Kodak reports improvement in Q2

Kodak reports improvement in Q2

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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