KODAK Q1 2011 REPORTS A $246M. LOSS

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KODAK Q1 2011 REPORTS A $246M. LOSS

Eastman Kodak Co. reported a net loss of $246 million, or 91 cents per diluted share, for the first quarter of 2011, well below the net earnings of $119 million, or 40 cents a share, for the first quarter last year.

The company reported that first quarter sales were $1.322 billion, a 31 percent decrease from the first quarter of 2010, primarily due to a $550 million intellectual property licensing transaction in the same quarter one year ago, which Kodak said would be “non-recurring.”Excluding last year’s IP transaction, first quarter sales fell three percent and digital revenue increased by two percent, Kodak said.

The Rochester, N.Y.-based company has about 700 workers at its Inkjet Printing Solutions facility in the Miami Valley Research Park in Kettering. Anthony Perez, Kodak’s chairman and chief executive, praised the company’s inkjet segment as among the company divisions that were doing well.“Revenue growth in these businesses continues to accelerate and in the first quarter grew by a combined 23 percent, in line with our plan to grow these businesses in aggregate by 40 percent for the full year,” Perez said in a statement from the company.

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May 5, 2011 at 7:16 AM