Eastman Kodak Co., the photography pioneer that’s under bankruptcy protection, said on Monday that its loss nearly doubled last year due to the cost of converting itself into a slimmer company.
The Rochester, N.Y., company said it lost $1.38 billion in 2012, 80 percent more than the loss of $764 million the year before. Excluding reorganization costs, the latest loss would have been $308 million, Kodak said.
Revenue was $4.11 billion, a 20 percent decline from the previous year.
Kodak, once the dominant supplier of photographic materials in the U.S., failed to transition gracefully to the world of digital imaging. Shrinking sales pushed it into bankruptcy in January 2012. It hopes to emerge from court protection this summer.
Kodak is trying to refashion itself as a provider of commercial imaging products and services, and said it reduced losses in those segments in 2012.