Kodak takes the good with the bad: $500m in patent sales but $1bn in losses

The US-based manufacturer made a net loss of US$977 million ($933 million) for the first nine months of 2012, almost all of which was spent in Chapter 11 bankruptcy protection.

Kodak reported global revenues of US$3 billion, a gross profit of US$404 million and a pre-tax loss of US$987 million.

The company spent a combined US$510 million on restructuring and reorganisation costs and paid US$117 million on interest.

It comes after Kodak completed a series of agreements to sell more than 1,000 digital imaging patents to a consortium for US$525 million.

[Related: Kodak Australia 'profitable']

The consortium features 12 intellectual property licensees, including Google, Apple, Research in Motion, Facebook, Amazon, Samsung, Microsoft, HTC, Shutterfly, Adobe Systems, Fujifilm Holdings and Huawei Technologies.

Chief executive Antonio Perez told ProPrint's sister title, Printweek, that the patent sale was a huge step in the company's plan to exit Chapter 11 bankruptcy in 2013.

"We are focused entirely on what we must do to create a profitable and sustainable company that will be successful in the commercial imaging business – a business in which we enjoy distinct product and technology advantages," he said.

Meanwhile, Kodak's latest monthly operating report shows it made a net loss of US$60.8m in November 2012.

[Related: More international news]

This article was based on this article and this article from printweek.com

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