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Kodak's loss narrows to $115m on growth in digital photo business
Eastman Kodak said on Thursday its first-quarter loss narrowed to $115 million as it chases a bigger stake in digital photography.
- AP
- Published: 00:30 May 2, 2008
Rochester: Eastman Kodak said on Thursday its first-quarter loss narrowed to $115 million as it chases a bigger stake in digital photography.
Hit by carry-over restructuring charges after navigating a four-year digital overhaul, the photography products maker lost the equivalent of 40 cents a share in the January-March quarter, compared with a loss of $151 million, or 53 cents a share, a year earlier.
Sales rose one per cent to $2.093 billion from $2.08 billion.
Excluding one-time items totalling $2 million, or one cent a share, operating losses came to $112 million, or 39 cents a share.
Analysts polled by Thomson Financial expected, on average, a loss of three cents a share on $2.037 billion in revenue.
Its shares slipped 17 cents to $17.72 in pre-market trading.
Kodak blamed the shortfall on higher-than-expected tax provisions and increased inkjet printer investments in both its consumer photography and commercial graphic communications businesses.
Digital sales rose 10 per cent to $1.366 billion from $1.245 billion a year earlier, while traditional film-based revenue slumped 13 per cent to $724 million from $830 million.
Sales in consumer digital imaging rose 20 per cent to $554 million.
But the division recorded an operating loss of $111 million versus a loss of $75 million a year earlier, as it invested in its fledgling consumer inkjet printer business.
Graphic communications sales rose four per cent to $812 million.
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