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On Heels of $75 Million Loss, Kodak Seeking to Sell PROSPER Enterprise Inkjet Business

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Intellectual Property Solutions Division

Kodak’s Intellectual Property Solutions Division (IPSD) recorded “modest revenue” for full-year 2015. Operational EBITDA was a negative $22 million for full-year 2015, an improvement of $8 million from negative $30 million for full-year 2014 when excluding non-recurring intellectual property revenues. Kodak says the improvement is the result of “focused reductions” in research programs. Operational EBITDA declined by $62 million due to $70 million of non-recurring intellectual property licensing in the prior year.

Eastman Business Park Division

Eastman Business Park Division (EBP) revenue for the full year 2015 was $13 million, down slightly from 2014. Operational EBITDA was $2 million, up from $1 million in 2014. Kodak says the overall operating efficiency of the Park is improving, and there is a “healthy pipeline” of potential tenants.

Strategic and Product Decisions

Kodak also reported that it’s in talks with prospective buyers of its PROSPER Enterprise Inkjet business, which includes Kodak’s PROSPER Press Platform, PROSPER S Series Imprinting Systems, and related products. Sagent Advisors, an independent investment bank, and DC Advisory, a European corporate-finance adviser, which share Daiwa Securities, a Japanese investment bank, as a common shareholder, have been engaged by Kodak to manage the sale process.

“The PROSPER business has significant potential for accelerated growth, which will expand even further with the planned introduction of KODAK ULTRASTREAM, a next-generation inkjet writing system,” commented Kodak CEO Jeff Clarke. “To achieve its full economic potential, PROSPER will be best leveraged by a company with a larger sales and distribution footprint in digital printing markets.”

Focus on 3D Printing

Kodak says it will also focus on 3D printing, including touch-screen sensors, and that it’ll will continue to develop “leading-edge technology in this segment.” (Kodak also this week reported a partnership agreement with 3D-printer maker Carbon 3D – see story here.)

The firm says it will also focus on copper metal mesh technology, and no longer focus on silver metal mesh technology. It will exit its position in silver metal mesh development, but will continue to make silver halide film available to touch-screen sensor manufacturers.

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