NEW YORK (AP) — Eastman Kodak says its first-quarter loss widened on higher restructuring charges and a drop in sales.
The Rochester, N.Y.-based company, which is in the process of restructuring under Chapter 11 bankruptcy protection, says it net loss was $366 million, or $1.35 per share, for the January-March period. That is larger than its net loss of $246 million, or 91 cents per share, a year earlier.
Eastman Kodak Co. says the higher costs and tough comparisons were partially offset by better profitability at some of its major businesses and a Korean tax refund.
Revenue fell 27 percent to $965 million, partially as a result of the company's decision to stop selling digital cameras and focus on its other businesses.
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