I’ve heard at least one newspaper executive cite Kodak as an example of a company facing sever competitive threats from new technology and successfully reinventing itself.

Kodak’s “turnaround” has even been cited in scholarly articles.

But Kodak’s quarterly reports seem to be telling a different story.

The big concern is Kodak’s consumer digital business, which is supposed to replace the declining film business. Consumer digital lost $79 million in the second quarter, up from a $52 million loss a year ago, partly reflecting competitive pressures in the digital camera market. … This is a tough time for companies like General Motors (GM) and Kodak, which are trying to execute enormous transformations even as they’re graded by a stock market that has become more and more impatient. But at least at Kodak the moment of truth is approaching. After years of pleading for patience, Perez is now promising Kodak will deliver its first significant digital profits in the second half. And that should pave the way for even stronger results next year, he adds, especially as those huge restructuring charges diminish.