Shares of Eastman Kodak Co. KODK,
rose more than 10% in the extended session on Tuesday after the company reported a second-quarter loss of $ 5 million. This is in contrast to a profit of $ 201 million in the period from last year, but came when the company “continued to navigate the challenges posed by the pandemic in the second quarter,” it said in a statement. Revenue fell to $ 213 million from $ 307 million a year ago. “While the slowdown in the printing industry affected our performance, we continued to serve our customers and strengthen our long history of innovation through the launch of six new printing products,” said Executive President Jim Continenza in the statement. Kodak did not provide figures per share and no analyst surveyed by FactSet had financial forecasts for a quarter of the company. The company said it ended the period with a cash balance of $ 180 million, down from a March 31 cash balance of $ 209 million. Interest in Kodak shares has re-emerged in recent days following news of a potential deal to give Kodak a $ 765 million loan to pay for factory changes needed to make generic drugs in short supply U.S. stocks fell 54% to now this week, on news, however, the deal may be out for the time being.
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