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Kodak Posts 4Q Loss, Plans Up to 4,500 Job Cuts
source: AP

Its consumer digital imaging division absorbed a $40 million operating loss in the quarter compared with a year-ago profit of $91 million as sales slid 30 percent to $958 million from $1.37 billion. Sales of inkjet printers doubled to around 1 million in 2008 but fell short of a top-range target of 1.5 million.

Hurt by a softer commercial printing market, graphic communications posted a $4 million operating loss, compared with a $30 million profit a year earlier, as sales fell 14 percent to $821 million.

The film, photofinishing and entertainment unit more than doubled its operating profit to $39 million from $17 million despite a 27 percent drop in sales to $652 million. Sharp cost reductions and lower retiree benefits were partially offset by a slide in consumer film sales and higher silver costs.

Through 2011, Kodak has said it expects revenue to rise 5 percent a year, driven by a 10 percent to 12 percent annual rise in digital sales. Operating profit, it forecasts, will more than triple to $1 billion.