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Kodak sees net loss, sets more layoffs

Company will ax up to 10,000 more jobs, in part because of a faster-than-expected decline in film sales.

Tech Industry
Hurt by restructuring costs, Eastman Kodak posted on Wednesday a second-quarter net loss.

The company also said it will cut up to 10,000 more jobs than previously announced, partly because it wants to accelerate its move into digital products and partly because of a faster-than-expected decline in film sales.

The world's top maker of photographic film posted a net loss of $146 million, or 51 cents a share, compared with a net profit of $136 million, or 46 cents a share, a year earlier.

Revenue rose to $3.69 billion from $3.46 billion a year ago.

Excluding costs related to restructuring and other one-time items, Kodak's profit was 53 cents a share.

On that basis, analysts had forecast a profit of 79 cents a share, on revenue of $3.65 billion.

Kodak, which in January 2004 had said it would cut its worldwide work force by up to 15,000 jobs, said it now plans to cut its work force by a total of 22,500 to 25,000 jobs

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