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What: Eastman Kodak (NYSE: EK) dropped 10% in intraday trading today after the company's first-quarter loss was almost twice as large as expected.

So what: The company reported EPS of a loss of $1.13, compared with the consensus estimate of a loss of $0.61 and with a profit of $0.82 in the year-earlier quarter. Revenue of $1.32 billion declined 31% and fell somewhat shy of the consensus forecast of $1.37 billion.

Now what: Excluding the impact of a one-time high-margin technology licensing deal in the first quarter, revenue declined by a more acceptable 3%, with film revenue down 14%. The rising cost of silver also pressured profits, though management declined to disclose by how much. More restructuring charges are expected to keep cash flow in the negative for 2011 as this company continues struggling to overcome challenging industry trends.

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