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New York (pte048/20.07.2005/16:32) - The world's largest photography company, Eastman Kodak Co. http://www.kodak.com , posted a second-quarter loss, the third loss in as many quarters, and will fire over 10,000 employees. Restructuring costs and a decline in film sales were greater than revenue from digital products.
Revenue increased by 6 per cent, but the second-quarter net loss was $146 million, or 51 cents a share.
The growth in digital products was exceeded by the decrease of consumer film sales. The company faces stiff competition from Canon Inc. and Sony Corp in its shift to digital.
Profit, not including costs for job cuts and plant closures, was 53 cents a share. Sales were expected to rise to $3.63 billion from $3.46 billion a year earlier, according to Thomson Financial.
Chief Executive Officer Antonio Perez, who took over on June 1 from Daniel Carp, hopes that film sales will fund the company's digital shift. Carp headed the three-year transition programme, and saw most of the change through. The company will cut 12,000 to 15,000 jobs and will reduce its facilities by a third.
Kodak made progress with its EasyShare line of digital cameras, docks and printers against Canon and Sony, the two top global sellers of digital cameras in 2004, and other rivals, surpassing Tokyo-based Olympus Corp. for the No. 3 spot worldwide.
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