Press Releases

Kodak reports second-quarter 2021 financial results


August 10, 2021

Eastman Kodak Company (NYSE: KODK) today reported financial results for the second quarter 2021, including consolidated revenues of $291 million and a year-over-year improvement in cash performance.

Second-quarter 2021 highlights include:

  • Consolidated revenues of $291 million
  • GAAP net income of $16 million
  • The Company ended the quarter with a cash balance of $395 million

“Kodak’s strong second-quarter performance reflects the impact of changes we’ve made and our continued focus on our core competencies and our long-term plan,” said Jim Continenza, Kodak’s Executive Chairman and CEO. “Over the last two years we have concentrated on our strengths as an industrial manufacturer, established a customer-first model, fixed our balance sheet and raised capital. The result is improved performance in all our businesses and a solid foundation.”

For the quarter ended June 30, 2021, revenues were $291 million, an improvement of $78 million compared to the prior-year quarter. Kodak ended the second quarter with a cash balance of $395 million, an increase of $199 million from December 31, 2020. GAAP net income was $16 million for the second quarter, compared to a net loss of $5 million in the second quarter 2020. Operational EBITDA for the quarter was $10 million compared to negative $7 million in the prior-year quarter.

“I am encouraged by our financial performance for the quarter, which included year-over-year improvements in revenues and Operational EBITDA across all of our divisions,” said David Bullwinkle, Kodak’s CFO. “During the second quarter we used $6 million in cash, an improvement of more than $20 million compared to the prior-year quarter, driven by increases in revenue and profit. We will continue to focus on the execution of our long-term plan.”

Revenue and Operational EBITDA by Reportable Segment Q2 2021 vs. Q2 2020

($ millions)
Q2 2021 Actuals Traditional Printing Digital Printing Advanced Materials & Chemicals Brand Total
Revenue $ 169 $ 62 $ 54 $ 3 $ 288
Operational EBITDA * $ 6 $ - $ 1 $ 3 $ 10
Q2 2020 Actuals Traditional Printing Digital Printing Advanced Materials & Chemicals Brand Total
Revenue $ 119 $ 52 $ 38 $ 2 $ 211
Operational EBITDA * $ 1 $ (3) $ (7) $ 2 $ (7)
Q2 2021 vs. Q2 2020 Actuals

Traditional Printing Digital Printing Advanced Materials & Chemicals Brand Total
Revenue $ 50 $ 10 $ 16 $ 1 $ 77
Operational EBITDA * $ 5 $ 3 $ 8 $ 1 $ 17
Q2 2021 Actuals on constant currency ** vs. Q2 2020 Actuals

Traditional Printing Digital Printing Advanced Materials & Chemicals Brand Total
Revenue $ 43 $ 8 $ 15 $ 1 $ 67
Operational EBITDA * $ 6 $ 2 $ 7 $ 1 $ 16

* Total Operational EBITDA is a non-GAAP financial measure. The reconciliation between GAAP and non-GAAP measures is provided in Appendix A of this press release.
** The impact of foreign exchange represents the 2021 foreign exchange impact using average foreign exchange rates for the three months ended June 30, 2020, rather than the actual average exchange rates in effect for the three months ended June 30, 2021.

About Kodak

Kodak is a global technology company focused on print and advanced materials & chemicals. We provide industry-leading hardware, software, consumables and services primarily to customers in commercial print, packaging, publishing, manufacturing and entertainment. We are committed to environmental stewardship and ongoing leadership in developing sustainable solutions. Our broad portfolio of superior products, responsive support and world-class R&D make Kodak solutions a smart investment for customers looking to improve their profitability and drive growth. For additional information on Kodak, visit us at, follow us on Twitter @Kodak, or like us on Facebook at Kodak.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes “forward-looking statements” as that term is defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning Kodak’s plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, liquidity, investments, financing needs and business trends and other information that is not historical information. When used in this press release, the words “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “predicts,” “forecasts,” “strategy,” “continues,” “goals,” “targets” or future or conditional verbs, such as “will,” “should,” “could,” or “may,” and similar expressions, as well as statements that do not relate strictly to historical or current facts, are intended to identify forward-looking statements. All forward-looking statements, including management’s examination of historical operating trends and data, are based upon Kodak’s expectations and various assumptions.

Future events or results may differ from those anticipated or expressed in the forward-looking statements. Important factors that could cause actual events or results to differ materially from the forward-looking statements include, among others, the risks and uncertainties described in more detail in Kodak’s Annual Report on Form 10-K for the year ended December 31, 2020 under the headings “Business,” “Risk Factors,” “Legal Proceedings” and/or “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources,” in the corresponding sections of Kodak’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021, and in other filings Kodak makes with the U.S. Securities and Exchange Commission from time to time, as well as the following: Kodak’s ability to improve and sustain its operating structure, cash flow, profitability and other financial results; Kodak’s ability to achieve cash forecasts, financial projections and projected growth; Kodak’s ability to achieve the financial and operational results contained in its business plans; Kodak’s ability to comply with the covenants in its various credit facilities; Kodak’s ability to fund continued investments, capital needs and restructuring payments and service its debt and Series B Preferred Stock and Series C Preferred Stock; the impact of the global economic environment or medical epidemics such as the COVID-19 pandemic, including the restrictions and other actions implemented to fight the COVID-19 pandemic; the impact of the investigations, litigations and claims arising out of the circumstances surrounding the announcement by the U.S. International Development Finance Corporation in July 2020 of a potential loan to a subsidiary of Kodak to support the launch of a pharmaceutical initiative; the performance by third parties of their obligations to supply products, components or services to Kodak and the ability to address supply chain disruptions and continue to obtain raw materials and components available from single or limited sources of supply, which may be adversely affected by the COVID-19 pandemic; changes in foreign currency exchange rates, commodity prices, interest rates and tariff rates; Kodak’s ability to effectively anticipate technology trends and develop and market new products, solutions and technologies; Kodak’s ability to effectively compete with large, well-financed industry participants; continued sufficient availability of borrowings and letters of credit under Kodak’s asset based credit facility and letter of credit facility, Kodak’s ability to obtain additional financing if and as needed and Kodak’s ability to provide or facilitate financing for its customers; the potential impact of cyber-attacks and other data security incidents that disrupt Kodak’s operations; and Kodak’s ability to effect strategic transactions such as acquisitions, strategic alliances, divestitures and similar transactions, or to achieve the benefits sought to be achieved from such strategic transactions.

There may be other factors that may cause Kodak’s actual results to differ materially from the forward-looking statements. All forward-looking statements attributable to Kodak or persons acting on its behalf apply only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included or referenced in this press release. Kodak undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, except as required by law.

Media Contact

Kurt Jaeckel

Worldwide Communications Director

+1 585-490-8646