The OEM claims its results “demonstrate momentum” after emerging from bankruptcy.
Kodak reported its 3Q2013 results, with its net loss down to $155 million (€115 million) from $312 million (€231 million) in 2012, with net income up to $1.99 billion (€1.47 billion), which combined the net income for the quarter from the “predecessor” company before bankruptcy and took into account the losses listed above.
Digital printing, in part of a product group with enterprise and graphics, contributed to an eight percent improvement in gross profit, with $839 million (€623 million) in cash liquidity and a debt of $679 million (€504 million), which was reduced from $1.44 billion (€1.06 billion) in the same quarter last year. The OEM noted that, effective of 1 September this year, it adopted “fresh-start accounting” after emerging from bankruptcy, and so the results represented the “combined predecessor/successor financial results”.
Outgoing CEO Antonio Perez stated of the results: “We are pleased with our progress on earnings this quarter, with Operational EBITDA on track with expectations. Further, our customers are telling us they are impressed with our technologies, and increasingly ready to adopt and apply our solutions to help grow their businesses.
“Our strengths in imaging for business markets, including packaging, functional printing, graphic communications and professional services, position us well to move forward on our strategy with increasing momentum.”
Canon and Lexmark recently reported positive 3Q results, with Canon reporting a second consecutive quarter of growth.