Kodak suffered a $37 million fall in revenue from its print division in the second quarter of 2023 compared to the equivalent in 2022. Revenues from plates, inkjet inks, presses, platemakers and other related products generated revenues of $215 million, compared to $252 million a year previously.
In contrast its advanced material and chemicals operations produced an increase to $72 million ($61 million) while brand brought in $4 million, unchanged from the previous year.
The margin from licensing deals gave this division an operating profit of $3 million, while, despite the drop in print revenues, operating profit rose from $6 million to $8 million.
Kodak CEO and executive chairman Jim Continenza says that economies teetering on recession resulted in tough trading. “Kodak delivered strong results in the second quarter, once again increasing our gross profit and Operational Ebitda year over year despite challenging business conditions affecting the markets we serve.
“A number of factors have contributed to our success: a strong leadership team, dedicated employees and a clearly defined long term plan focused on driving innovation, productivity and smart revenue in our core businesses of print and advanced materials and chemicals.”
Continenza draws attention to progress with the new inkjet presses launched earlier this year: the Ultra 520, seen at Hunkeler Innovation Days and the high speed Prosper 7000 Turbo. The first example of this press has been delivered to Mercury Print Productions in Rochester which already has six Prosper machines.
Kodak has not announced the initial user for the Ultra 520, understood to be in the US, nor for the press shown in Switzerland, which was expected to remain in Europe. Both first users are expected to be in production with their presses in the current quarter.
Kodak’s intent in the growing high speed inkjet market was underlined in the quarter through the purchase of Graphic Systems Services, the company that manufactures the paper transport for Kodak and is able to handle different complete inkjet solutions.
The prospects and the strength of the balance sheet has enable Kodak to refinance its term debt on better terms.
Consolidated revenues for the quarter reached $295 million (£321 million) with an Ebitda of $22 million ($11 million). For the first six months of the year, revenues were $468 million ($500 million), generating a positive Ebitda of $15 million compared to a loss in 2022 of $18 million.
