Eastman Kodak Co. said Friday that its first-quarter loss widened on hefty charges related to its reorganization under bankruptcy protection and a drop in sales.
The Rochester-based company, which filed for bankruptcy protection in January, said its net loss swelled to $366 million, or $1.35 per share, for the January-March period. In the year-ago period, it lost $246 million, or 91 cents per share.
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 and lower demand for its traditional products. The company also lost $61 million in revenue related to a tax refund sharing agreement for intellectual property licensees.
At the same time, selling, general and administrative expenses dropped 27 percent to $227 million, as Kodak cut spending for unprofitable business lines and consolidated its operations into two business segments.
Losses at the company's consumer business fell to $164 million from $187 million a year ago on cost cuts and a jump in demand for ink used in inkjet photo printers. Meanwhile, losses at Kodak's commercial business totaled $64 million, down from $67 million, as a result of lower operating costs, the company said.
Kodak, founded in 1880, filed for bankruptcy protection after being hurt first by Japanese competition and then by its inability to keep pace with the shift from film to digital technology over the past decade.