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Eastman Kodak Co. late Tuesday afternoon filed its first quarterly financial results since emerging from Chapter 11 bankruptcy on Sept. 3.
Excluding reorganization items and discontinued operations, the company posted an adjusted net loss for the third quarter—which included two months operating as the old Kodak and one month as the new Kodak—of $155 million. That compares with a net loss of $312 million a year ago.
Including those items, Kodak generated net income of $1.99 billion in the quarter, the company said. The net income figure reflects $2.01 billion from the old Kodak in the first two months of the quarter and a loss of $18 million from the new Kodak in September.
Earnings attributable to common shareholders totaled $6.98 a share, compared with a net loss of $1.19 a share a year ago, on a continuing operations basis.
Revenues fell from $660 million to $563 million, chiefly due to the end of sales of consumer inkjet printers and the declines in motion picture film sales.
As of Sept. 30, the company had $839 million in cash and cash equivalents and debt of $679 million, down $1.44 billion compared with Dec. 31.
“We are pleased with our progress on earnings this quarter, with operational EBITDA on track with expectations,” Kodak CEO Antonio Perez said. “Further, our customers are telling us they are impressed with our technologies, and increasingly ready to adopt and apply our solutions to help grow their businesses.
“Our strengths in imaging for business markets, including packaging, functional printing, graphic communications and professional services, position us well to move forward on our strategy with increasing momentum.”
The company said favorable product/price mix in both of its business segments--Digital Printing & Enterprise, and Graphics, Entertainment & Commercial Films--contributed to an 8 percentage point improvement in gross profit for the quarter, confirming the company’s strategy of focus on profitability.
Kodak stock (NYSE: KODK) closed Tuesday at $24.80, down 2 percent. The company released its results after the market closed.
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