Eastman Kodak Co. on Wednesday reported its second-quarter profit dropped by 50 percent compared with a year ago.
The company posted net income of $4 million, down $8 million. Revenues fell 10 percent to $381 million for the quarter from $423 million. Revenues were down 9 percent on a constant currency basis, the company said.
Kodak reported net earnings from continuing operations of a nickel a share, down from 18 cents a share a year ago, both on a diluted basis.
The company touted its continued strong growth in its key product lines: Kodak Sonora process free plates, with volume up 22 percent; Kodak Flexcel NX Packaging, volume up 18 percent; and Kodak Prosper Inkjet annuities, revenues up 14 percent.
“Our Flexcel NX plates, Sonora plates and Prosper Inkjet businesses continue to deliver impressive performance and contribute a growing percentage of Kodak’s total revenues,” CEO Jeffrey Clarke said. “We continue to invest significantly in new inkjet and advanced materials technologies for the future.”
The company ended the quarter with a cash balance of $370 million, down $8 million from a year ago.
“Our cash position is in line with our expectations for the quarter and we are on track for our plan for the year,” said David Bullwinkle, chief financial officer. “In the first half of 2017, we invested in working capital to support sequential growth in the second half of the year.”
The company updated its 2017 outlook to reflect the impact of an expected advanced technology transaction. Kodak adjusted its forecast for the full year change in cash balance to a range of $0 to $10 million of cash generation. Kodak continues to expect revenues of $1.5 billion to $1.6 billion.
Print Systems Division, Kodak’s largest division, logged revenues of $236 million, a 9 percent decline. Print Systems’ revenues accounted for approximately 62 percent of the company’s total revenues for the quarter.
The company reported its results after the market closed Wednesday.
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