Kodak needs to give more info on restructure

News by

29 October 2003

Kodaks institutional investors said they needed more information on the firms restructuring plan at the meeting organised by Providence Capital last week.

Providence president Bert Denton said he would take the issues raised to Kodak. As PrintWeek went to press neither side had commented on whether they had met.

Kodak chief executive Dan Carp accepted the firm could have done a better job of explaining its plans, according to Reuters.

Its net income fell 63% to 72m ($122m) on sales up 3% to 2bn for Q3.

Kodaks Commercial Imaging division, which includes contributions from KPG and NexPress, reported a 6% rise in sales to 220m, although earnings were down 21% to 25m.

KPG sales fell 14%, due to low prices, falling film sales and the weak economy. CTP plates and proofing improved KPGs earnings. It has had a positive operating profit for 13 consecutive quarters.

The firm said page volumes per NexPress were ahead of expectations.

From Q1 of 2004 the firm will report its results using its new structure including the Commercial Printing division, which will include NexPress, KPG and Encad.