Practical Photography

Photography giants, Kodak have reportedly lost even more than anticipated due to the economic downturn.

Eastman Kodak Co based in New York are forecasting a drop in revenue of as much as 18% in 2009. Not to be beaten the photography soecialists are looking for business partners to help turn their fortunes around and aid them to develop technologies like camera sensors that will be more profitable.

Last week Kodakstated they expect revenue to drop 12 % from 2008 to 18 % in 2009, this is a loss fof $200 million to $400 million from continuing operations.

This comes as quite a shock as Analysts had only expected a loss of $35 million in 2009, according to Reuters Estimates.

In the statement, Chief Executive Antonio Perez said the company’s balance sheet is “solid”, but that it sees “no immediate signs of economic recovery.”

Kodak, along with other photography names have been affected more by the recession as photography usage has diminished as consumers hold back on activities like vacations, parties and other events that often encourage the use of photography . Meanwhile, many businesses in effort to save money and reduce their carbon footprint have reduced the amount of priniting they do.

“It has been a very difficult year to plan for,” Perez said at the meeting of its 2009 outlook.

One year ago, before the worst of the economic downturn, Kodak’s outlook was much rosier. It had anticipated revenue by a compound annual growth rate 5 percent from 2008 to 2011. At that time, Kodak said it had completed an expensive four-year restructuring that transformed it into a maker of digital photography products and printers.

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