Eastman Kodak is reporting 2nd quarter numbers that showed an increase in profits, but a drop in revenues.
The company saw GAAP net income of $35 million, compared to $20 million for the same period last year.
Revenues totaled $295 million, a decrease of 8% over last year.
Overall, Kodak’s Executive Chairman and CEO Jim Continenza said the company “delivered strong results” despite challenging business conditions in the markets Kodak serves.
The CEO said that the decline in revenue “reflects a conscious decision” to prioritize, increase productivity and invest in innovation.
During a conference call with the investment community, Continenza said Kodak continues to focus on its core business of print, and advanced materials and chemicals, and he also said the company continues to see demand for its still and motion picture film business.
He noted that the movie Oppenheimer was shot on Kodak large-format film.
Continenza added that Eastman Kodak recently renewed its supply agreement for film with its long-term customer, Kodak Alaris, in a deal which will run through 2028. “We are committed to manufacturing film as long as there is demand from the filmmakers and photographers worldwide,” said Continenza.
Continenza said the company has made significant strides, but knows that “we still have a long way to go,” and he said will also continue to streamline its operations to be as efficient as it can be as it works to serve its customers.
