Digital decline drives down Kodak

Revenue for digital down by 17 per cent in Kodak’s full-year earnings.

Eastman Kodak Company cited a print reduction worldwide as the driving factor behind the plummet that saw its full-year digital revenue total $5.345 billion, a 17 per cent decline from 2008. For the full-year 2009, the company reported a loss from continuing operations of $232 million, compared to its mammoth $727 million loss in 2008.

In its recently released fourth-quarter 2009 earnings, Kodak reported a six per cent profit increase and “surge” in profits. Fourth-quarter sales were $2.582 billion, a six per cent increase from the year-ago quarter.

According to Kodak chairman and chief executive officer, Antonio Perez, (pictured) the company still achieved its objectives during a “difficult” economic environment. “In the second-half of 2009, we began to see some improvement in the economy, and that helped to highlight the true strength of our digital portfolio,” he said.

Perez also cited a 33 per cent increase in sales of the newly released VL2000 printing system and “strong orders” for the Prosper product line. Kodak expects that customer demand for its digital products will grow as the economy recovers. “Our momentum is returning and our strategy is paying off,” said Perez.

“We enter the new year with the most competitive digital portfolio ever, strong presence in key markets, and a significant amount of positive momentum.”