Kodak posts $366 million loss for Q1April 27, 2012 - 20:48 AMT PanARMENIAN.Net - Kodak has posted yet another disappointing quarter despite its efforts to cut costs, sell patents, and jettison its unprofitable businesses, SlashGear reports. For the first quarter of 2012, ending March 31, Kodak reported a $366 million loss with total revenue at $965 million, which is down 27 percent from the same quarter last year. Kodak has attributed the continued downward spiral to its disappearing traditional, film-based business, declining digital camera sales, and a one-time $61 million revenue cut from a tax refund. The company also recently decided to shed its digital camera business altogether. Its cost cutting measures did save them $84 million compared to the same quarter the year before. It also consolidated its Consumer and Commercial business segments, which both saw slight improvements. The last time Kodak turned a profit was sadly back in 2007. The once iconic brand has been struggling with restructuring since and filed for Chapter 11 bankruptcy protection this past January. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Government reveals details from Pashinyan’s meeting in border village Prime Minister Nikol Pashinyan has met with a group of residents of a border village in Armenia’s northern Tavush province Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. |