Kodak Reports Loss for Fiscal Year
On April 1st Eastman Kodak Company reported financial results for full-year 2018, including a net loss of $16 million on revenues of $1.3 billion, but continued growth in key product areas.
- GAAP net loss of $16 million for the year ended December 31, 2018, compared to GAAP net earnings of $94 million for the year ended December 31, 2017.
- Revenues for 2018 of $1.3 billion, compared to revenues for 2017 of $1.4 billion.
- Operational EBITDA for the year of $1 million compared to Operational EBITDA in 2017 of $10 million.
- Key product lines achieved strong year-over-year growth for the full year 2018:
- Volume for KODAK SONORA Process Free Plates grew by 19 percent.
- Annuity revenues for the KODAK PROSPER Press platform grew by 8 percent.
- The company ended the year with a cash balance of $246 million.
- The company entered into a definitive agreement to sell its Flexographic Packaging Division to private-equity company Montagu Private Equity LLPFPD is presented within discontinued operations.
Jim Continenza, Kodak’s newly appointed executive chairman, commented: “I look forward to working with my team to help Kodak become cash-flow positive and build long-term value for shareholders. Our priorities will be to increase operational efficiency and focus on core competencies to achieve our growth objectives.”
For the year ended December 31, 2018, revenues decreased by approximately $61 million compared with the same period in 2017. Kodak ended the year with a cash balance of $246 million, down from the December 31, 2017 cash balance of $343 million.
“We generated cash in the fourth quarter of 2018 and delivered strong performance in our key growth areas of SONORA Process Free Plates and in PROSPER inkjet annuities,” said David Bullwinkle, Kodak’s CFO. “We expect to close soon on the sale of our Flexographic Packaging Division and will use the proceeds to significantly reduce our term debt and strengthen our balance sheet. In addition, we plan to secure new financing for our remaining term debt, which will allow us to focus on our operations and return to consistent cash generation.”
For more information, visit Kodak here.
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