Eastman Kodak insists its ?transformation is on track? despite reporting a 10% fall in total sales for the quarter ended 30 September, compared to same period last year.
Largely blaming a 19% drop in sales of traditional products Kodak?s total sales fell by 9.8% to $3.204 billion – down from $3.553 billion in the third quarter of 2005.
Digital revenue decreased slightly from $1.814 billion to $1.793 billion.
Kodak posted a total net loss of $37m for the three months.
However, the company reported a $98m growth in ?digital earnings?, partly driven by strong earnings in its consumer digital business and cost cutting worldwide. This is the first time that Kodak?s digital earnings growth has exceeded the quarterly fall in traditional earnings.
?Our business transformation is on track,? said Eastman Kodak?s Chairman and CEO Antonio M Perez (pictured). ?I am encouraged by our third quarter results, especially because they reinforce our confidence in our full-year performance, which is the basis on which I manage the company.?
Eastman Kodak has managed to cut its total debt by $192m since the second quarter of 2006.