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Kodak announces big layoffs (3500-4500 jobs)

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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-29-09 08:33 AM
Original message
Kodak announces big layoffs (3500-4500 jobs)
Source: CBS

ROCHESTER, N.Y. (AP) -- Eastman Kodak says it is eliminating 3,500 to 4,500 jobs, or 14 percent to 18 percent of its payroll, as it posted a $137 million loss for the fourth quarter.

Kodak says sales and profits from both digital and film-based photography products plummeted.

The Rochester-based company said Thursday that its loss amounted to 51 cents a share in the last three months of the year. That compares with a year-ago profit of $215 million, or 75 cents a share. Excluding one-time items, the loss came to $21 million, or 8 cents a share.

It says sales fell 24 percent to $2.43 billion, as digital revenue fell 23 percent and traditional film-based revenue slumped 27 percent.

Read more: http://www.cbs6albany.com/news/percent_1260476___articl...
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ejpoeta Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-29-09 08:47 AM
Response to Original message
1. i didn't know there were any more employees of kodak in rochester.
My dad worked at Kodak for 25 years, taking early retirement in 1986. I worry about his pension from there when I hear stuff like this.
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LosinIt Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-29-09 09:49 AM
Response to Reply #1
2. I was about to reply with the same comment....
and I too worked at Kodak for 25 years, to the day, then I bid them a 'fond' farewell. They have to leave somebody there to turn off the lights.
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Blue_Tires Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-29-09 11:32 AM
Response to Reply #2
4. at my last job a year ago we were cleaning out some old storerooms
and found a bushel of Kodak film from circa 1980...I was amused that any customer satisfaction complaints had to be snail-mailed to Rochester with the film in our current age of 24-hour 1-800 numbers, e-mail and instant chat...
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MorningGlow Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-29-09 11:33 AM
Response to Reply #1
5. There aren't
Well, hardly any. Hardly any buildings left at Kodak Park, either--they keep knocking 'em down. Very depressing. George is probably spinning in his grave.
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HopeHoops Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-29-09 11:27 AM
Response to Original message
3. This is clearly the result of discontinuing Polaroid film ;}
It took the layoffs a while to develop
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flpab Donating Member (210 posts) Send PM | Profile | Ignore Fri Jan-30-09 10:56 AM
Response to Reply #3
6. kodak and Malia
I have a friend that works there and they are sitting on pins and needles waiting to see who gets the pink slip. She did say Kodak was excited to see Malia using a kodak camera. That put a smile on their faces there.
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