1.15 billion in debt and funnel the rest of the proceeds into digital ventures as profits from its storied film business rapidly erode.
Now in the final year of its historic four-year makeover, Kodak has piled up $2.6 billion in restructuring charges and accumulated $2 billion in net losses over the last 10 quarters.
In February, the picture-taking pioneer said it was eliminating 3,000 more jobs - bringing its planned tally of layoffs to 28,000 to 30,000 since 2004. By year-end, its work force will slip below 30,000, less than half what it was just three years ago.
Even before shedding its health unit, which employs 8,100 people, its work force had dipped below 50,000 from a peak of 145,300 in 1988.
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On the Net: http://www.kodak.com
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