Eastman Kodak Co., having returned from bankruptcy in September, will return on Nov. 1 to the ranks of companies on the New York Stock Exchange.
That’s when its stock will begin trading on the exchange under the symbol “KODK,” the Rochester-based printing company said Tuesday.
“This is an important moment for the new Kodak,” CEO Antonio M. Perez said in a statement. “The change in our symbol reflects that we are a new company that is focused on business-to-business products and services, well-capitalized and firmly committed to delivering value to our shareholders and innovation to our customers.”
As Eastman Kodak Co. emerges from bankruptcy it is reinventing itself as a technology company with a trio of businesses: packaging, graphic communications and functional printing. All three are rooted in Kodak’s commercial printing technology.
“We have emerged as a technology company serving imaging for business markets ─ including packaging, functional printing, graphic communications and professional services,” said Antonio M. Perez, Kodak chairman and chief executive officer. “We have been revitalized by our transformation and restructured to become a formidable competitor ─ leaner, with a strong capital structure, a healthy balance sheet, and the industry’s best technology.”
The technology can lead to higher-speed printing presses and new products such as foldable smartphones. The Rochester Democrat and Chronicle features an in-depth outline of the plan on its website KodakNext.
Kodak researchers received more than 250 patents in the first eight months of this year, and many of those cover innovations related to commercial printing, although the success of the project will take years to determine.
Long-time Business Council member Kodak reported $283 million in consolidated net earnings in the first three months of 2013, compared to a $366 million loss in the prior-year quarter.
The profitable quarter reflects improved results of the Commercial Imaging segments and includes a $535 million gain recorded on the sale of Kodak’s digital imaging patent portfolio, partially offset by a $77 million non-cash goodwill impairment charge related to the patent sale.
“These results demonstrate that we are on track with our strategy to focus on Commercial Imaging, and that we are making operational improvements as Kodak takes the right steps to emerge as a profitable and sustainable company,” said Antonio M. Perez, Chairman and Chief Executive Officer. “We have the right strategy and the right technology and products to extend our leadership in the industry.”
In a statement released Monday, Eastman Kodak said it has reached an agreement to sell its Document Imaging business to Brother Industries.
“This proposed sale is another key step in Kodak’s path to emergence – it moves us closer to realizing our strategic vision for Kodak’s future,” said Antonio M. Perez, chairman and chief executive officer. “A sale to Brother, should they prevail, would represent an excellent outcome for Document Imaging’s customers, partners and employees.”
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Eastman Kodak Co. has unveiled a new digital press.
The announcement of the Prosper 5000XLi came in Lucerne, Switzerland, according to the Rochester Business Journal.
Says the paper: “The Prosper press, which uses the company’s stream technology, is a key to Kodak’s future as shifts its focus on commercial imaging.”
The Rochester-based company, once the world’s leading photographic industry, is seeking to emerge from Chapter 11 bankruptcy protection.
Eastman Kodak Co. has received approval from a U.S. bankruptcy judge for a financing agreement.
The Rochester Business Journal says the decision marks “a key step in the firm’s effort to emerge from bankruptcy in mid-2013.”
The plan authorizes Kodak to borrow up to $844 million.
“The court’s approval of this financing commitment puts Kodak in a strong position to emerge from Chapter 11,” said Antonio Perez, chairman and CEO. “This agreement, in conjunction with the recently approved sale and licensing of our digital imaging patent portfolio, lays the financial foundation for our plan of reorganization and a successful emergence from Chapter 11 as a profitable and sustainable company.”
Eastman Kodak Co. has moved a step closer to selling its digital imaging patent portfolio for $527 million.
The deal has been approved by a U.S. bankruptcy judge, according to the Rochester Business Journal.
Says the newspaper: ” A consortium organized by Intellectual Ventures Management LLC and RPX Corp. bought the patents. The deal, announced Dec. 19, includes a series of agreements, and involves sales and licenses. The consortium includes industry giants Amazon.com Inc., Apple Inc., Facebook Inc., Google Inc. and Samsung Electronics Co.”
Kodak filed for Chapter 11 bankruptcy protection two years ago. The patent sale is considered a key move in its efforts to emerge from bankruptcy.
Eastman Kodak Co. has reached a deal to license its name for cameras and projectors.
The agreement is with JK Imaging Ltd., according to the Rochester Business Journal.
JK Imaging plans to launch its Kodak lines of digital cameras, pocket video cameras and portable projectors in the second quarter of this year.
Terms of the agreement were not announced.