After the bell on Tuesday, Eastman Kodak Co. reported a third-quarter decline in sales of $63 million and a net loss for the quarter of $445 million. Shares of company stock (NYSE: KODK) were down roughly 2 percent to $6.55 in light trading Wednesday at midday.
For the quarter ended Sept. 30, the one-time photo giant reported revenue of $249 million, down from $313 million in the year-ago quarter. The quarterly loss of $445 million compares to a $5 million net loss in the third quarter last year.
“As the pandemic continued during the third quarter, Kodak stayed focused on keeping our employees safe and serving customers while carefully managing our costs and cash,” said Kodak Executive Chairman and CEO Jim Continenza. “We continue to invest in leading-edge digital print technology, and winning eight awards recently in three prestigious print industry competitions provides external validation of that commitment. Looking forward, we’ll continue to build on our strengths in print and advanced materials and chemicals, including our existing business in manufacturing pharmaceutical ingredients.”
Kodak ended the quarter with a cash balance of $193 million.
“Kodak delivered improved revenue compared with the second quarter of the year while improving its financial position,” said Kodak CFO David Bullwinkle. “During the third quarter, the company reduced its debt by $100 million due to the conversion of the convertible notes and its cash balance increased by $13 million.”
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