Saturday, October 25, 2014
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
Panasonic to Offload Sanyo's North America TV Business
Google's Pichai to Become Head of Product at Google: report
Internet Explorer 11 Toolkit Allows Enterprise Admins "Spy" On Their Employees
FCC Says Airwave Auction To Delay Until 2016
HP Broadens Moonshot Portfolio With Intel-powered Models
Microsoft To Keep Nokia Brand For Low-end Smartphones
LG Introduces Its First Octa-Core Application Processor
Cloud and Surface 3 Drive Microsoft's Revenue
Active Discussions
Copied dvd's say blank in computer only
How to generate lots of different CDs quickly
Yamaha CRW-F1UX
help questions structure DVDR
Made video, won't play back easily
Questions durability monitor LCD
Questions fungus CD/DVD Media, Some expert engineer in optical media can help me?
CD, DVD and Blu-ray burning for Android in development
 Home > News > Digital Cameras > Kodak P...
Last 7 Days News : SU MO TU WE TH FR SA All News

Monday, April 29, 2013
Kodak Posts First Quarter Profit


Eastman Kodak today reported $283 million in consolidated net earnings in the first quarter of 2013, compared to a $366 million loss in the prior-year quarter.

The profitable quarter reflects improved results of the company's Commercial Imaging segments and includes a $535 million gain recorded on the sale of Kodak's digital imaging patent portfolio, partially offset by a $77 million non-cash goodwill impairment charge related to the patent sale.

Both of the company's Commercial Imaging segments recorded significant improvements in segment earnings. The Digital Printing and Enterprise (DPE) segment reported a segment loss of $8 million for the quarter, an improvement of $81 million from the $89 million segment loss in the prior year quarter. The improvement was driven primarily by the previously announced strategic decision to focus the consumer inkjet business on ink sales, as well as improved operating costs. The DPE segment had a 21 percentage point increase in gross profit margin in the quarter.

The Graphics, Entertainment and Commercial Films (GECF) segment reported $38 million in segment earnings for the quarter, compared to a segment loss of $84 million in the prior year, an improvement of $122 million. The current quarter earnings reflected $31 million in non-recurring brand licensing revenue, which combined with the $61 million reduction in revenue from intellectual property in the prior year resulting from a withholding tax refund, contributed $92 million of the year-over-year improvement. The remaining improvement was driven by pricing actions and operating cost reductions. The GECF segment had a 24 percentage point increase in gross profit margin in the quarter versus the prior year.

"These results demonstrate that we are on track with our strategy to focus on Commercial Imaging, and that we are making operational improvements as Kodak takes the right steps to emerge as a profitable and sustainable company," said Antonio M. Perez, Chairman and Chief Executive Officer. "We have the right strategy and the right technology and products to extend our leadership in the industry."

Kodak's cash balance at the end of the first quarter stood at $1.17 billion, an increase from the $1.14 billion reported at the end of 2012.

Sales from continuing operations totaled $849 million in the quarter, a 9% decrease from the $928 million in the previous year's quarter.

"Our path to emergence is now clear, and the plan of reorganization we expect to file with the court tomorrow provides a roadmap for the new Kodak," Perez said. "As we continue to drive improvements in our business to complete our transformation, I am more confident than ever that we will succeed, with the continuing support of our customers and the dedication of our team to serving customers' needs."


Previous
Next
Au Optronics Executive Sentenced for Role in LCD Price-Fixing Conspiracy        All News        Sprint Seeks More Info From Dish On Takeover Proposal
Kodak Positioned to Emerge from Bankruptcy in the Third Quarter     Digital Cameras News      Toshiba to Start Sales of 4K-ready CompactFlash Memory Card, 8Mpx Image Sensor

Get RSS feed Easy Print E-Mail this Message

Related News
Kodak Emerges From Bankruptcy Focused on Imaging for Business
Judge Approves Kodak Plan to Exit Bankruptcy
Kodak, Major Financial Institutions Agree to Arrange Exit Financing Package
Kodak Seeks Approval for $406 Million Rights Offering
Kodak Positioned to Emerge from Bankruptcy in the Third Quarter
Kodak To Sell Document Imaging Business to Brother
Kodak Completes $527 Million Sale Of Digital Imaging Patents
Court Approves Kodak's $525 Patent Sale Plan To Consortium
Kodak Sells Patents For $525 Million
Apple and Google To Jointly Bid For Kodak Patents
Kodak Accepts Improved Financing
Kodak To Borrow $793 Million

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2014 - All rights reserved -
Privacy policy - Contact Us .