Eastman Kodak Co. after the bell Tuesday reported an improved bottom line and encouraging cash balance in the second quarter.
For the quarter ended June 30, the one-time photo giant posted sales of $291 million, up from $213 million in the year-ago quarter. GAAP net income for the quarter rose to $16 million, compared with a loss of $5 million in the same quarter last year.
“I am encouraged by our financial performance for the quarter, which included year-over-year improvements in revenues and Operational EBITDA across all of our divisions,” said David Bullwinkle, Kodak’s CFO. “During the second quarter, we used $6 million in cash, an improvement of more than $20 million compared to the prior-year quarter, driven by increases in revenue and profit. We will continue to focus on the execution of our long-term plan.”
Kodak’s traditional printing division revenue was up significantly in the quarter from $119 million to $169 million. Digital printing rose $10 million to $62 million, while advanced materials and chemicals rose to $54 million from $38 million in the year-ago quarter.
Kodak ended the quarter with $395 million, compared with $196 million in the second quarter last year.
Shares of company stock (NYSE: KODK) opened Wednesday at $7.24 and were on the rise in the first few minutes of trading.
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