Photo finish —

Kodak’s annual loss reaches $1.38 billion—nearly twice as much as 2011

CEO Antonio M. Perez says company will emerge from bankruptcy by mid-year.

Photo giant Eastman Kodak told investors in its annual report that it planned to emerge from bankruptcy by the middle of this year. It would do so by focusing on its strongest segment of the company: digital printing.

Still, on Monday the company outlined a long road ahead in its 10-K filing with the Securities and Exchange Commission. Kodak's quarterly loss in Q4 2012 grew to $402 million. The company lost $1.38 billion on the year, nearly doubling its losses from 2011, and that figure is more than three times greater than its losses of $442 million in 2008.

“Our momentum continues as we work to file our Plan of Reorganization and then complete the final actions that will enable us to emerge from Chapter 11 in mid-2013,” said Antonio M. Perez, the company’s CEO, in a statement. "Thanks to the talent and dedication of our employees, our 2012 performance was on track or ahead of our adjusted EBITDA and cash projections, and we have remained in compliance with the covenants of our debtor-in-possession facility, laying the foundation for emergence as a profitable, sustainable company.”

Eastman Kodak officially declared bankruptcy in January 2012. That move was followed by the company getting out of the film business in August 2012 and selling its patent portfolio in December 2012.

Channel Ars Technica