Layoffs Hit Kodak After Millions in Losses


Sometimes you can’t keep a good thing down but that doesn’t necessarily mean the future is always bright and the road ahead will be smooth, as Kodak is now discovering.

After reporting a $USD 15 million profit for the third quarter of fiscal 2016, the iconic film maker is now reporting a loss of $USD 46 million on $USD 379 million in revenue for third quarter 2017.

Kodak's Chief Executive Officer Jeff Clarke said in a press release that the downturn was mainly attributed to a slowdown in its print business, “An overall print market slowdown and rising aluminum costs have impacted our commercial print business.”

In response to the loss, Clarke outlines a plan for the company to cut costs and return to the black, mainly by cutting 425 jobs and focusing on the firm’s profitable Kodak Sonora Plates and Flexcel NX.

Image from via

Kodak’s Chief Financial Officer predicts a return to profitability in fourth quarter 2017, saying “We plan to improve our cash balance through reducing working capital and through cost actions, including focusing investments in technologies most likely to deliver near-term returns.”

New York Upstate outlines Kodak’s challenges as combating a decrease in siles in the commercial print industry coupled with higher costs that directly affect the Print Systems Division, Software and Solutions Division, and Enterprise Inkjet Systems Division. Also, a transitional period for vendors in the Kodak brand licensing plans have led to decreased performance in the Consumer and Film Division.

Last, Kodak has faced challenges in its attempts at introducing Advanced Material and 3D Printing Division products to the market.

Kodak’s current corporate model relies on commercial licensing of camera products as well as providing high-grade printing materials and equipment, two sectors increasingly under pressure as higher-end smartphone and cameras capture much of the profitable market and the commercial printing sector facing similar pressures.

What We Recommend to Improve Your Photography Fast

It's possible to get some pretty large improvements in your photography skills very fast be learning some fundamentals. Consider this the 80:20 rule of photography where 80% of the improvements will come from 20% of the learnable skills. Those fundamentals include camera craft, composition, understanding light and mastering post-production. Here are the premium guides we recommend.

  1. html cleaner  Easy DSLR –  Friend of Light Stalking, Ken Schultz has developed this course over several years and it still remains the single best source for mastering your camera by identifying the main things that are holding you back.
  2. Word to html  Understanding Composition – As one of the core elements of a good photograph, getting your head around composition is essential. Photzy's guide to the subject is an excellent introduction. Their follow-up on Advanced Composition is also well worth a read.
  3. Word to html  Understanding Light – Also by Photzy, the other essential part of photography is covered in this epic guide and followed up in Understanding Light, Part 2. This is fundamental stuff that every photographer should aim to master.
  4. Word to html  5 Minute Magic Lightroom Workflow – Understanding post production is one of the keys to photographs that you will be proud of. This short course by one of the best in the business will show you how an award-winning photographer does it.

About Author

Kehl is our staff photography news writer and has over a decade of experience in online media and publishing and you can get to know him better here

Leave a Reply

Your email address will not be published. Required fields are marked *