Eastman Kodak Company (KODK) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $16 million in the quarter, against a net loss of $22 million in the last year period.
Revenue during the quarter dropped 10.59 percent to $380 million from $425 million in the previous year period. Gross margin for the quarter expanded 209 basis points over the previous year period to 24.21 percent. Total expenses were 88.68 percent of quarterly revenues, down from 93.65 percent for the same period last year. This has led to an improvement of 496 basis points in operating margin to 11.32 percent.
Operating income for the quarter was $43 million, compared with $27 million in the previous year period.
"Kodak posted a second consecutive profitable quarter and we're on track to meet our full-year guidance," said Jeff Clarke, Kodak chief executive officer. "We have an increasing proportion of our revenues coming from growth and other strategic businesses which reflects our improved quality of earnings."
For financial year 2016, Eastman Kodak Company expects revenue to be in the range of $1,500 million to $1,700 million.
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