Kodak Cutting Staff by Up to 4,000; Posts Q4 Loss
Kodak (EK) this morning said it will cut its staff by 3,500-4,000 jobs in 2009, reducing its workforce by 14-18 percent. The company also said it will pay no executive bonuses in 2008 and that it will not issue pay increases this year.
They are doing this, of course, because the economy stinks and the company is struggling. In fact, Kodak also said it has opened talks with lenders to assure continued access to its revolving credit line.
For Q4, the company posted a GAAP loss from continuing operations of $133 million or 50 cents a share, including 42 cents a share in various one-time items; that still leaves the company with a pro forma loss for the quarter of eight cents a share, well below the Street consensus estimate of a profit of 21 cents.