Smaller Kodak releases earnings, turns a profit

ROCHESTER, N.Y. — Eastman Kodak Co. ended bankruptcy and restarted life as smaller, far less indebted and — by at least one measure — profitable company.

The Rochester, N.Y.-based printing technology company on Tuesday announced its quarterly earnings for the three months ended Sept. 30. It was during that quarter that Kodak ended its 20-month Chapter 11 bankruptcy. Kodak filed for bankruptcy protection in January 2012.

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For the quarter, revenue was down 15%, to $563 million.

Not counting some expenses such as taxes and depreciation, Kodak had an operational profit for the third quarter of $3 million, vs. a $23 million loss the same quarter a year earlier.

Bottom line, it had a loss of $155 million for the quarter, compared with a $312 million loss previously.

In a statement, Kodak CEO Antonio M. Perez said that the company was "pleased with our progress on earnings this quarter, with operational EBITDA (earnings) on track with expectations. Further, our customers are telling us they are impressed with our technologies, and increasingly ready to adopt and apply our solutions to help grow their businesses."

Kodak's third quarter 2012 might as well be a lifetime ago, in many respects. The company at the time was far larger both in terms of what it did and its actual physical assets. Earlier this year, as part of its bankruptcy, it sold its Document Imaging business — primarily involving scanners — and Personalized Imaging business — meaning photographic camera film and photo kiosks.

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It also sold its utility operations, such as the power and steam generation at Eastman Business Park.

The new numbers show a very slimmed down Kodak. It ended the quarter with $839 million in cash and debt of $679 million. It ended 2012 with debts of $1.4 billion.

Meanwhile, for the quarter, Kodak had adm! inistrative and selling expenses of $93 million, compared with $148 million a year earlier.

Kodak has previously said that it expects 2013 to be its bottoming-out year financially, with revenues growing starting in 2014. It did not indicate Tuesday any changes to that aim.

Tuesday's earnings report, released after the markets closed, was the first since Kodak stock resumed trading on the New York Stock Exchange on Nov. 1 under the symbol KODK. Shares ended the day at $24.80, down 60 cents, or 2.4%.

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Daneman also reports for the Rochester (N.Y.) Democrat and Chronicle.