Kodak to Eliminate up to 4,500 Jobs

ROCHESTER, NY—A fourth-quarter loss of $137 million has prompted Eastman Kodak to announce that between 3,500 and 4,500 jobs will be eliminated, representing between 14 to 18 percent of its total workforce. The company lost 51 cents a share in the fourth quarter, compared to a 75 cent per share profit ($215 million) during the same period the previous year.

Kodak's Graphic Communications Group posted a $4 million operating loss during the quarter in contrast to its $30 million profit for the same period the previous year. Sales fell 14 percent to $821 million.