Eastman Kodak Co. has posted first quarter numbers continue to down even after filing for bankruptcy protection. The iconic photography brand reported a net loss of $366 million, or $1.35 per share. The figure is an increase from the year-ago quarter when the company posted a $246 million net loss.
The sales drop is directly related to their decision to cease selling digital cameras, pocket video cameras and digital picture frames and focus efforts on other portions of the business. In the past decade, Kodak was unable to keep pace with digital photography innovations as interest in film technology continues to decline.
In the past year, the move has helped to slow the bleeding somewhat as losses of consumer business dropped to $164 million from $187 million the previous year. On the commercial side, losses tallied $64 million, or roughly $3 million less than last year.
Under the terms of the bankruptcy clause, Kodak has until February 15, 2013 to produce a reorganization plan but will resume daily operations thanks to a $950 million credit from Citigroup.