Last Friday, Kodak headlined its press release with a Q1 report of $2.119 billion dollars in sales. Thatâ€™s an awful lot of money, impressive and huge, that is, until you break it down to the bottom line.
The company reported â€œa $172 million year-over-year improvementâ€ which actually meant the company lost $151 million or 53 cents a share for the first quarter. The good news is that it reflects a better situation than in 2006, when the loss was $298 million.
And that $2.119 billion headlined in its announcement? Why, itâ€™s an 8 percent drop from the $2.292 billion they sold in Q1 2006.
But Kodak said they â€œachieved a $48 million improvement in digital earnings for the quarter, driven by reduced selling, general and administrative expenses and improved profit margins in its Consumer Digital business,â€ and weâ€™ll leave it at that.
Kodak CEO Antonio Perez says he is pleased with their first quarter performance. He claims that the company made significant progress on two key objectives for 2007 â€“ new product success and cost reduction.
Yes, new products like the all-in-one printers that they have unleashed in the market. But as Forbes.com aptly headlined, Kodak is not printing any money.