Kodak Q3 figures deliver $46m net loss

Kodak has released a disappointing set of Q3 figures, reversing the $12m profit of last year’s Q3 results with a with a net loss of this quarter. Revenues fell from $411m in Q3 2016 to $379m this year.

Jeff Clarke, CEO of Kodak, here speaking at the company’s Drupa 2016 press conference.

The results, according to Generally Accepted Accounting Principles, or GAAP, include $58 million, net of tax, of non-cash impairments related to the write-off of goodwill in the Print Systems segment and assets for the previously announced exit from copper mesh touch screen products.

The cash balance of $342m was down by $28m on Q3 2016 and down by $92m from the beginning of this year. This decrease reflects investments in new technologies, working capital changes, capital expenditures including the construction of a new Flexcel NX manufacturing line in Weatherford, OK and a contingent consideration payment related to the divestiture of Kodak Alaris in 2013.

Jeff Clarke, Kodak Chief Executive Officer, commented: “An overall print market slowdown and rising aluminum costs have impacted our commercial print business.” He added: “We are taking immediate actions to accelerate cost reduction and reduce investments to sharpen our focus as we continue to actively pursue changes to the Kodak product and divisional portfolio.” This includes job losses of 425.

David Bullwinkle, Kodak Chief Financial Officer, says that the company will generate cash in the next quarter, adding: “We plan to improve our cash balance through reducing working capital and through cost actions including focusing investments in technologies most likely to deliver near-term returns.”

On the plus side, Kodak claims that it increased the volume of its Sonora process-free plates by 24 percent while the Prosper business showed year-over-year annuity growth of 9 percent. Revenues from the Flexographic Packaging Division were flat though Kodak did manage to grow the volume of its Flexcel NX plates by 11 percent. Revenues from the Software and Solutions division, and from the Consumer and Film division were also essentially flat. Meanwhile, the Advanced Materials and 3D Printing Technology Division managed to lose $6m in operational costs with no revenue to show, the same result as last year.





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