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Kodak's U.S. operations show first sign of profitability


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#1 Todd Anderson

Todd Anderson
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Posted 31 July 2012 - 06:22 PM

At least this is a positive headline (even if they are just talking about gross profits). I also think that this month the Kodak / Apple patent lawsuit is suppose to be resolved (and they were just granted the right to leave that decision in bankruptcy courts; which helps them with the sale of said patents). And then if I am not mistaken, they are suppose to come out of Chapter 11 early next year (which is when things will get interesting). And let's hope if they have to sell off the film division for cheap that someone like Black Magic puts in a bid (seeing how they just bought Cintel for a song ... that may be a pipe dream, but that would be interesting joint purchase ... who's up for a petition to the CEO of Black Magic? ) ...


Kodak's U.S. operations show first sign of profitability

Eastman Kodak Co.’s bankrupt U.S. operations are now making a profit. Sort of.

The printing and imaging company this week filed its latest monthly operating report, required as part of its reorganization under Chapter 11 of the bankruptcy code.

For June, Kodak's U.S. operations posted sales of $180.2 million and a net loss of $160 million. That net loss ends what had been two consecutive months of the company edging closer to bottom-line profitability.

But June also marked the first month since filing for bankruptcy where the company’s gross profit was in the black to the tune of $19.2 million. Gross profit does not count such business expenses as taxes, R&D, and selling and administrative costs.

The company, in its monthly report, did not give any explanation on the numbers, including what resulted in the positive gross profit.

The monthly reports give a partial view of how Kodak is doing because they include only the U.S. operations and not its international businesses, though the expenses include some company-wide costs.

According to Kodak’s monthly reports, the company’s U.S. revenues have swung notably since bankruptcy: $143.9 million in January, $168.1 million in February, $108.6 million in March, $156 million in April and $173.6 million in May.

Meanwhile, the net losses show a company still deep in red ink. Kodak had a $100.3 million net loss in January, $97.3 million in February, $128.7 million in March, $91.3 million in April and $88.3 million in May.

Meanwhile, the company continues to slowly burn through its cash. The U.S. operations ended June with $510.2 million in cash and cash equivalents, down from $574.2 million at the end of May.


Link to article:

http://www.democrata...dyssey=nav|head
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