In their recently released Q3 2018 financial results, Eastman Kodak Co. reported net earnings of $19 million but a revenue decline of $7 million in its Consumer and Film Division.
Attention, film photographers: looks like Kodak still needs our help. In their third-quarter 2019 financial results, the company garnered $366 million in revenue and net earnings of $19 million, compared to $379 million revenue and $13 million earnings in the previous year. However, the Consumer and Film Division continues to struggle with a $7 million decline in earnings compared to the same quarter last year.
The report also mentioned continued growth in the company’s KODAK SONORA Process-Free Plates and KODAK FLEXCEL NX Packaging, both of which grew by 17%, and KODAK PROSPER Inkjet businesses, which grew by 8%. Kodak is also currently in advanced negotiations on an exclusive basis to sell its Flexographic Packaging Division. The net proceeds from this will be used to slash the company’s outstanding debt.
As for the Consumer and Film Division, the third quarter saw $48 million in revenue, with the drop attributed to a “$6 million royalty payment from the modification of a brand licensing agreement in the prior-year quarter.” The operational EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was negative $2 million, which didn’t change much from the Q3 2017 results.
The Q3 financial results also tell us that the Print Systems Division, currently the company’s largest division, and the Enterprise Inkjet Systems Division remain as the main income drivers. The film division, while still modestly earning, remains behind the two other departments. Hopefully, the demand for the highly anticipated Kodak Ektachrome will eventually translate into significant sales and allow the company to keep the division afloat and bring us more film varieties in the future.
Check out the full press release on the Kodak Press Center for more information.
Photo via Kodak Press Center