Kodak is reporting a net loss of $62 million in its second quarter. But the company says that's a $162 million improvement compared to the loss for the same quarter a year ago.
Sales wee down 10 percent, and the company says more than two-thirds of that decline can be attributed to a drop in "mature" businesses such as consumer inkjet and commercial films.
CEO Jeff Clarke says the company's progress is continuing and he says their products in their core businesses such as packaging and digital printing are meeting the company's expectations. He also says Kodak has taken significant steps to simplify its operation and reduce costs which will help their long term success.
Clarke says for the second half of this year, company officials expect Kodak to return to year-over-year revenue growth with the expected growth in their strategic technology business.
Kodak and major Hollywood film studios recently announced an agreement where the studios will buy a certain amount of Kodak film over the next several years to keep that business going.
