Kodak Reports 63% Drop in Net Income
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Eastman Kodak Co. said third-quarter net income fell 63% to $122 million, or 42 cents a share, from $334 million, or $1.15, a year ago.
The Rochester, N.Y., company also defended its plan to shift away from its declining film business and into digital pictures despite an outcry from disgruntled investors.
Excluding one-time costs related to items such as restructuring, the company’s profit was 88 cents a share in the latest quarter on revenue of $3.44 billion, up from $3.35 billion a year earlier.
Kodak shares fell 38 cents at $23.26 on the NYSE.
Separately, Kodak said it bought a 20% stake in Lucky Film Corp., the largest maker of photographic film headquartered in China, for $100 million in cash plus other assets.
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