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Kodak reports bigger loss, lower revenues in third quarter

By  - 10/30/2012 11:14:39 PM

Eastman Kodak Co.'s revenues declined and loss grew in the third quarter, the company reported late Tuesday afternoon. However, the operating results for its three segments improved.

Kodak posted a net loss of $312 million or $1.15 a share on sales of $1.02 billion versus a loss of $222 million or 83 cents on sales of $1.3 billion a year ago.

Its segment loss was $37 million, compared with a loss of $124 million in the third quarter of 2011. As of Sept. 30, Kodak's segments were Personalized and Document Imaging; Graphics, Entertainment and Commercial Films; and Digital Printing and Enterprise.

Selling, general and administrative expenses fell to $196 million from $259 million.

Kodak’s cash balance on Sept. 30 was $1.1 billion, down from nearly $1.3 billion on June 30 and $1.4 billion at the end of the first quarter, but up from $862 million on Sept. 30, 2011.

In the third quarter, Kodak eliminated some 775 jobs--225 manufacturing/service positions, 450 administrative positions, and 100 research and development positions.

"Since our Chapter 11 filing in January, we have focused on the businesses that are core to our future strategic direction and exited businesses that were unprofitable,” said Antonio Perez, chairman and CEO. “The actions we are taking in response to economic and market conditions are working and will position us to emerge in 2013 as a growing, profitable, sustainable company."

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