WXXI Local Stories
Fri November 4, 2011
Kodak 3rd Quarter Loss Double What Analysts Expected
By Zack Seward
Rochester, NY – Eastman Kodak reported its third quarter results Thursday, posting losses nearly double what was expected.
The embattled photo giant says flagging sales and the high price of certain raw materials is eating away at the company's bottom line.
On Thursday's investor conference call, Kodak CEO Antonio Perez said he expects a strong fourth quarter -- bolstered by the potential sale of multibillion dollar portfolio of tech patents.
"Even though our patents are not wireless patents, [they] are a very intrinsical, fundamental part of the wireless ecosystem," said Perez.
Analysts worry that Kodak may not have enough cash on hand to see its digital turnaround come to fruition.
The company says it has more than $860 million in cash. Kodak told investors Thursday that it started the year with $1.6 billion.