Kodak’s financial report states the total revenues for its first quarter 2017 were $357 million—a 5% decrease compared to the first quarter of 2016. It is, in part, due to the expected decline in legacy consumer inkjet printer cartridge sales.
On the other hand, according to Inkworld.com GAAP net earnings for Eastman Kodak Company were $7 million, an increase of $22 million compared with the first quarter last year. Although the first quarter operational EBITDA decrease went from $11 million to $8 million, it is consistent with the company’s expectations.
Based on the financial report, Kodak adjusted 2017 guidance to reflect a 40% to 60% improvement in 2016 operational EBITDA of $75 million.
“I’m pleased with our continued profitability and by the strong performance of our growth engines— Sonora Plates, Flexcel NX Packaging and the Prosper Inkjet business,” said Jeff Clarke, Kodak CEO “We expect continued strong execution in these growth businesses, which will continue to increase our quality of earnings.”
*GAAP: General Accepted Accounting Principle
*EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization