Kodak returns to profitable track
Constantly endeavouring to improve their business worldwide, Eastman Kodak Company 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. 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. “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. We have the right strategy and the right technology and products to extend our leadership in the industry,” commented Antonio M Perez, chairman and chief executive officer of the company.