Eastman Kodak Co. (EKDKQ:US), the film pioneer that filed for bankruptcy in January, reported a wider first- quarter loss as it exited the digital-camera business and photography sales declined.
The net loss expanded to $366 million from $246 million a year earlier, the Rochester, New York-based company said today in a statement. Sales fell 27 percent to $965 million, Kodak said.
Kodak sought bankruptcy protection after years of burning through cash as digital technology destroyed its film business. Chief Executive Officer Antonio Perez, who took the helm in 2005, is selling photography and patent assets as part of a plan to shrink the 131-year-old company into a digital-printing specialist that sells faster, more flexible commercial and consumer printers to profit from ink sales.
“We took decisive steps -- including filing for Chapter 11 and exiting unprofitable businesses -- to accelerate our transformation and emerge in 2013 as a profitable, sustainable business,” Perez said in the statement. “We saw improved profitability of our Commercial and Consumer business.”
The company ended March with $1.4 billion in cash (EK:US) after cutting spending and raising more financing.
Kodak is trying to sell more than 1,100 digital-imaging patents and is pursuing mobile-device makers including Apple Inc. and Research In Motion Ltd. (RIM) for patent infringement, claiming the companies owe it royalty payments.
The case is In re Eastman Kodak Co., 12-10202, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
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