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Kodak warns it may close shop without patent deals

updated 03:50 pm EDT, Thu November 3, 2011

Litigation appears to have proven unsuccessful

Kodak has quietly warned that it may have difficulty continuing operations if it cannot fetch additional funding. In its quarterly 10-Q filing with the Securities and Exchange Commission, the company reported a 10 percent drop in cash holdings, down from $957 million to $862 million, and slashed its cash balance forecast for the end of the year by $300 million.

Amid falling revenues from digital cameras and other consumer products, the company has left itself reliant on income from intellectual property lawsuits and patent sales while it attempts to revamp its operations to focus on printer sales.

In the SEC filing, the company suggests it will attempt to continue licensing its technology if it cannot sell its digital imaging patent portfolio "at an appropriate price." If its financial situation continues to deteriorate, it may scale back its investments or sell off some of its business segments.

"There is uncertainty regarding whether the Company can, and the Company can provide no assurance that it will, successfully execute the actions listed above," the SEC filing reads.

Kodak has achieved varying levels of success in its litigation attempts, however some of its lawsuits, including notable cases against Apple and RIM, have yet to be resolved. The SEC filing corroborates earlier leaks, which suggested it will need to raise up to $900 million in new funding to avoid being put out of business. [via Wall Street Journal (sub. required)]



By Electronista Staff
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Comments

  1. slboett

    Grizzled Veteran

    Joined: May 1999

    -7

    What they need...

    Is the ObamaNator! Another rescue to derail attention. I can see this one coming...

  1. Makosuke

    Forum Regular

    Joined: Aug 2001

    +1

    Sad

    It's really sad--Kodak was a once-great company that held out longer than most others after the digital transition, but they never quite seemed to pull it together. Their camera UI on midrange compacts was better, in my opinion, than most, but the hardware just didn't quite have it.

    I'd really have loved to see Kodak survive and prosper, but I guess they were more a film company from the beginning, so it shouldn't be all that surprising that they failed to become a sensor company when the world demanded it.

  1. CmdrGampu

    Fresh-Faced Recruit

    Joined: Aug 2009

    +1

    Same old story

    Another American goliath that couldn't keep up with the competition. How sad. I remember a time when the names Kodak and Polaroid were synonymous with photography.

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