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 | Russia provides info about arrested Armenian ex-MP Russian law enforcement agencies have provided information about the arrest of Tigran Urikhanyan. Lemkin Institue slams Pashinyan's “cryptic engagement with Genocide denial” The Lemkin Institute is alarmed over Pashinyan’s statements “questioning Armenia's legal basis to pursue justice against Turkey”. 41 detained as antigovernment protests continue in Yerevan 41 people were detained in Yerevan as people demanding Pashinian’s resignation stage campaigns of civil disobedience. Armenia votes for UN resolution granting Palestine new rights The U.N. General Assembly voted by a wide margin on May 10 to grant new “rights and privileges” to Palestine. |