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| July 29, 2010 |
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| Kodak announces second quarter results Eastman Kodak Company, Rochester, NY, USA, has announced its results for the second quarter 2010. Compared with the same period last year, sales decreased 11 percent to US-$ 1.57 billion (Euro 1.21 billion). Revenue from digital businesses totalled US-$ 1.1 billion (Euro 0.85 billion), a 6 percent drop from the prior-year quarter. Loss from continuing operations was US-$ 100 million (Euro 76.9 million), compared with US-$ 119 million (Euro 91.5 million) in the year-ago quarter. As of June 30, 2010, Kodak held US-$ 1.3 billion (Euro 1.0 billion) in cash, compared with US-$ 1.1 billion (Euro 0.85 billion) as of June 30,2009.
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Kodak's Graphic Communications Group recorded sales of US-$ 656 million (Euro 504.4 million), a decrease of 2.1 percent compared with the second quarter 2009. Earnings from operations for the segment improved by US-$ 28 million (Euro 21.5 million) to breakeven.
Sales of Kodak's Consumer Digital Imaging Group in the second quarter were US-$ 447 million (Euro 343.7 million), a drop of 11.1 percent, resulting in a loss from operations for the segment of US-$ 110 million (Euro 84.6 million), compared with a loss of US-$ 99 million (Euro 76.1 million) in the year-ago quarter. According to a press release, the decrease in earnings was largely driven by the expiration of a significant Retail Systems Solutions customer contract and increased advertising investment, partially offset by improved profitability in consumer inkjet systems and digital cameras and devices.
Kodak's Film, Photofinishing and Entertainment Group recorded sales of US-$ 466 million (Euro 358.3 million), a 21 percent decline from the year-ago quarter, driven by continuing industry-related declines. Second-quarter earnings from operations for the segment were US-$ 29 million (Euro 22.3 million), compared with earnings of US-$ 51 million (Euro 39.2 million) in the second quarter 2009.
Antonio M. Perez, Chairman and Chief Executive Officer of Eastman Kodak Company, commented: “We continue to gain share in our growth businesses, maintain cost discipline and drive improved profitability. Our new digital businesses, particularly consumer and commercial inkjet, continue to gain traction with sales growth outpacing the competition. Digital commercial printing revenue, for example, grew 9 percent in the second quarter, consumer inkjet printer and ink revenue grew 50 percent, and operating margins improved in the majority of our digital product lines.”
For the full year, Kodak continues to target total company revenue of US-$ 7.5 to US-$ 7.7 billion (Euro 5.8 to 5.9 billion) with earnings from operations in the range of US-$ 350 million to 450 million (Euro 269 to 346 million). |
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