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Kodak still counting cost of delayed migration to digital


Kodak still counting cost of delayed migration to digital


The world’s biggest film manufacturer, Eastman Kodak has reported it lost more than nine million euros in the last quarter of the year, mostly due to the cost of moving into the digital age.

There was also a problem with its income tax accounting and it will publish fresh accounts in six weeks time. The company has laid off thousand of employees as it tries to restructure from its traditional film business. Last year Kodak said the total cost of severance packages would be as much as 1.3 billion euros. It has been criticised for being slow to capitalise on the move away from traditional photography. As if to underscore that, Kodak said its digital photography revenues increased 40% in the final three months of last year as there was a 16% decline in its film business.
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