Kodak to lay off 425 workers after reporting a net loss of $46 million

Eastman Kodak will lay off 425 workers company-wide after the company reported a net loss of $46 million on revenues of $379 million for their third quarter 2017 financial results:

“An overall print market slowdown and rising aluminum costs have impacted our commercial print business,” said Jeff Clarke, Kodak Chief Executive Officer. “We are taking immediate actions to accelerate cost reduction and reduce investments to sharpen our focus as we continue to actively pursue changes to the Kodak product and divisional portfolio.”

Consumer and Film Division (CFD) revenues for Q3 were $55 million, flat compared with Q3 of 2016. Operational EBITDA was negative $2 million, a decline of $3 million compared with the prior-year period, driven primarily by lower volumes in industrial film and chemicals, vendor transition costs in motion picture film and the expected continued decline in the consumer inkjet business offset by a payment of contractual minimum royalties from a brand licensing arrangement.

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  • Joe Smith

    But bringing back Ektachrome will save them….
    Where is TMAX 100 in 120?

    • Rastislav Čvirik

      As far as I know Kodak Eastman sold photographic film department to subsidiary company in UK that manufactures it in their name. And they are reporting profit and want to bring more films back. But it’s two companies now. Motion picture film is still manufactured in US (or so I believe) and there is indeed decline in this business so Kodak Eastman may be in trouble.

      • Heinz Richter

        .. again

      • JED

        Yes, you are correct. Kodak Alaris is the name of the company that manufactures photographic film in the UK and is sold under the Kodak brand.

  • CHD

    ‘Revenues year over year were flat’…and there it is, the nostalgia and youth market was just tapped out. It’s a niche market, they need to find a way to make it work, would be sad to lose Kodak film altogether.

  • rolleiflexes

    how many times can a company go bankrupt?

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