Kodak: Improved first quarter

Kodak’s Consumer Digital Imaging Group recorded sales of US-$ 891 million (Euro 669 million) in the first quarter, compared with US-$ 369 million (Euro 277 million) in the same period 2009. Without the influence of the above mentioned interlectual property transaction and favorable currency effects, the increase in sales was US-$ 22 million (Euro 16.5 million). According to a press release, Kodak’s consumer inkjet systems showed a particularly improved performance, including a 27 percent revenue increase in consumer inkjet, printer, hardware and ink and lower costs.

Kodak’s Film, Photofinishing and Entertainment Group recorded sales of US-$ 431 million (Euro 323.6 million), a decrease by 14 percent compared with the first quarter of 2009. Earnings from operations doubled to US-$ 16 million (Euro 12 million).

For the full year 2010, Kodak expects earnings from operations in the range of US-$ 350 million to 450 million (Euro 265.5 to 281.5 million) on sales between US-$ 7.5 to 7.7 billion (Euro 5.6 to 5.8 billion).

Antonio M. Perez, Chairman and CEO of Eastman Kodak Company, commented: “Our first quarter performance is additional proof that our strategy is working and we continue to make progress towards our goals. I am particularly pleased with the performance of our core growth businesses – consumer inkjet, commercial inkjet, workflow software and solutions, and packaging solutions. Combined first-quarter revenue for these product lines grew by 14 percent and gross profits improved by more thanUS-$ 20 million (Euro 15 million). We’re off to a good start for 2010, and I am optimistic about the year.”