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November 10, 2005 - The confusion from Kodak’s restructuring has caused a few glitches in the accounting process, and the Rochester, NY-based manufacturer yesterday restated their numbers. Kodak has discovered an extra $15 million it has lost during the third quarter, for a third quarter net loss of $1.038 billion.
However, first quarter losses were at only $140 million instead of $142 million, and second quarter losses at $141 million instead of $154 million. This is a net gain of $6 million, meaning Kodak has lost $9 million more this year than previously understood.
"As we have previously said, the magnitude of the worldwide restructuring program the company is undertaking imposes significant challenges to ensure the appropriate accounting," said Kodak chief financial officer Robert Brust.