NEW YORK (Reuters) - Eastman Kodak Co posted a sharp quarterly loss and said it would cut up to 4,500 jobs this year after suffering a dramatic decline in demand for digital cameras and commercial printing equipment.
The report sent shares of Kodak down 25 percent to a historical low, making the company one of the biggest percentage losers on the New York Stock Exchange on Thursday.
The maker of cameras, picture frames and consumer printers and provider of commercial printing services, also plans another round of restructuring to cut costs, the latest in a string of such moves dating back to at least 2003.
About a year ago, Kodak said it had completed an expensive four-year restructuring that transformed it into a maker of digital photography products and printers. During that restructuring, Kodak halved its workforce, which now stands at about 26,900 people.
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The Rochester, New York, based company's new restructuring aims at "rationalizing selling, administrative, research and development, supply chain and other business resources in certain areas and consolidating certain facilities." In addition, it will waive wage increases in 2009.
Ouch.
