Kodak losses mount on weak digital sales
Eastman Kodak Co
The photography and printing company's revenue fell to $1.93 billion, missing the analysts' average forecast of $2.11 billion, according to Thomson Reuters I/B/E/S.
Kodak's digital revenue fell 25 percent, while revenue at its consumer digital imaging group, which includes the licensing portfolio, fell almost 40 percent to $731 million.
The results come after a U.S. International Trade Commission judge determined on Monday that a Kodak patent claim against Apple Inc
Kodak filed the complaint in January, claiming Apple's iPhone and RIM's camera-enabled BlackBerry infringe its patent on a method for previewing images.
Kodak, whose name is synonymous with photos, has suffered in recent years as consumers abandoned traditional print film for digital cameras. The business of licensing its technology to phone manufacturers and camera makers has helped Kodak offset costly restructuring plans.
In 2004, Kodak began a four-year turnaround plan to shift the company into a maker of digital photography products and printers. During the transition, it racked up billions in losses, cut its workforce in half and eliminated its dividend.
Kodak faces fierce competition in the digital camera and pocket video market from Sony Corp <6758.T> and Canon Inc <7751.T>, and from companies that make smartphones with cameras.
Kodak reported fourth-quarter earnings of $33 million, or 12 cents per share, from continuing operations, compared with $430 million, or $1.36 per share, a year earlier.
Excluding one-time items, the company reported a loss of 37 cent per share, missing analysts' estimates of a 2-cent loss.
Kodak shares fell 7.1 percent to $4.20 in early trade on the New York Stock Exchange.
(Reporting by Jennifer Saba; Editing by Lisa Von Ahn, Derek Caney, Dave Zimmerman)
© Copyright Thomson Reuters 2024. All rights reserved.