Rochester, N.Y. — Kodak reported a first quarter loss of $188 million on sales of $2.1 billion today.
The loss was lower than the year ago quarter, when Kodak lost $346 million. Sales for the company fell 8 percent versus the first quarter in 2006.
The company reported some success in shedding general and administrative costs; these costs represented 19 percent of revenue this year versus 22 in the year-ago quarter.
Kodak’s consumer digital imaging group sales dropped 14 percent versus the year ago quarter to $778 million. The company attributed the decline to its shifting away from low-end cameras, a decrease in retail photofinishing and an “industry-wide decline” in snapshot printing.
Within the group, Kodak’s Gallery Web site sales grew 23 percent while sales of the firm’s retail Picture Kiosks and related consumables jumped 13 percent.
Going forward, Kodak plans to invest heavily in its new line of inkjet photo printers.
“Our goal remains to sell at least 500,000 units in 2007,” said Kodak CEO Antonia Perez in a statement announcing the results. He added that the company planned “to increase our 2007 inkjet investment by as much as $50 million in order to accelerate our ramp up, boost new product development, and position ourselves to better supply current and future demand.”
The company said it would soon be announcing two new national retail chains for its recently introduced inkjet photo printers.