Kodak saw its revenue drop 26 percent in the past quarter and took a loss of US$81 million, yet the company says it is seeing signs of growth.
“On a sequential basis, the positive trends are clear. Our sales are stabilizing and some businesses are showing real signs of growth in the fourth quarter. That, combined with operational improvements in several of our key product lines, increases our optimism for significant improvement in the fourth quarter, our largest quarter of the year,” said Antonio M. Perez, Chairman and Chief Executive Officer, Eastman Kodak Company. “We also continue to gain significant traction with our new consumer and commercial inkjet businesses, and the productivity improvements that we’ve implemented thus far are helping to drive improved cash performance.
Gross Profit was 20.3 percent of sales, a decline from 27.5 percent in the year-ago period. Kodak attributes the decline in margin to lower intellectual property licensing royalties and unfavorable foreign exchange rates. Kodak’s Consumer Digital Imaging Group third-quarter sales were US$535 million, a 35 percent decline from the prior-year quarter. Its Graphic Communications Group third-quarter 2009 sales were US$674 million, an 18 percent decline from the third quarter of 2008.
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