Big Loss for Kodak’s Third Quarter, But Some Revenue Improvement
On November 10th, Eastman Kodak of Rochester, New York, reported results for its third quarter, which ran from July 1 to September 30, 2020.
Kodak reported revenues of $252 million, down 20 percent and $63 million year-over-year. The firm reported a net loss of $445 million for the quarter, which it says included a charge of $416 million related to convertible loan notes.
For its previous second-quarter (April to June 30, 2020), Kodak had reported revenues of $213 million, and a net loss of $5 million.
Third-quarter revenue for Kodak’s Traditional Printing group was down $41 million year-over-year; down $14 million year-over-year for it Digital Printing group; and down $9 million year-over-year for its Advanced Materials & Chemicals group.
According to Kodak CFO David Bullwinkle, during the third quarter, Kodak reduced its debt by $100 million due to the conversion of loan notes and its cash balance increased by $13 million, with Kodak reporting a a cash balance of $193 million at the end of the quarter, versus $180 million for third-quarter 2019.
Kodak Executive Chairman and CEO Jim Continenza commented: “As the pandemic continued during the third quarter, Kodak stayed focused on keeping our employees safe and serving customers while carefully managing our costs and cash,.
During an earnings report, CEO Continenza said Kodak plans to continue to move forward with expanding a pharmaceuticals business regardless of the outcome of a proposed U.S. government loan.
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- April 2019: Kodak Reports Loss for Fiscal Year