Kodak's Q2 Revenue Declines 27%
Eastman Kodak Company today reported that it continued to make progress in focusing on its most profitable businesses and strengthening operating performance and cost controls, as it develops a plan of reorganization that will enable it to emerge in 2013 as a profitable, sustainable company.
Second quarter segment earnings improved for its Commercial and Consumer segments by a combined total of $82 million, compared to the same quarter in the prior year as operating expenses were reduced ahead of revenue declines. The gross profit margin increased by two percentage points due to an enhanced mix of higher-margin consumables. Second quarter loss from continuing operations before interest expense, other income (charges), net, reorganization items, net and income taxes improved by $79 million compared to the prior-year quarter. The cash balance at the end of the quarter stood at $1.257 billion.