Q1 Loss for Kodak Tops $350 Million
ROCHESTER, NY—Eastman Kodak's first quarter loss touched $353 million, with erosion for demand of digital and film-based products exacerbated by the global economic downturn. As a result, the company is suspending its quarterly dividend, reducing salaries of its top-tier executives and requiring U.S. employees to take an unpaid one-week leave.
Sales plummeted 29 percent to $1.48 billion, down from $2.09 billion a year ago. Kodak CEO Antonio Perez will take a 15 percent pay cut for the balance of 2009 from his annual base salary of roughly $1.1 million. His top executives will absorb a 10 percent cut.