Kodak looking to digital for growth
Imaging giant Kodak is doubling down on its investment in digital printing for its growth prospects, as its March quarter figures reveal its Sonora processless plates are experiencing surging demand.
The company also revealed it has been using its expertise to manufacture isopropyl alcohol for hand sanitiser and manufacture face masks using its Estar film base throughout the coronavirus crisis.
Sales for the Covid-impacted quarter were down by US$24m to US$267m, with traditonal printing sales down by US$12m, digital printing down by $7m, while advanced material & chemicals fell by $6m to $48m.
However sales for its Sonora processless plates were up by 18 per cent, and the company is expected to launch new products in the Sonora range next month, launches that were due to have taken place at the now postponed drupa. Income from the Prosper platform dipped by four per cent, due to the virus.
According to Jim Continenza, executive chairman at Kodak, the actions taken last year to strengthen the group’s balance sheet were helping the business cope with the general slowdown.
He said, “Kodak employees have risen to the challenge of the pandemic, continuing to serve our customers. Looking forward, we will continue with our plans to double down on digital print, launch exciting new products and realign our business to focus on customers.”
Kodak said it was operating within its banking covenants. And said it ended the quarter with US$209m of cash.