Kodak Sales Drop 29%

Jon Robinson
July 29, 2009

Eastman Kodak released its second quarter results with a loss of US$191 million, as well as a 29 percent sales decline, when compared with the year-ago quarter. Sales in Kodak’s second quarter 2009 were US$1.8 billion (all figures in U.S. currency), compared with $2.485 billion in Q2 of 2008.

“We have every expectation that our cash flow pattern this year will mirror the pattern of previous years, with a sizable increase in cash generation in the second half of 2009,” said Antonio Perez, Chairman and Chief Executive Officer, Eastman Kodak. “During the second quarter we continued to execute on our strategy, with our consumer inkjet hardware and ink revenue growth significantly outpacing the market.” To that end, Perez pointed to the first sale of its Prosper S10 Imprinting System in July of this year, as well as a letter of intent from an unidentified customer to purchase a Prosper press.

Revenue from Kodak’s digital businesses totaled $1.173 billion, a 28 percent decline from $1.636 billion in the prior-year quarter, while revenue from its traditional business decreased 30 percent to $593 million. The company blamed these results on “industry-related declines” and “the negative impact on volumes related to the uncertainty of labour contract negotiations in the entertainment industry.”

During its second quarter, the Rochester-based company decreased “selling, general and administrative” expenses by 26 percent, as well as a 38 percent decrease in R&D expenses, which amounted to $84 million. Kodak held $1.132 billion in cash and cash equivalents as of June 30, 2009, while its debt level stood at $1.311 billion.

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