Kodak: Losses Widen, Cash Down, Patent Pile Unsold

Eastman Kodak, the troubled photography giant, reported its third-quarter loss more than quadrupled to $222 million while revenue slipped 17 percent to $1.46 billion.

At the same time, Kodak said its cash and equivalents dwindled to $862 million from $957 million in June but CEO Antonio Perez said the company had enough cash to meet obligations for the rest of the year.

Meanwhile, the Rochester, N.Y.-based imaging giant said it still hasn't sold its 1,100-patent portfolio, which has been for sale since July in a program managed by Lazard. The deal was expected to bring in as much as $2 billion.

When the sale of these portfolios does occur, the company anticipates the proceeds will materially affect its cash balance, Perez said.

In late September, Wall Street rumors circulated the Kodak might have to file for bankruptcy. Kodak shares plunged and the company was forced to announce it had hired Jones Day, a major law firm known for bankruptcy counsel, for advice.

Perez and other Kodak officials are scheduled to brief investors later Thursday. Kodak shares fell 2.5 percent in pre-market trading from Wednesday's close of $1.20.

The company's market capitalization is $322.86 million.

Contact David Zielenziger at d.zielenziger@ibtimes.com