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Kodak loss mounts on digital sales, shares fall
BY Reuters
— 12:54 PM ET 01/26/2011
* Q4 revenue drops 25 pct to $1.93 billion, missing view
* Q4 adjusted share -$0.37 vs Street view -$0.02
* Shares down 17 percent (Adds executive and analyst comments)
By Jennifer Saba
NEW YORK, Jan 26 (Reuters) - Eastman Kodak Co (EK) reported a larger-than-
expected quarterly loss and a
25 percent drop in revenue on poor digital and licensing sales, sending
shares down as much as 19 percent.
The photography and printing company's revenue fell to $1.93 billion,
missing the average analyst forecast
of $2.11 billion, according to Thomson Reuters I/B/E/S.
Kodak's (EK
Loading...
) digital revenue fell 25 percent, while revenue at its consumer digital
imaging group, which includes the
licensing portfolio, fell almost 40 percent to $731 million.
"Market conditions in these businesses fell short of our revenue target,"
Kodak (EK
Loading...
) Chief Executive Antonio Perez said during a call with analysts and
investors on Wednesday.
Kodak (EK
Loading...
) executives cited competitive pricing and less consumer demand for its
digital cameras as well as increases
in commodity prices, particularly silver and petroleum, as some factors for
the weak quarter.
[ID:nN25166013]
Kodak (EK
Loading...
) faces competition in digital cameras and pocket video from Sony Corp (SNE
Loading...
) and Canon Inc (CAJ
Loading...
) , and from companies that make smartphones with cameras.
"We believe today's results reflect negative trends in the underlying
businesses and yesterday's ITC ruling
increases the risk to Kodak's (EK
Loading...
) IP licensing business," Cross Research analyst Shannon Cross wrote in a
research note.
Cross has a "sell" rating on Kodak (EK
Loading...
) with a $3.50 price target.
The results come after a U.S. International Trade Commission judge
determined on Monday that a Kodak
(EK
Loading...
) patent claim against Apple Inc (AAPL
Loading...
) and Research in Motion Ltd (RIMM
Loading...
) is invalid. A decision by the commission is expected in May.
Kodak (EK
Loading...
) filed the complaint in January, claiming Apple's (AAPL
Loading...
) iPhone and RIM's camera-enabled BlackBerry infringe on its patent on a
method for previewing images.
[ID:nN24144670]
"In anticipation of Monday's news, it is important to remember this is one
step in a longer process," said
Perez.
Kodak (EK
Loading...
), whose name for years has been synonymous with photographs, has suffered
as people abandoned
printed film for digital cameras. Licensing its technology to phone
manufacturers and camera makers has
helped Kodak (EK
Loading...
) offset costly restructuring plans.
In 2004, Kodak (EK
Loading...
) began a four-year turnaround plan to make the company into a maker of
digital photography products
and printers. During the transition, it racked up billions in losses, cut
its workforce in half and eliminated
its dividend.
Perez said on the call there is an opportunity for asset sales for its
declining business segments.
Kodak (EK
Loading...
) reported fourth-quarter earnings of $33 million, or 12 cents per share
from continuing operations,
compared with $430 million, or $1.36 per share, a year earlier.
Excluding one-time items, the company reported a loss of 37 cents per share,
missing analysts' estimates
of a 2-cent loss.
Kodak (EK
Loading...
) shares were down 17 percent at $3.75 in early afternoon trading on the New
York Stock Exchange.
(Reporting by Jennifer Saba. Editing by Lisa Von Ahn, Derek Caney, Dave
Zimmerman and Robert MacMillan)
Kodak loss mounts on digital sales, shares fall
BY Reuters
— 12:54 PM ET 01/26/2011
* Q4 revenue drops 25 pct to $1.93 billion, missing view
* Q4 adjusted share -$0.37 vs Street view -$0.02
* Shares down 17 percent (Adds executive and analyst comments)
By Jennifer Saba
NEW YORK, Jan 26 (Reuters) - Eastman Kodak Co (EK) reported a larger-than-
expected quarterly loss and a
25 percent drop in revenue on poor digital and licensing sales, sending
shares down as much as 19 percent.
The photography and printing company's revenue fell to $1.93 billion,
missing the average analyst forecast
of $2.11 billion, according to Thomson Reuters I/B/E/S.
Kodak's (EK
Loading...
) digital revenue fell 25 percent, while revenue at its consumer digital
imaging group, which includes the
licensing portfolio, fell almost 40 percent to $731 million.
"Market conditions in these businesses fell short of our revenue target,"
Kodak (EK
Loading...
) Chief Executive Antonio Perez said during a call with analysts and
investors on Wednesday.
Kodak (EK
Loading...
) executives cited competitive pricing and less consumer demand for its
digital cameras as well as increases
in commodity prices, particularly silver and petroleum, as some factors for
the weak quarter.
[ID:nN25166013]
Kodak (EK
Loading...
) faces competition in digital cameras and pocket video from Sony Corp (SNE
Loading...
) and Canon Inc (CAJ
Loading...
) , and from companies that make smartphones with cameras.
"We believe today's results reflect negative trends in the underlying
businesses and yesterday's ITC ruling
increases the risk to Kodak's (EK
Loading...
) IP licensing business," Cross Research analyst Shannon Cross wrote in a
research note.
Cross has a "sell" rating on Kodak (EK
Loading...
) with a $3.50 price target.
The results come after a U.S. International Trade Commission judge
determined on Monday that a Kodak
(EK
Loading...
) patent claim against Apple Inc (AAPL
Loading...
) and Research in Motion Ltd (RIMM
Loading...
) is invalid. A decision by the commission is expected in May.
Kodak (EK
Loading...
) filed the complaint in January, claiming Apple's (AAPL
Loading...
) iPhone and RIM's camera-enabled BlackBerry infringe on its patent on a
method for previewing images.
[ID:nN24144670]
"In anticipation of Monday's news, it is important to remember this is one
step in a longer process," said
Perez.
Kodak (EK
Loading...
), whose name for years has been synonymous with photographs, has suffered
as people abandoned
printed film for digital cameras. Licensing its technology to phone
manufacturers and camera makers has
helped Kodak (EK
Loading...
) offset costly restructuring plans.
In 2004, Kodak (EK
Loading...
) began a four-year turnaround plan to make the company into a maker of
digital photography products
and printers. During the transition, it racked up billions in losses, cut
its workforce in half and eliminated
its dividend.
Perez said on the call there is an opportunity for asset sales for its
declining business segments.
Kodak (EK
Loading...
) reported fourth-quarter earnings of $33 million, or 12 cents per share
from continuing operations,
compared with $430 million, or $1.36 per share, a year earlier.
Excluding one-time items, the company reported a loss of 37 cents per share,
missing analysts' estimates
of a 2-cent loss.
Kodak (EK
Loading...
) shares were down 17 percent at $3.75 in early afternoon trading on the New
York Stock Exchange.
(Reporting by Jennifer Saba. Editing by Lisa Von Ahn, Derek Caney, Dave
Zimmerman and Robert MacMillan)
