Kodak Reports 2012 Results
Eastman Kodak Company yesterday, in filing its 2012 Form 10-K with the U.S. Securities and Exchange Commission, recorded an improvement in earnings for the two reporting segments comprising its Commercial Imaging segment. With this filing, Kodak reaffirmed its position that it is on a path to emerge from Chapter 11 reorganization in mid-2013.
Over the past several months, Kodak has repeatedly stated Commercial Imaging is to be its strategic focus for the future. This segment is comprised of Digital Printing and Enterprise, as well as Graphics, Entertainment and Commercial Films. The operating loss for these two Commercial Imaging segments in 2012 improved by $278 million (all figures are in U.S. dollars). On a GAAP basis, the consolidated 2012 loss from continuing operations before interest expense, other income (charges), net, reorganization items, net and income taxes increased by $33 million.
Kodak reported a 2012 consolidated net loss of $1.38 billion. Excluding reorganization and restructuring costs totaling $1.07 billion, the loss for the year would have been $308 million. Kodak’s revenue of $4.11 billion in 2012 was a decline of 20 percent from the previous year. As Kodak continues to focus on cost reductions, the company’s selling, general and administrative costs fell by US$226 million in 2012.
“[We] optimized our use of the Chapter 11 process, which offers valuable restructuring advantages despite the many demands it also imposes,” stated Antonio Perez, Chairman and Chief Executive Officer of Kodak.
“Our momentum continues as we work to file our Plan of Reorganization and then complete the final actions that will enable us to emerge from Chapter 11 in mid-2013,” continued Perez. "Thanks to the talent and dedication of our employees, our 2012 performance was on track or ahead of our adjusted EBITDA and cash projections, and we have remained in compliance with the covenants of our debtor-in-possession facility, laying the foundation for emergence as a profitable, sustainable company.”
The company’s worldwide cash balance was $1.14 billion at the end of 2012.
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