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Kodak Posts Loss for Q2

August 02, 2010

Eastman Kodak has posted a loss of US$141 million in its second quarter results, primarily due to restructuring costs and the decline of its film business.

Second quarter sales for the company fell 11 percent over the same period in 2009. Worst hit was its Film, Photofinishing and Entertainment Group, which faced a 21 percent decline.

“We continue to gain share in our growth businesses, maintain cost discipline, and drive improved profitability,” said Antonio M. Perez, Chairman and Chief Executive Officer, Eastman Kodak Company. “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 and for our digital business in total. We remain focused on building a leaner, more competitive company powered by innovative products that compete in large, new markets. Given the solid digital unit growth that we saw in the first half of the year, we continue to target full-year revenue of $7.5 billion to $7.7 billion, reflecting the increasing strength of our digital portfolio."

The performance of Kodak's Graphic Communications Group was positive, despite a decline in sales by $14 million, buoyed by lower raw material costs such as those of aluminum. The group's second quarter saw a breakeven result compared to a $28 million loss in 2009.

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