Kodak Cuts Losses in First Quarter
ROCHESTER, N.Y., March 7, 2014 — Eastman Kodak Co. suffered another quarterly net loss, but said the results were in line with predictions as it reprioritizes and develops new product lines.
The company reported a net loss of $36 million in the first quarter of 2014, an improvement over the $63 million it lost in the previous quarter.
Earnings in the first quarter of 2013 were $283 million, following the $535 million sale of the company’s digital imaging patent portfolio.
“Kodak’s transformation continues,” said CEO Jeff Clarke. “The path to sustainable growth and profitability is not a straight line, but we continue to progress, especially in the strategic technology businesses, which will constitute the new Kodak.”
Clarke said Kodak saw good results for sales of its digital plate, digital printing and packaging products, and would invest $100 million this year in R&D.
The company expects to quadruple the number of customers using Sonora plates during 2014, and is investing in increased production of those plates at plants in Germany, China and the US to meet demand. It also projects increased sales of its Prosper printing presses and Flexcel packaging systems.
Sales for the first quarter of 2014 were $482 million, compared to $594 million in the prior-year quarter, a decline of 19 percent, more than half attributable to continuing declines in the film and consumer inkjet products.
CFO Becky Roof said sales in several Kodak businesses have been better in the later quarters of previous years, with similar expectations for sales performance this year.
For more information, visit: www.kodak.com