Kodak sees a loss in the latest quarter

Nov 7, 2019

Credit WXXI Photo

Eastman Kodak is reporting a net loss of $5 million in its third quarter. That compares to a profit of $19 million at this time last year.

Revenues for the most recent quarter were at $315 million, down from $329 million last year.

Kodak Executive Chairman Jim Continenza says that looking ahead to 2020, Kodak will focus on generating cash “by growing profitable revenue, making smart investments and eliminating unnecessary spending.”

Kodak says that key product lines saw strong year-over-year growth for the year to date, including volume for its KODAK SONORA Process Free Plates and annuities revenues for the KODAK PROSPER inkjet platform. Revenue from the film business grew 21 percent.

During the last quarter Kodak finalized the establishment of a strategic relationship with a company in China, including the sale of Kodak’s offset printing plates facility in Xiamen, China.

Kodak also says that in the last quarter, it increased its cash balance by $27 million to $225 million.