NEW YORK Eastman Kodak Co reported a far larger-than-expected loss and a 25 percent drop in revenue for the fourth quarter on weakness in digital sales and licensing.
The photography and printing company's revenue fell to $1.93 billion, missing the analysts' average forecast of $2.11 billion, according to Thomson Reuters I/B/E/S.
Kodak cited a 25 percent decline in digital revenue. Revenue at its consumer digital imaging group, which includes the licensing portfolio, fell almost 40 percent to $731 million.
The results come after a U.S. International Trade Commission judge determined on Monday that a Kodak patent claim against Apple Inc and Research in Motion Ltd is invalid. Kodak filed the complaint in January, claiming Apple's iPhone and RIM's camera-enabled Blackberry infringe its patent on a method for previewing images.
Kodak 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 cent per share, missing analysts' estimates of a 2-cent loss.
Shares of Kodak were unchanged at $4.52 in trading before the market opened.
(Reporting by Jennifer Saba; Editing by Lisa Von Ahn)
Trending On Reuters
Gross bad loans at Indian banks may rise to 8.5 percent of total assets by March 2017 from 7.6 percent in March 2016 if the central bank orders them to conduct a second round of asset quality reviews, a Reserve Bank of India (RBI) report said on Tuesday. Full Article