Kodak News; July 30 – Aug. 3

History in the making…

Let the bidding begin. Bids on approximately 1100 digital images patents that Kodak wants to sell had Monday as the date for initial bids. Then the auction takes place on Aug. 8th.  Winning bids should be released on Aug. 13th.

On Wednesday the Bankruptcy Judge said that Kodak can proceed with the sale of a couple of key digital imaging patents. The Judge ruled that Apple waited too long to raise a claim of infringement. Apple’s claims come from work done with Kodak in the 1990s to create the “Quick Take.”

NY Governor Cuomo signed a bill this week that could benefit Kodak retirees under 65. The legislation would allow EKRA  (a retiree organization) to sponsor group plans for the retirees. This all assumes that Kodak will be allowed to stop paying medical benefits for retirees. That is still being negotiated in bankruptcy court.

Kodak issued their quarterly report on Friday. Revenue was $1.077 billion which is a decline of 27% from last the year. A good portion of the decline was from the exit of the digital camera business. Before reorganization items, the second quarter net loss was $139 million, an improvement of $40 million over last year. Earnings improved for the Commercial and Consumer segments by a combined total of $82 million over last year.

Kodak stock opened the week at around 28 cents per share. It ended at 55.5 cents per share.