Kodak Posts Loss, Plans Cuts

Eastman Kodak Co. disclosed Wednesday a second-quarter loss that missed Wall Street expectations by a wide margin and said it would eliminate as many as 10,000 more jobs.

The cutbacks are on top of 12,000 to 15,000 layoffs targeted 18 months ago as the company navigates a tough transition from film to digital photography.

“I don’t need to change our overall strategy -- the further we get into this, the better the strategy looks,” said Antonio Perez, Kodak’s new chief executive. “But I need to dramatically accelerate some of the steps needed to get there.”

Kodak said it lost $146 million, or 51 cents a share, in the April-June quarter, contrasted with a profit of $136 million, or 46 cents, a year ago. Revenue grew 6% to $3.69 billion.

Excluding restructuring and research charges, plus $19 million in asset impairments from an investment in China’s Lucky Film Co., Kodak posted earnings from continuing operations of 53 cents a share. Analysts surveyed by Thomson First Call had forecast earnings of 80 cents a share.

Kodak wrapped up an almost $3-billion shopping spree in January to expand its reach as a digital heavyweight in photography, medical imaging and commercial printing.

Shares of Kodak fell 64 cents Wednesday to $28.10.