Eastman Kodak Co. (NYSE: EK) reported Thursday that it swung to first-quarter loss of $249 million, or 92 cents a share, compared with a prior-year profit of $119 million, or 40 cents a share. Earnings from continuing operations totaled $227 million, compared with $389 million a year earlier. Revenue declined 31% to $1.3 billion, primarily due to a $550 million non-recurring intellectual property licensing transaction in the year ago period. Analysts, on average, expected the company to report a loss of 61 cents a share on revenue of $1.4 billion.
"Our strategy is working," said Antonio M. Perez, Chairman and Chief Executive Officer, Eastman Kodak Company. "We saw continued momentum in our strategic digital growth businesses, revenue growth in several of our established digital businesses, and improved cash performance, all of which position us well to achieve our two key financial metrics for the year related to growth and cash.
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