2012 - Kodak entered Chapter 11 reorganization and embarked on a series of changes that will focus the future company on commercial markets. The changes included phasing out the digital camera business, and selling assets of the KODAK Gallery (on-line photo services) and Cinesite (Kodak's subsidiary for motion picture effects).
The company also announced plans to sell its Document Imaging and Personalized Imaging businesses. The latter is composed of Retail Systems Solutions (including kiosks and in-store processing solutions), Event Imaging Solutions (including theme park imaging), and Paper & Output Systems (traditional photographic paper and still camera film products).
Toward year's end, the company announced agreements that would bring it approximately $525 million for sale of its digital imaging patents .
♦Ten new commercial technologies were introduced at the drupa trade show in May, including the KODAK PROSPER 6000XL Press, a commercial inkjet system capable of printing 1,000 feet per minute; the KODAK FLEXCEL Direct System, for producing in-the-round sleeves for flexographic package printing; and KODAK SONORA XP Process Free Plates that provide the quality, productivity and print capability of mainstream plates without processing equipment or chemistry.
♦ KODAK NEXPRESS Red Fluorescing Ink received the industry's prestigious 2012 Intertech Technology Award. The ink is virtually invisible when printed but shows up under ultraviolet light, and is used for fraud protection on printed documents and promotions.
♦ Kodak negotiated new contracts for motion picture film with four key motion picture studios: NBC-Universal, Paramount, Disney and Warner Brothers.
♦ As part of an effort to extend use of Kodak's commercial inkjet technology through partnerships, Timsons Printing Machinery developed the TIMSON T-Press. Powered by KODAK Stream Inkjet Technology, it's the fastest, widest digital inkjet press available for black-and-white book production.
Eastman Kodak Co. (EKDKQ) said its full-year loss widened in 2012 compared with a year earlier, logging heavy restructuring charges during a bid to reorganize.
A judge last week approved changes to the company's bankruptcy-financing plan, giving it more flexibility of time and money as it seeks to emerge from bankruptcy in mid-2013. Kodak filed for Chapter 11 bankruptcy protection in January 2012.
For the full year, the company reported a net loss of $1.38 billion, compared with a loss of $764 million in 2012. The latest year's results included $1.07 billion in reorganization and restructuring charges, compared with $118 million a year earlier. Revenue decreased 20% to $4.11 billion, while overhead costs fell by $226 million.
The company ended 2012 with a cash balance of $1.14 billion.