Kodak chief executive Jeff Clarke has called for immediate action which includes the reduction in approximately 425 headcount losses and cost actions across the company.
Kodak posted a net loss of USD 46 mn, compared with a net profit of USD 12m this time last year. Revenue slipped 7.8 whereas the operational EBITDA was down 21%.
To improve, Kodak has implemented measures such as 4-9% increase in plate prices worldwide in Print Systems Division; reduced investment in its 3D division, shorten payback requirements and reprioritising corporate investments, among others.
According to the press release, the impact of the third quarter operational results were impacted due to a slowdown in the commercial printing industry, longer sales cycle for its 3D projects, vendor transition and timing of brand licensing, and higher cost in its film business.
On the other side, Kodak reported a 24% growth in volume for Kodak Sonora process-free plates, 11% increase in volume for Kodak Flexcel plates and the annuities revenue for Kodak Prosper Inkjet grew by 9%.
Commenting on the grim Kodak numbers, Kodak India’s representative said, “Kodak does not provide regionally specific numbers or forecasts. While we cannot comment on the Flexo industry in general, Kodak continues to cite our flexographic offerings as one of the major growth engines for our company. Plus, we have made significant investments in 2017 via plates manufacturing facility expansion in Oklahoma, and technology centres in Shanghai and Brussels.”
For the upcoming Pamex exhibition to be held in Mumbai, Kodak plans to participate through its channel partners. The representative informed, “We will have at least four partners who will collectively represent Kodak solutions in the print and packaging space.”