Kodak picture brightens
A four-year-long restructuring is paying dividends at Kodak (EK). The imaging company swung to a fourth-quarter profit from continuing operations of $92 million, or 31 cents a share, from a year-ago continuing operations loss of $15 million, or a nickel a share. Revenue rose 3% from a year ago to $3.22 billion. Revenue from Kodak’s digital side - the business that Kodak has chosen to emphasize over film sales, at the cost of nearly 28,000 job cuts since 2004 - rose 15% from a year ago to $2.26 billion. Earnings in the digital business rose to $146 million from $141 million a year earlier. Kodak chief Antonio Perez cited last year’s rollout of Kodak’s standalone digital photo printer as a sign of the company’s renewed purpose. “We successfully entered the $50 billion consumer inkjet market and exceeded our first-year printer sales goal,” he said in Wednesday’s press release. “What’s more, third-party data indicates that Kodak is enjoying a 30% price premium over the industry average.” For the first time in years, the picture at Kodak actually looks pretty good.
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