Kodak loses $222 million in 3Q on weaker sales of film, digital cameras

And another, Wall Street Journal story:

"Eastman Kodak Co. warned Thursday that it will have trouble staying in business if it can't squeeze more money out of its patent portfolio or raise new funds by selling debt.

The cautionary statement, in a filing with the Securities and Exchange Commission, came as the company reported another drop in cash in for third quarter, even after it drew $160 million from its credit line."

http://online.wsj.com/article/SB10001424052970203716204577015531999097686.html?mod=googlenews_wsj
 
Mackinaw said:
It's film division earned about $390 million, down 10%, mainly because of higher silver costs.

Jim B.
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Earned, down almost 50%, and it still seems like 'industry related volume declines' is at play.


Film, Photofinishing and Entertainment Group third-quarter sales were $389 million, a 10% decline from the year-ago quarter, driven by continuing industry-related volume declines. Third-quarter earnings from operations for the segment were $15 million, compared with earnings of $28 million in the year-ago period. This decrease in earnings was primarily driven by significantly increased raw material costs, particularly silver, and industry-related declines in volumes, largely offset by cost reductions and price actions across the segment.
 
Sigh. It's just another technological transition driven by a disrupted technology and accelerated by a bad economy, but it's still kind of heartbreaking.
 
Chief Executive Officer Antonio Perez is trying to sell an estimated $3 billion worth of patents to fund Kodak’s transformation into a profitable maker of inkjet printers. The consumer digital-imaging unit had a $90 million loss in the quarter, compared with profit of $67 million a year earlier, when it benefited from licensing revenue that won’t recur.
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This is complete insanity and stupidity. The inkjet printer business is dead in the water, no future.

The patents are pure gold, and he want to sell them off for short term gains.

Kodak has NO digital camera strategy, no effective plan for retaining what's left of the film business, no leadership.

Do they want to end up a tiny niche player in the inkjet business? What a laugh. This Perez is a buffoon.

If they had a new Steve Jobs or reincarnated George Eastman at the helm they could come up with new products that could be world beaters. Now they are running a clown show.
 
LOL, pick someone random off the street, they'd do better.

It's disheartening to say the least that so many major companies are brought down by the sheer imcompetence (and) or greed of it's management.
 
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