ROCHESTER (dpa-AFX) - Imaging and photographic equipment maker Eastman Kodak Co. (EKDKQ.PK) reported that its third-quarter net loss attributable to company widened to $312 million or $1.15 per share, from $222 million or $0.83 per share in the same quarter last year.
Excluding restructuring and reorganization costs, the loss would have narrowed to $139 million, an improvement of $66 million over the prior-year quarter.
On a GAAP basis, the third quarter loss from continuing operations before interest expense, other income or charges, net, reorganization items, net and income taxes was $193 million, compared to the prior year quarter loss of $167 million. Excluding restructuring costs, the operating loss was $76 million.
Total net sales for the quarter declined to $1.018 billion from $1.261 billion in the prior year quarter. This reduction reflected strategic decisions to focus on profitable businesses and accounts, lower sales of traditional products, unfavorable foreign exchange impact, and soft industry demand as a result of the broader economic downturn in some businesses and regions.
The company's worldwide cash balance was $1.13 billion at the end of the third quarter. The company said it has submitted to the U.S. Bankruptcy Court for approval an agreement with the Official Committee of Retired Employees that will substantially reduce the company's payments for non-pension benefits for U.S. retirees, beginning in 2013, an action that would save the company about $100 million in cash expenditures next year (prior to reduction for appropriate expenses related to the agreement).
Copyright RTT News/dpa-AFX
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