Rochester, NY—Kodak reported $283 million in consolidated net earnings in the first quarter of 2013, compared to a $366 million loss in the prior-year quarter. The profitable quarter reflects improved results of the Commercial Imaging segments and includes a $535 million gain recorded on the sale of Kodak’s digital imaging patent portfolio, partially offset by a $77 million non-cash goodwill impairment charge related to the patent sale. Both of the company’s Commercial Imaging segments recorded significant improvements in segment earnings.
“These results demonstrate that we are on track with our strategy to focus on Commercial Imaging, and that we are making operational improvements as Kodak takes the right steps to emerge as a profitable and sustainable company,” said Antonio M. Perez, chairman and chief executive officer. “We have the right strategy and the right technology and products to extend our leadership in the industry.”
Kodak’s cash balance at the end of the first quarter stood at $1.17 billion, an increase from the $1.14 billion reported at the end of 2012. Sales from continuing operations totaled $849 million in the quarter, a 9% decrease from the $928 million in the previous year’s quarter.
“Our path to emergence is now clear, and the plan of reorganization we expect to file with the court tomorrow provides a roadmap for the new Kodak,” Perez added. “As we continue to drive improvements in our business to complete our transformation, I am more confident than ever that we will succeed, with the continuing support of our customers and the dedication of our team to serving customers’ needs.” kodak.com
