Eastman Kodak Co. on Wednesday reported net earnings attributable to common shareholders of $16 million for the third quarter, compared with a loss of $22 million a year ago.
The company posted diluted earnings per share from continuing operations of 60 cents, compared with a loss of 17 cents a share a year ago. Income from continuing operations was $22 million for the quarter, a $28 million improvement over the prior year.
The company (NYSE: KODK) logged revenues of $380 million, compared with revenues of $425 million in the same period last year, a decline of $45 million, or 11 percent. The decrease primarily was driven by declines in the Print Systems Division, the Kodak Technology Solutions business within the Software and Solutions Division and the expected continuing decline in legacy consumer inkjet printer cartridge sales.
The company ended the quarter with a cash balance of $489 million, a decline of $24 million for the quarter. Adjusted for cash of $18 million used to prepay debt, the cash balance declined by $6 million in the quarter. A year ago, the cash balance declined by $55 million.
“Kodak posted a second-consecutive profitable quarter and we’re on track to meet our full-year guidance,” CEO Jeffrey Clarke said. “We have an increasing proportion of our revenues coming from growth and other strategic businesses, which reflects our improved quality of earnings.”
The company reiterated 2016 revenues guidance of $1.5 billion to $1.7 billion.
Print Systems Division, Kodak’s largest division, had third-quarter revenues of $250 million, a 10 percent decline primarily due to competitive pricing pressures and unit sales declines in Prepress, officials said.
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