Q1 LOSS FOR KODAK TOPS $350 MILLION !

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Q1 LOSS FOR KODAK TOPS $350 MILLION !

 user 2009-05-06 at 12:34:08 pm Views: 45
  • #22155

    http://www.mainstreetbusinessjournal.com/articleview.php?articlesid=4263
    Q1 Loss for Kodak Tops 350 Million!
    Trend for Photo/Printing Industry Continues Decline
    ROCHESTER, NY-Eastman Kodak’s first quarter loss touched $353 million, with erosion for demand of digital and film-based products exacerbated by the global economic downturn. As a result, the company is suspending its quarterly dividend, reducing salaries of its top-tier executives and requiring U.S. employees to take an unpaid one-week leave.Sales plummeted 29 percent to $1.48 billion, down from $2.09 billion a year ago. Kodak CEO Antonio Perez will take a 15 percent pay cut for the balance of 2009 from his annual base salary of roughly $1.1 million. His top executives will absorb a 10 percent cut.