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Kodak's 3Q loss widens as company reorganizes

Associated Press Modified: October 31, 2012 at 2:05 pm •  Published: October 31, 2012
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ROCHESTER, N.Y. (AP) — Eastman Kodak's losses widened to $312 million in the third quarter as the photo and printing company struggles to emerge from bankruptcy protection.

The loss reported late Tuesday compares to a loss of $222 million at the same time last year.

Revenue for the three-month stretch ending in September totaled $1 billion. That's a 19 percent decrease decline from last year.

The latest loss included charges taken to account for the elimination of 775 jobs during the quarter, according to a quarterly report filed with the Securities and Exchange Commission. Eastman Kodak Co. has now jettisoned more than 2,800 workers since the beginning of the year.

With the latest setback, Kodak has now lost more than $3 billion since the end of 2007.

Kodak, which is based in Rochester, N.Y., filed for bankruptcy protection in January after years of growing competition from Japan and an ineffective response to the past decade's shift to digital photography.

The upheaval has imperiled the future of a 132-year-old company that once was considered a technology pioneer.

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