Droopy sales, reorganization efforts and bankruptcy-related expenses resulted in lackluster first-quarter results for Eastman Kodak (PINK:EKDKQ).
The iconic photography company, which was once almost synonymous with the camera, reported losses of $366 million ($1.35 per share) compared to last year’s loss of $246 million (91 cents per share). Revenues of $965 million fell about 27%. The struggling company attributes the falling revenue to its decision to stop selling digital cameras, digital photo frames and pocket video cameras. EKDKQ shares were down about 2% on the news.
As demonstrated by the recent sale of its Kodak Gallery to Shutterfly (NASDAQ:SFLY), the merger of its consumer and commercial business segments and its focus on items like home photo printers and software products, the company is basing its survival chances on becoming a smaller company.
“Kodak is focusing on its opportunities, reducing costs, and fine-tuning the balance between liquidity and growth to enable the enterprise to emerge from its Chapter 11 restructuring in 2013 as a leaner, stronger, and sustainable business,” Antonio Perez, chairman and CEO, said in a press release.
Kodak did see a few positive results thanks to its joint commercial and consumer line. Its cash balance grew to $1.4 billion, which is about a $500 million jump from the end of last year.