Kodak reports losses for the third quarter

The company reported a third quarter loss from continuing operations of US-$ 111 million, compared with earnings of US-$ 101 million in the year-ago period. According to a press release, Kodak held US-$ 1.147 billion in cash and cash equivalents as of September 30, 2009, up from US-$ 1.132 billion on June 30.

The company’s Consumer Digital Imaging Group recorded sales of US-$ 535 million in the third quarter, a 35 percent decline from the same period last year, mainly due to a US-$ 157 million decrease in intellectual property royalties. Excluding this effect, segment earnings improved, Kodak said, citing improved profitability in consumer inkjet systems, including a 128 percent revenue increase in consumer inkjet printer hardware and ink, improved operating performance in digital capture and devices and reduced administrative and R&D expenses.

”On a sequential basis, the positive trends are clear. Our sales are stabilizing and some businesses are showing real signs of growth in the fourth quarter“, commented Antonio M. Perez, Chairman and Chief Executive Officer of Eastman Kodak Company. ”That, combined with operational improvements in several of our key products lines, increases our optimism for significant improvement in the fourth quarter, our largest quarter of the year.“ For the full year, Kodak now expects its total revenue decline rate to be at the high end of the previously forcasted range of 12 to 18 percent with 2009 segment earnings that will be in the previously communicated range of US-$ 0 to US-$ 200 million.