Kodak Q2 Down 27%, Creditor Claims Hit $20B
Eastman Kodak Company today released its financial results for the second quarter, ended June 30, which included a revenue decline of 27 percent when compared to Q2 in the previous year. The company reported a net loss of US$299 million for its most-recent quarter, compared to US$179 million in the second quarter of 2011.
For the six months ended June 30, 2012, Kodak reported a net loss of US$655 million compared to a net loss of US$425 million for the same six-month period in 2011.
Kodak, which filed for Chapter 11 bankruptcy protection in the United States on January 19, 2012, also reported it has since received approximately 5,900 proofs of claim from creditors. On May 10, 2012, the Bankruptcy Court entered an order establishing July 17, 2012, as the bar date for potential creditors to file proofs of claims.
Within its Q2 2012 results, Kodak reports that, as of August 2, 2012, total creditor claims filed against it now amount to approximately US$20.5 billion. The company’s cash balance at the end of the quarter stood at US$1.257 billion.
Kodak, however, points to some positive news within its Q2 2012 results. The company reports its second quarter earnings improved for its Commercial and Consumer segments by a combined total of US$82 million, compared to the same quarter in the prior year. Second quarter loss from continuing operations before interest expense, other income (charges), net, reorganization items, net and income taxes improved by US$79 million compared to the prior-year quarter.
“I am pleased with our progress, and our operating results are both improved from last year and also ahead of our plan,” said Antonio Perez, Chairman and Chief Executive Officer. “We are committed to sustaining the progress required to successfully emerge from Chapter 11.”
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