Kodak posts $1.03 billion loss

testshootcom - Photographer
(Photographer California, United States)

\\\\NEW YORK (Reuters) - Photography company Eastman Kodak Co. (NYSE:EK - news) posted a quarterly loss of $1.03 billion on Wednesday after a $900 million charge related to efforts to transform itself into a digital products and printing services provider.\\\\

Ok, so we know Kodak was overpricing products and not being competative, but this is not a big blow to the industry over all as expected. Truth be told a $103 million loss is more than likely from the consumer products side.

It is noted that they gambled $900 million on transforming the business and in acquisitions in the digital market. Plus tax deferred assets. ("where's our money" shell game)

\\\\The world's top maker of photographic film also missed analysts' revenue forecasts as film sales fell, and its shares tumbled as much as 9 percent to a two-year low.

The quarterly loss was the third in a row for Kodak, which has spent the past two years cutting manufacturing and jobs and making acquisitions in hopes of beefing up areas such as digital cameras.\\\\

Kodak had treated pros like crap for a long time, and knew it had better margins on consumer products so no focus on the slim profits. This I see as a good thing because over all they will drop the consumer junk slowly and have to pay more attention to the pros and developing new emulsions.

Link: Yahoo article
Posted at 02:37 PM on Oct 19, 2005

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