Eastman Kodak Co. released its first-quarter financial results late Wednesday afternoon, with the company reporting a profit, despite a decrease in year-over-year sales.
Kodak reported first-quarter sales of $278 million, down four percent, from sales of $290 million during the prior year’s quarter. Adjusting for the unfavorable impact of foreign exchange of $10 million, revenues decreased by $2 million, or one percent compared to the prior year.
The company said GAAP net income was $33 million for the quarter, compared with negative $3 million in the same quarter last year, representing an increase of $36 million.
Contributing to the increase in the most recent quarter was $10 million of income from insurance reimbursement of legal expenses incurred in prior periods, said David Bullwinkle, Kodak’s chief financial officer, senior vice president and president of Eastman Business Park.
Revenue was slightly impacted by Kodak’s decision to suspend manufacturing and sales of its EPS printer line due to increased cost and supply chain issues. The company will continue to service all existing EPS presses in the field.
The move, however, helped to increase efficiency in Kodak’s supply chain and operations, company leaders said.
“We continue to focus on (a) smart revenue over growth goal,” said Jim Continenza, Kodak’s executive chairman and CEO, in an earnings conference call. “We focus on things that fall within our core competencies and things that we can execute better than others.”
He noted several actions the company has taken over the past four years to work toward sustainable growth and profitability, including:
“We put our customers first because we know we only win when our customers win,” Continenza said.
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