Kodak In Serious Trouble Bankruptcy A Serious Option

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Kodak is in trouble with the once famouse Company fast running out of cash.

Overnight the iconic brand reported a loss of $222 million, or 83 cents a share, which is twice what many analysts had predicted.

Revenue at the company has fallen 17%, to $1.46billion from the same period last year, mostly down to a decline in camera, both film and digital, sales.

Currently the Company is buring through cash reserves, which now stand at $862 million Vs $957million three months ago.

 Kodak said that had lost $43 million, or 16 cents a share, with the Company now staring down the barrel of  bankruptcy. Last month the Company hired Jones Day, a law firm associated with bankruptcy protection cases.

Earlier in the year, shares fell by 25% after the company took out a $180 Million dollar loan.

Chief executive of the firm, Antonio M. Perez attempted to downplay the results, pointing to an increase in sale of digital printers and ink, which have jumped 44%. Packaging products were also up by 89%.

Kodak has recently been concentrating its effort on digital printers, and has been selling off various photography patents from its long history in a bid to raise money.

 

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