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Kodak improves bottom line in Q3
Kodak improves bottom line in Q3
Eastman Kodak Co. after the bell on Tuesday reported an improved third-quarter bottom line.
Sales for the quarter ended Sept. 30 were $287 million, up from $252 million in the third quarter last year. Net income for the quarter rose to $8 million from a net loss of $445 million in the year-ago quarter.
“I’m pleased with our continued improvement in the third quarter despite challenges posed by supply chain issues, labor shortages and inflationary pressures,” said Kodak Executive Chairman and CEO Jim Continenza in a statement. “Our core print business has achieved increased market share in environmentally-friendly process-free plates and we are well-positioned to continue growing that important segment. Looking forward, we’ll continue to execute our go-to-market strategy focused on driving profitable revenue and growth.”
During an earnings call, Continenza said that the company is seeing a resurgence in its film business.
“More people are shooting still film, and the motion picture industry is choosing film as the ideal medium for their productions. As a result, we are increasing the capacity of our film factory,” he noted.
Kodak ended the third quarter with $380 million in cash and cash equivalents, an increase of $184 million from Dec. 31, 2020.
“During the third quarter we continued to see strong growth in our key product areas, including SONORA Process Free Plates volume and PROSPER annuities which were up 35 and 17 percent respectively compared to the prior-year quarter,” said Kodak CFO David Bullwinkle. “Kodak used $15 million in cash for the quarter, primarily driven by ongoing global cost increases which we are taking actions to address. We will continue to execute on our long-term plan — focusing on our core businesses and investing in future growth.”
Shares of Kodak stock (NYSE: KODK) closed Tuesday at $7.16 and was down more than 2 percent to $6.88 at the start of the day Wednesday.
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