Eastman Kodak loss
NZPA-AP Rochester, New York Eastman Kodak Company announced that it lost SUSI 2.2 million ($NZ23.4 million) in the second quarter of 1986, as the company’s bottom line continued to suffer from unusual costs associated with a cost-cutting plan. The loss is the second in three quarters for the 106-year-old company, which, until last year’s
final quarter, had not had a net quarterly loss in more than 50 years of financial record-keeping. The net loss compares with 1985’s second quarter, when Kodak had a profit of $U5164.3 million (SNZ3IS million). Sales for the quarter, thanks to strong performances from 35mm and X-ray film in the photographic division, and plastic and fibres in the chemical division, were up 10 per cent at SUS 2.7
billion (SNZS.2 billion), compared with SUS2.S billion (SNZ4.7 billion) for the same time last year.
The SUSI 67.8 million (SNZ322 million) Kodak took for unusual costs in the quarter came from several items including trimming its work force by 10 per cent, writedowns and write-offs for inventory and equipment, closing a plant in Vincennes, France, and buying back some bonds before their maturity dates.
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Press, 30 July 1986, Page 41
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189Eastman Kodak loss Press, 30 July 1986, Page 41
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