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Kodak posts smaller first-quarter loss, decline in revenues

Eastman Kodak Co. on Thursday afternoon reported a smaller first-quarter net loss but also a double-digit percentage decline in revenues.

The company posted a net loss attributable to Kodak of $18 million versus a net loss of $58 million a year ago. Income from continuing operations before income taxes was $2 million compared with a loss of $32 million for the first quarter of 2015, the company said.

The per-share loss was 43 cents, compared with a loss of $1.38 a share in the first quarter of 2015. Its per-share loss on continuing operations was 17 cents versus 97 cents a year ago. Kodak said it has moved its Prosper printer business, which it is trying to sell, into discontinued operations.

Kodak logged revenues of $362 million, down from $411 million a year ago. Sales fell 12 percent or 10 percent on a constant-currency basis.

The decrease in sales chiefly resulted from the expected decline in legacy consumer inkjet printer cartridge sales as well as price pressures in its plates business, Kodak said.

“Kodak continues to make solid progress in our transition,” CEO Jeffrey Clarke said. “We’re seeing better quality of earnings and improved cash performance. Looking ahead, I’m pleased we’re on track to improve Kodak’s operational (earnings before interest, taxes, depreciation and amortization) and to generate cash in 2016.”

Kodak ended the quarter with a cash balance of $513 million, a decrease of $34 million for the quarter. Net cash used in operating activities fell to $21 million from $89 million a year earlier.

The Print Systems Division, Kodak’s largest division, logged revenues of $231 million, a 9 percent decline.

The company reiterated its 2016 revenue guidance of $1.5 billion to $1.7 billion and boosted its operational EBITDA guidance to $135 million to $150 million.

Kodak stock (NYSE: KODK) closed Thursday at $12.01, up 4 percent from Wednesday close. The company reported its results after the market closed.

(c) 2016 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail rbj@rbj.net.


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