updated 08:01 pm EDT, Mon March 11, 2013
2012 loss double 2011, fourth quarter losses nearly the same as 2010
Despite continuing dismal financial results, Kodak told investors in its annual report that it is intending to emerge from bankruptcy in the summer of 2013, a bit later than expected. The company posted a $402 million loss for the quarter, and lost $1.38 billion dollars in the 2012 fiscal year. The massive losses are nearly double that from 2011.
The Kodak CEO, Antonio M. Perez was upbeat on the news. "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."
To escape from the financial pit, the company is planning on focusing on the strongest segment it has left -- digital printing. At the end of 2012, the company announced it would sell its print-film business and several other related businesses to raise additional funds. The endangered imaging giant made the move public in the last days of its patent portfolio auction. Kodak's businesses up for sale include heavy-duty commercial scanners with embedded optical character recognition for form processing, a business that takes photos of theme park visitors, and kiosks that print digital photos.
Jusge Allan Gropper, the judge overseeing the Kodak bankruptcy proceedings, approved the $525 million patent sale. The completed sale will allow the company to continue with a plan to obtain an additional $830 million in financing on top of the patent proceeds.