Kodak's annual loss doubles to $1.38 billion - PC Retail

Kodak's annual loss doubles to $1.38 billion

Photo giant says it will focus on digital printing in the hopes of battling its way out of bankruptcy
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Eastman Kodak maintains it will fight its way out of bankruptcy by the middle of this year, despite recording heavy losses in its annual earnings report.

The photo giant announced Q4 losses of $402 million, whilst doubling its losses on the previous year to $1.38 billion in 2012.

More worrying for the firm is that total in comparison to the firm's losses in 2008, which then stood at just $442 million.

It sums up a difficult year for the brand, after Kodak officially declared bankruptcy in January 2012, subsequently followed by the firm leaving the film business in August 2012.

However, Kodak says it will focus on digital printing, the firm's strongest area, in order to fight its way out of bankruptcy by mid-2013.

“Our momentum continues as we work to file our Plan of Reorganisation and then complete the final actions that will enable us to emerge from Chapter 11 in mid-2013,” said Kodak CEO Antonio M. Perez in a statement.

"Thanks to the talent and dedication of our employees, our 2012 performance was on track or ahead of our adjusted EBITDA and cash projections, and we have remained in compliance with the covenants of our debtor-in-possession facility, laying the foundation for emergence as a profitable, sustainable company.”

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