Kodak Reports Big Loss

Kodak reports a big loss

Kodak, a legendary name in photography, is reporting higher third-quarter loss that analysts were expecting a lot.

And 'reported loss of $ 222 million, or 83 cents per share, which is twice what many analysts had predicted the relationships mentioned above. Last year at this time, Kodak had lost $ 43 million, or 16 cents per share.

Earlier this year, stocks fell 25% after the company took a loan of 103 million pounds and was forced to deny rumors of bankruptcy after the recruitment of Jones Day, a law firm often associated procedures to protect against bankruptcy.

Kodak also announced that $ 862million in cash at the end of this quarter, down from $ 957million in the second quarter, which some analysts fear that Kodak will be used in cash before too long.

Sales of printer

Chief Executive Officer, Antonio M. Perez has sought to downplay the results, showing an increase in sales of digital printers and inks, which have jumped 44%. Even packaging products grew by 89%.

Kodak has focused on digital printers, and has been selling several patents in its long history photography to raise funds.

It is the company's net sales fell by 17%, to $ 1.46billion over the same period last year, mainly down to drop the camera, both film and digital sales.

Kodak previously forecast an annual loss of $ 200 - $ 400 million, but should now record 2011 loss of between $ 400 - $ 600 million.