Kodak is reporting a slight increase in sales in the second quarter of 2008, from $2.46 billion in Q2 2007 to $2.48 billion, and thatâ€™s true; theyâ€™re happy about it.
But you know what? Their net income for the same period dropped 14 percent to $495 million, which translates to $1.62 per share, down from $2.00 per share in Q2 2007 when they netted $575 million.
Itâ€™s the best that the 128-year-old company can do in these digital times. Kodakâ€™s film business is continuing its downward slope, dragging it down. Film only got them $847 for the quarter, down 14 percent from Q2 2007â€™s $980.
In a brave statement, Kodak CEO Antonio Perez says, â€œunprecedented commodity cost increases across the business are presenting a headwind that we are aggressively addressing.â€ Which means theyâ€™re really up against tough times.
[Read: Kodak Reports 2nd Quarter Profit]