Kodak's film business saw a revenue increase of 21% last quarter, but overall profit is down
Eastman Kodak has announced that revenue for its film business grew in the last quarter by 21%, offering a rare glimmer of positive news in a generally shrinking market. The growth though is somewhat tempered by the fact that the company made a loss of $5 million over all in the same period, and that total revenue was down compared to the same quarter last year.
Much of the company’s business is tied up in the industrial sector with specialist printing and graphics applications, and a deal with Chinese counterpart Lucky has seen it off-loading a printing plate factory in China while securing licence fees from Lucky for the use of Kodak technology. The deal also ensures that Lucky will provide services to Kodak so it can fulfil its own customer demand.
It would be nice to think that the uplift in the film business came from a rush in demand from enthusiast and professional stills photographers through sales to Kodak Alaris, but it is likely that it is the movie industry that is driving that growth. A number of recent big-budget films have been shot using Kodak stock including Once Upon A Time In Hollywood, Ad Astra and half of The Irishman – all of which have a run time of between 2 and 3 and a half hours. That’s a lot of film!
Hopefully this success will spur the company on to produce the 120 version of Ektachrome E100 that we’ve been waiting for since the summer.
For more information see the Kodak website.
Kodak Reports Third-Quarter Revenue of $315 Million and Growth in Key Product Areas
ROCHESTER, N.Y.--Eastman Kodak Company (NYSE: KODK) today reported financial results for the third quarter 2019, including a net loss of $5 million on revenues of $315 million and growth in key print and film product areas.
GAAP net loss of $5 million for the quarter ended September 30, 2019, compared to GAAP net earnings of $19 million for the quarter ended September 30, 2018.
Revenues for Q3 2019 of $315 million compared to revenues for Q3 2018 of $329 million.
Operational EBITDA for the quarter of $14 million compared to Operational EBITDA of $9 million in the prior-year period.
The Company finalized the establishment of a strategic relationship with Lucky HuaGuang Graphics Co, Ltd in the People’s Republic of China, including the sale of Kodak’s offset printing plates facility in Xiamen, China, a supply agreement to help Kodak fulfill its customer demand, and an IP agreement under which Kodak licenses its plates technology to HuaGuang to expand the market in China. The current quarter Operational EBITDA includes $13 million of license revenue received from this transaction.
Key product lines achieved strong year-over-year growth for the year to date:
Volume for KODAK SONORA Process Free Plates grew by 22 percent.
Annuities revenues for the KODAK PROSPER Inkjet Platform grew by 5 percent.
Revenues for the Company’s film business grew 21 percent year over year for the year to date.
The Company ended the quarter with a cash balance of $225 million.
“The Company will continue to concentrate on delivering industry-leading solutions to customers in our core print and film businesses,” said Jim Continenza, Kodak’s Executive Chairman. “Looking ahead to 2020, we will focus on generating cash by growing profitable revenue, making smart investments and eliminating unnecessary spending.”
For the quarter ended September 30, 2019, revenues decreased by approximately $14 million compared with the same period in 2018. Kodak ended the quarter with a cash balance of $225 million, an increase of $27 million from the June 30, 2019 cash balance of $198 million when adjusted for the assets associated with Kodak’s offset printing plates facility in Xiamen, China being reported as assets held for sale. The current quarter revenues and Operational EBITDA include $13 million of license revenue related to the HuaGuang Graphics Co. Ltd transaction.
“We have strengthened our financial position by eliminating significant interest costs with the transactions completed earlier in the year,” said David Bullwinkle, Kodak’s CFO. “For the year to date we have delivered growth in SONORA Process Free Plates, PROSPER Inkjet annuities and our film business. We plan to build on those successes and drive further cost efficiencies to help achieve our goal of generating cash.”
The Chinese manufacturer has published a list of improvements it wants to make after a videography-focused feedback session with its users.
Autel has confirmed to DPReview that its EVO II series drones won't hit shelves until March 2020 after discovering a bug that ‘could limit flight performance under normal operation.’
Chinese company Xiaomi has so far (as far as we know) worked without the help of a big name in the camera business, but it appears this could be about to change.
DNP Photo is back with another dye sublimation photo printer. The QW410 is relatively compact and includes wireless support for mobile users.
Photographer Pye Jirsa is teaching photographers how to pose couples as part of a new educational video series from Adorama.
Award-winning French photographer Florian Ledoux has captured photos of the arctic from both a drone's perspective and the ground.
Photographer and filmmaker Mark Holtze shares his top five reasons why vintage lenses are still relevant in 2020.
What if astrophotography was as simple as using an app? The Stellina smart telescope promises to make this a reality, allowing anyone to channel their own inner Galileo while capturing images of the night sky.
The Fujifilm XC 35mm F2 prime lens has the same optical formula as the company's XF 35mm F2 WR prime but costs half as much. How can this be? Chris and Jordan explain the differences.
In the latest episode of DPReview TV, Chris and Jordan compared the new, inexpensive Fujifilm XC 35mm F2 with the more durable XF version that's twice the price. See some of the photos they took side-by-side in this sample gallery.
The 2019 winners and finalists of the Travel Photographer of the Year Awards have been revealed.
PBS recently gave viewers a look at MIT Museum's new The Polaroid Project instant photography exhibition.
Researchers with IBM and MIT have published a new demonstration tool that allows anyone to 'paint' new elements into existing digital images.
Venus Optics says the lens is the first Laowa macro lens specifically designed for APS-C mirrorless camera systems.
The updates mostly address only a single issue for each lens, but it continues to show Sigma's continued dedication to addressing various issues, even small ones, across its lens lineup.
Spider Holster has launched four new products, including two updated versions of existing gear, that make life easier for photographers.
While nearly all of Tokina's F-mount lenses will work without issue on Nikon Z-series mirrorless cameras, there are a select few that can't use autofocus.
The X-T200 is arguably the company's most compelling entry-level option yet. Take a closer look in our detailed hands-on article.
Last year, DJI announced they will be adding ADS-B sensors to their commercial-grade drones weighing over 250 grams. Now, it is rumored that 3 new drone models will be released this year.
The Fujifilm X-T200 is what we wish the X-T100 had been, offering a solid AF system, proper 4K video and a more responsive interface. Click through to see what else is new and improved.
Fujifilm just announced its newest camera, the X-T200. In this hands-on preview, Chris and Jordan explain how it fits into Fujifilm's lineup and why they like it.
Fujifilm will add the weather-sealed GF 45-100mm F4 to its medium format lens lineup in February. The approximately 35-80mm equivalent zoom will cost around $2300.
Two new primes are hitting the roadmap for Fujifilm's GF system: the 24mm equiv. 30mm F3.5 R WR and an ultra-fast 80mm F1.7.
The 'XC' variant uses the same optical design as the existing XF 35mm F2, but has no aperture ring and a plastic mount to lower the cost.
Fujifilm has refreshed its entry-level series with the X-T200, adding a giant touchscreen, proper 4K/30p video recording and shaving off 80g of weight compared to its X-T100 predecessor.
The telephoto zoom features a constant F4 aperture across its 70-210mm focal length range, uses Pentax's supersonic direct-drive motor (SDM), and weighs 859g (1.89lbs).
DynaLite, the photographic lighting company founded in the 1970s, has been forced to file for bankruptcy and permanently shutter its service.
Flickr increased its Pro plan subscription price this week, but existing customers are given the option of staying at their current lower rate.
Advertising photographer Blair Bunting recounts one of his most memorable shoots—the time he photographed late New England Patriots football star Aaron Hernandez, no more than 24 hours after committing murder.
Lace up your dancing shoes for a trip to Seattle's Emerald City Soul Club, where we put the Panasonic S1H's impressive video capabilities to the test.