The US giant reported a first-quarter jump in sales of 4% for the Graphics Communications Group (GCG) to $812m (£412m), resulting in an operating loss of $1m.

Overall, Kodak narrowed its pre-tax operating losses to $81m (GAAP $114m) for the quarter, compared to a $186m loss in Q1 2007, on revenues of $2.093bn – up 1% year on year.

Perez said the run-up to Drupa meant the company was building up inventory ahead of the show, while having to cope with softer sales at the same time.

"Our equipment sales declined year-on-year, as we are seeing the typical first-quarter slowdown in anticipation of Drupa," he told investors.

"Nobody wants to make a decision unless it is absolutely necessary before Drupa and we see that every four years when Drupa comes around.

"Now, as far as we know, we haven't lost any orders that we are aware of. We've seen delays in orders," he added.

"We've actually seen delays in very significant orders… in the big financial institutions. From what we know, we are still going to get these orders; it's just that we didn't get them in the first quarter."

This, coupled with rising costs of raw materials such as aluminium and an increase in R&D investments in commercial inkjet, has put pressure on Kodak's figures, despite the company buoying its Drupa plans with proceeds from the sale of its Health Care division the previous year.

"We will continue to monitor raw material pricing and will raise prices where appropriate, taking into account customer and competitive situations," added Perez.

He argued the company would maintain its full-year guidance, as a post-Drupa upswing will offset the softer sales prior to the show, where the company plans to launch 25 new products.

On the consumables side, colour pages on the company's NexPress range increased 21% year-on-year, claimed Perez, gonig some way to offset the below-par equipment sales.

Kodak shares dipped on the news, from around $18 to $17.50, and closed at $16.87 yesterday (5 May).