Kodak says it is continuing to invest in its print business, while reporting on increased second-quarter profit despite lower revenue.
Chief executive Jim Continenza said the expertise and resources of recently-acquired Graphic Systems Services will provide customers with more complete inkjet solutions.
“More recently, we proactively refinanced our term debt to strengthen our financial foundation and we announced a perpetual brand licensing agreement with EssilorLuxottica, a global vision care industry leader,” he said.
Second quarter revenue for Eastman Kodak was $US295 million (A$459 million), down eight per cent on the same period of 2022, while gross profit jumped by 24 per cent to $US63 million ($A98 million).
Continenza (pictured) said Kodak was “concentrating on what we do best”.
He said a number of factors had contributed to Kodak’s success – a strong leadership team, dedicated employees and a clearly defined long-term plan focused on driving innovation, productivity and smart revenue in our core businesses of print and advanced materials and chemicals.
“As part of the controlled introduction of our new inkjet presses, we placed our first two new machines during the quarter, a Prosper Ultra 520 press and a Prosper 7000 Turbo, and we expect them to be in production in the third quarter.
Operational EBITDA for the second quarter 2023 was US$22 million, compared with US$11 million in the prior-year period, the increase primarily driven by improved profitability related to pricing passthrough and improved operational efficiency, partially offset by continued global cost increases.
• Fujifilm has also announced increased revenue for its first quarter, up by 5.6 per cent to 660.8 billion yen (A$7.04 billion), “mainly due to strong sales in the medical systems and imaging businesses and the impact of exchange rates”.