In the quarter ending 30 June 2016, Kodak reported sales of US$ 397 million (down 9%) on its operations excluding the Prosper inkjet division with an EBITDA of US$ 34 million – similar to the same period last year. The Q2 net profit of US$ 8 million is an improvement on the loss of US$ 23 million for the same period last year. Kodak is estimating sales of US$ 1.5 to 1.7 billion with EBITDA between US$ 135 to 150 million for the 2016 full year.
In Q2 2016, Kodak’s Prosper division sales have been shown separately at US $25 million, reducing the division’s losses by US$ 1 million to US$ 7 million from the same period last year. Q2 also includes US$ 3 million expenses absorbed as the Prosper’s share of Kodak’s drupa expenditure. The annuity income for Prosper inkjet systems rose 35% with an annual returns expected to come to US$ 47 million.
Meanwhile, Q2 sales of the Versamark inkjet business which is now called Enterprise Inkjet Systems Division, were down 9.5% to US$ 19 million, with EBITDA of US$ 5 million. Kodak Print Systems Division sales fell 9% to US$ 258 million while EBITDA increased 10% to US$ 22 million. Kodak’s processless Sonora plate volumes grew 8% but NexPress sales were down. Kodak had a dozen Flexcel NX CtP sales in the quarter while its Flexcel plate volumes went up by 16% year-on-year.
drupa 2016 was even better for Kodak than the company had anticipated with 8 letters of intent signed for the new Ultrastream inkjet technology which will be a part of the sale of the Prosper division. Industry reports suggest that the Prosper division’s sale could be imminent although CEO Jeff Clarke has given the company room till the end of the year. Possible buyers mentioned in the trade press include Xerox, Canon and the Flint Group.
