Kodak is reporting $119 million as first-quarter earnings from sales of $1.933 billion, or $0.40 per share on a diluted basis. This represents a $479 million year-on-year earnings improvement and reflects a previously announced intellectual property transaction and significantly improved operating results across all of the companyâ€™s key business segments.
Excluding the non-recurring intellectual property transaction, Kodakâ€™s first-quarter segment earnings improved by $69 million and digital earnings improved by $60 million.
Additionally, cash generation before restructuring payments and the equivalent GAAP measure, cash used in operating activities, improved by more than $300 million during the first quarter. This performance was largely due to improved cash earnings and working capital. Cash received from intellectual property transactions was essentially the same year-over-year.