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 user 2009-07-30 at 11:12:08 am Views: 100
  • #22685

    * Q2 oper loss $0.43/shr misses Wall St view loss $0.36/shr
    * Q2 revs down 29 pct to $1.77 bln vs view $1.83 bln

    NEW YORK july 2009 – Eastman Kodak Co posted disappointing second-quarter results Thursday as weak demandhurt its film and digital photography businesses, but said it saw signs the rest of the year may be better.Citing cost cutting and hints of optimism among consumers who buy its digital cameras and desktop printers, Kodak said its loss for the year would likely be at the lower end of the range it forecast in February.

    Its shares eased about 2 percent in premarket trading. The stock has risen about 13 percent in the past month, but is still down almost 50 percent this year on concerns that investors will have to wait longer to see sustained profits after years of restructuring.Kodak posted a second-quarter loss of $189 million, or 70 cents a share, compared with a profit of $495 million, or $1.72, a year earlier.Excluding special items, the loss was 43 cents a share. Analysts, on average, expected a loss of 36 cents share, according to Reuters Estimates.

    Kodak said its gross profit margin fell to 18.5 percent from 23.6 percent as sales declined and intellectual property licensing royalties decreased.Revenue fell 29 percent to $1.77 billion from $2.49 billion. Analysts expected $1.83 billion, according to Reuters Estimates.The company attributed the weak sales to a global recession that has limited consumer spending on travel and other activities that spur usage of cameras and snapshot printers.Also, tight credit markets have muted corporate plans to invest in Kodak’s commercial printing systems and services.

    Kodak’s traditional film business continued to shrink, with sales falling 30 percent in the quarter, hurt in part by uncertainty over Hollywood labor talks, which have since been resolved.Kodak Chief Executive Antonio Perez said there are signs that retailers are more optimistic about the second half of the year, which could help Kodak generate earnings and cash that will be better than first-half levels.”We have every expectation that our cash flow pattern this year will mirror the pattern of previous years, with a sizable increase in cash generation in the second half of 2009,” he said in a statement.

    Kodak said it sees digital revenue growing 1 percent to 3 percent for the second half of the year, with total company revenue declining 4 percent to 6 percent.For full-year 2009, it still expects to see a decline of 6 percent to 12 percent in digital revenue and a drop of 12 percent to 18 percent in total revenue.

    Kodak has spent the last six years shifting its focus from cameras and traditional film to digital printing systems and long-life photographic ink. It has said it needs partners to further develop some of its cutting-edge technologies, such as CMOS image sensors and super-thin OLED screens.Its shares slipped to $3.20 in premarket trade after closing at $3.28 Wednesday on the New York Stock Exchange.