Kodak turns a profit in 2016
Kodak is reporting financial numbers for the fourth quarter and the year as a whole, and the company is seeing some improvements over previous years since they emerged from bankruptcy in 2013.
For the 4th quarter of last year, Kodak saw profits of $10 million, down from the same period a year ago. Sales were down about 8 percent to around $404 million.
Kodak says the revenue decline was mainly caused by the expected decline in its legacy consumer inkjet printer cartridge sales and pricing reductions in digital plates.
For 2016 overall, Kodak saw GAAP ( Generally Accepted Accounting Principles, or “adjusted” earnings) net earnings of $16 million compared to a $75 million loss in 2015.
Revenues in 2016 totaled about $1.5 billion down 10 percent from the year before.
At Brighton Securities, Chairman George Conboy says the company has seen slow improvement.
“Kodak sales still declined in the quarter, but not by much, and they actually turned a profit, a nice improvement from what we’ve seen in previous years.”
Kodak CEO Jeff Clarke said he is pleased the company delivered a GAAP profit and met revenue and other goals for 2016.
There was a report in the trade press this week that Kodak was getting ready to announce the sale of its PROSPER inkjet business, perhaps to Xerox, but in the just-released quarterly report, the company just said that the sale process continues for that Ohio-based division.
During a call with the investment community, Clarke indicated the company is talking with "multiple" parties that may be interested in buying that division.