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Kodak to lay off up to 3,500 staff

Compared to this time last year, Kodak's net earnings have dropped by US$139 million or $.41 per share. The end result for 4.5% of the company's work force is a pink slip.
April 19, 2001

Restructuring. Streamlining. Strategic reorganizing. Whatever term a company chooses, the implication for employees is the same – job losses. This reality is no different for staff of the Eastman Kodak Company. This week, the well-recognized film supplier reported a drop in net earnings of US$139 million in first quarter 2001 from first quarter 2000. In addition, sales were down by 1% and earnings from operations dropped by $194 million compared to the same period last year. The company simultaneously announced a plan to restructure, which will result in the elimination of 3,000 to 3,500 positions worldwide (4.5% of Kodak’s 78,400 employees).

A spokesperson for Kodak said that the company has not yet determined what areas of the business will be targeted for layoffs, conceding only that it will be considered strategically.

In light of the first quarter results, chairman and ceo Daniel Carp announced the withdrawal of Kodak’s previously announced full-year guidance of $4.50 to $4.90 per share. He added that the expected second quarter results are in the $1 to $1.30 per share range.

About The Author
Meagan Kashty is an associate editor of realscreen, an international print and online magazine that covers the non-fiction film and television industries. Meagan is an award-winning business journalist. Prior to joining the realscreen team, Meagan was online editor of Canadian Grocer, named Magazine of the Year at the 2015 Canadian Business Media Awards. She can be reached at mkashty@brunico.com, and you can follow her on Twitter @MegKashty

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