Kodak has reported a US$1.38bn (A$1.72bn) loss in 2012, citing economic weakness in some regions and businesses, currency fluctuations, and the decision to exit some businesses as contributing factors.
The loss was 80 per cent more than the corresponding period’s loss of US$764m and a 20 per cent drop in revenue to US$4.11bn.
Adrian Fleming, managing director, Kodak Australasia told Australian Printer, “In our region, we were able to hold onto our profitability last year and this year has started well for us. The global results were in line with expectations.”
Antonio Perez, chief executive of Kodak says he is focused on its commercial imaging business, where the full year operating loss fell by one-third to US$300m. He says, “We progressed in 2012 by maintaining absolute focus on our customers. We earned our customers’ continuing loyalty, and look forward to moving ahead with even deeper business relationships built around the industry’s most comprehensive and innovative portfolio of solutions. We also optimised our use of the Chapter 11 process, which offers valuable restructuring advantages despite the many demands it also imposes.”
The company’s worldwide cash balance was US$1.14bn at the end of 2012. Perez adds, “Our momentum continues as we work to file our plan of reorganisation and then complete the final actions that will enable us to emerge from Chapter 11 in mid-2013.”
He concludes, “Thanks to the talent and dedication of our employees, our 2012 performance was on track or ahead of our adjusted ebitda and cash projections, and we have remained in compliance with the covenants of our debtor-in-possession facility, laying the foundation for emergence as a profitable, sustainable company.”
