Kodak has announced a huge operating loss during its annual report, but it hopes to get out of bankruptcy later in 2013.
The Eastman Kodak Company has filed for bankruptcy in January 2012. The organization proved that history does not always matter, as experience was not enough to save the company from going bankrupt last year.
Kodak sold its patents earlier this year and will release a new camera in 2013
Soon after that, a lot of worldwide firms have started battling for Kodak’s patents. The results were seen in February 2013 when Kodak announced that it made a licensing deal with a consortium of organizations.
The deal brought $527 million in Kodak’s bank accounts, as Apple, BlackBerry, Microsoft, Facebook, Google, Samsung, Adobe, and HTC. Many others have raised enough money to make use of the company’s patents.
Earlier in 2013, the camera manufacturer also announced that it would release a Micro Four Thirds camera in the third quarter of this year. The new MFT system will become available this fall with built-in WiFi and it will be manufactured in collaboration with JK Imaging.
Last year Kodak lost $1.38 billion
Kodak got off to a great start in 2013. Unfortunately, things were not so great in 2012, as the company had posted disastrous financial results.
According to the 2012 annual report, Kodak suffered a staggering loss of $1.38 billion. The 2012 operating loss is almost double the amount wasted in 2011.
It is worth noting that the company also lost about $442 million in 2008 and hundreds of millions of dollars over the next couple of years. However, CEO Antonio Perez confirmed that his organization has about $1.14 billion left in the bank.
The company will emerge out of bankruptcy in mid-2013
The cash balance will allow Kodak to get out of Chapter 11 protection sometime in the middle of the year, said Perez. This means that the company will finally escape bankruptcy issues sometime in mid-2013.
This is great news for the digital imaging manufacturer and its fans. It still remains to be seen whether Kodak’s plans will materialize later this year and whether the company will keep its promise and release new products by the end of the year.