Kodak is reporting another profitable quarter, although sales were down.
Third quarter earnings show net profits of $12 million compared to a $21 million loss at this time last year. The company says that was due to improved operations and lower expenses. It was a second consecutive profitable quarter for the company.
Sales of $380 million were down about eleven percent.The company says the revenue decline was due in part to declines in the print systems division, the Kodak technology solutions business and the expected continuing decline in legacy consumer inkjet printer cartridge sales.
But overall, George Conboy of Brighton Securities says this was a pretty good report.
“There certainly is a positive in that Kodak is starting to print its quarterly reports in black ink. Profit is a great sign, sales were down, and they’ll probably continue to go down for a while yet, but the decline has slowed, and even a much smaller company, if profitable, is the best possible scenario.”
Kodak also says it remains committed to completing the sale of the Kodak Prosper business, and it continues to focus on growth businesses.