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Polaroid posts big loss
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July 18, 2001: 6:59 a.m. ET
Instant photo products maker's 2Q results weaker than forecast
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NEW YORK (CNNfn) - Polaroid Corp., the troubled maker of instant photography products, reported a wider-than-expected second-quarter loss Wednesday, but reiterated its strategy for bailing itself out of its financial woes.
Cambridge, Mass.-based Polaroid reported a loss of $36 million, or 84 cents a diluted share, excluding special items. Analysts surveyed by the research firm First Call had forecast a loss of 69 cents a share, although Polaroid said it had projected an operating loss comparable to the $38 million recorded in the first quarter.
Including inventory liquidations, real estate gains and tax charges, Polaroid posted a net loss of $109.9 million, or $2.36 a share. That's in contrast to net income of $26.6 million, or 59 cents a share, a year earlier.
Revenue tumbled 31 percent to $333.5 million.
Polaroid chairman Gary DiCamillo said the company remains focused on maintaining liquidity, generating cash and managing debt. He pointed to an agreement reached last week with lenders allowing the company more time to repay debt, and repeated the company's intention to explore a merger of sale.
Polaroid shares fell 13 cents to $1.11 Tuesday, well off the 52-week high of $19.81. 
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