Kodak Posts 4Q Loss, Plans Up To 4,500 Job Cuts

Eastman Kodak says it is eliminating 3,500 to 4,500 jobs, or 14 percent to 18 percent of its payroll, as it posted a $137 million loss for the fourth quarter. Kodak says sales and profits from both digital and film-based photography products plummeted.

AP
Published: January 29, 2009
Updated: January 29, 2009

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ROCHESTER, N.Y. (AP) - Eastman Kodak says it is eliminating 3,500 to 4,500 jobs, or 14 percent to 18 percent of its payroll, as it posted a $137 million loss for the fourth quarter.

Kodak says sales and profits from both digital and film-based photography products plummeted.

The Rochester, N.Y.-based company said Thursday that its loss amounted to 51 cents a share in the last three months of the year. That compares with a year-ago profit of $215 million, or 75 cents a share. Excluding one-time items, the loss came to $21 million, or 8 cents a share.

It says sales fell 24 percent to $2.43 billion, as digital revenue fell 23 percent and traditional film-based revenue slumped 27 percent.

Analysts surveyed by Thomson Reuters expected, on average, a profit of 21 cents a share on higher sales of $2.81 billion.