Eastman Kodak Company announced net income for the third quarter of $1.99 billion (combining net income for the period July 1, 2013, through Aug. 31, 2013, of the predecessor company of $2.01 billion, and net loss for the period Sept. 1, 2013, through Sept. 30, 2013, of the successor company of $18 million).
Kodak’s sales for 3Q 2013 were $563 million, a decline from 2012’s results of $660 million. Its nine-month total for 2013 sales is $1.74 billion, down from $1.98 billion for the same period in 2012.
Excluding reorganization items and discontinued operations, the net loss for the third quarter of 2013 was $155 million. Third-quarter operational EBITDA was $30 million, excluding the recognition of $27 million in non-cash inventory and deferred revenue adjustments from fresh-start accounting. Effective Sept. 1, 2013, Kodak adopted fresh-start accounting upon its emergence from bankruptcy.
As of Sept. 30, the company's financial position reflected approximately $839 million of cash and cash equivalents and debt of $679 million (a reduction of $1.44 billion from Dec. 31, 2012). During the quarter, selling, general & administrative expenses declined to $93 million from $148 million in the prior-year quarter.
"We are pleased with our progress on earnings this quarter, with operational EBITDA 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," said Kodak CEO Antonio M. Perez. "Our strengths in imaging for business markets, including packaging, functional printing, graphic communications and professional services, position us well to move forward on our strategy with increasing momentum."