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Report shows Kodak's cash declined, revenues rose in August

Rochester Business Journal
October 1, 2012

Eastman Kodak Co.'s available cash for its companies in bankruptcy shrank by 21 percent, or $92.4 million, in August. The latest monthly operating report with the U.S. Bankruptcy Court shows Kodak’s net loss and revenues grew during the month.

Kodak reported a net loss of $79.3 million on revenues of $168.4 million for the period of Aug. 1 to Aug. 31, the filing on Friday states,

Kodak reported a net loss of $78.7 million on revenues of $162.5 million for the period of July 1 to July 31, versus a loss of $160.1 million on revenues of $180.2 million for the period of June 1 to June 30. That also is a bottom-line improvement from a net loss of $88.3 million on $173.6 million in revenues for period of May 1 to May 31.

Kodak listed cash and cash equivalents of $345.8 million on Aug. 31, down from $438.2 million on July 31. The company had $510.2 million on June 30, $574.2 million on May 31 and $617.6 million on April 30.

The financials are contained in monthly operating reports filed to show asset use and cash for the U.S. entities of Kodak that are in Chapter 11. The company filed for bankruptcy Jan. 19. The reports include costs that Kodak is responsible for companywide.

The reports do not reflect Kodak’s international businesses that were not part of the bankruptcy filing.

The monthly reports are not comparable with typical quarterly financial reports, Kodak said. It does not provide comparison with the prior year on a comparable basis.

In addition, Kodak cautions that the monthly reports are prepared solely to comply with the bankruptcy court's reporting requirements; they have not been audited and were not prepared in accordance with generally accepted accounting principles.

Kodak on Friday filed a request for an expansion of its exclusive right to propose a reorganization plan. If approved, a hearing has been set for Oct. 17, the plan-filing deadline is to become Feb. 28.

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


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