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Kodak reports smaller loss, but less cash in May

Rochester Business Journal
June 29, 2012

Eastman Kodak Co. on Friday filed its latest monthly operating report with the Bankruptcy Court.

The company, which filed for bankruptcy Jan. 19, reported $173.6 million in revenues and a net loss of $88.3 million for period of May 1 to May 31. It listed cash and cash equivalents of $574.2 million on May 31.

That compares with $156 million in revenues and a net loss of $91.3 million for period of April 1 to April 30. It listed cash and cash equivalents of $617.6 million on April 30.

The company reported revenues of $108.6 million and a net loss of $128.7 million for March. It listed cash and cash equivalents of $661 million as of March 31. Kodak had reported cash and cash equivalents of $682.8 million as of Feb. 29.

The financials are contained in monthly operating reports filed to show asset use and cash for the U.S. entities of Kodak that have filed for Chapter 11. The company has said the reports include costs which Kodak is responsible for companywide. The monthly reports are not comparable with typical quarterly financial reports, Kodak said.

The company has not provided comparison with the prior year on a comparable basis.

Kodak has cautioned that the report was prepared solely for complying with the bankruptcy court’s monthly reporting requirements. The reports have not been audited and were not prepared in accordance with generally accepted accounting principles.

On that reporting basis, Kodak’s cash and cash equivalents have fallen to $574.2 million on May 31 from $682.8 million as of Feb. 29.

The early part of the year, particularly the first quarter, traditionally is when Kodak burns cash. It typically generates most of its cash in the fourth quarter.

(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email


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