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‘Extremely challenging business environment’: Kodak Q1 results

Kodak reported a net loss of $US3 million for the first quarter of 2022, despite growth in key product areas and a rise in revenue to $US290m.

 kodak Prosper inkjet press.png

Jim Continenza
 "Focused on long-term growth":
     Kodak CEO Jim Continenza

“Kodak continued to manage through an extremely challenging business environment to deliver revenue growth for the first quarter of 2022,” said Jim Continenza, Kodak’s executive chairman and CEO. “We are also focused on long-term growth, making significant investments in print technology and the four Advanced Materials and Chemicals initiatives we announced earlier this year. 

“Finding new ways to leverage our core strengths and delivering for our customers will be our focus as we execute our strategic plan.”

Eastman Kodak Company (NYSE: KODK) reported that first quarter 2022 included consolidated revenues of $290 million and continued growth in key product areas such as KODAK SONORA Process Free Plates and KODAK PROSPER System annuities.

“Our quarter-end cash balance was generally in line with our expectations,” said David Bullwinkle, Kodak’s CFO. “We have successfully navigated supply chain issues by carrying higher-than-historical levels of inventory to maintain supply for our customers. We plan to continue executing our long-term strategy despite the ongoing supply chain challenges and rising costs.”

First-quarter 2022 highlights:

Consolidated revenues of $290 million, compared with $265 million for Q1 2021

GAAP net loss of $3 million, compared with net income of $6 million for Q1 2021

Operational EBITDA of negative $7 million, compared with $3 million for Q1 2021

A quarter-end cash balance of $309 million, compared with $362 million at the end of 2021

For the quarter ended March 31, 2022, revenues were $290 million, an improvement of $25 million compared to the same period in 2021. The Company had a GAAP net loss of $3 million for the quarter, compared to net income of $6 million in the prior-year quarter. Operational EBITDA for the first quarter was negative $7 million, compared to $3 million in Q1 2021. Operational EBITDA was favourably impacted by the growth in revenue due to improved pricing and volume, offset by higher ongoing global cost increases. Kodak ended the first quarter with a cash balance of $309 million, a decrease of $53 million from December 31, 2021. The decrease is primarily attributable to the impact of higher costs, changes in working capital and increased capital investment.

Kodak will feature its high-speed Prosper inkjet presses, Prinergy workflow software and Sonora offset plates at PacPrint 2022 in Melbourne (June 28 to July 1).