Press Releases

Kodak Reports First-Quarter 2019 Financial Results


May 09, 2019

Eastman Kodak Company (NYSE: KODK) today reported financial results for the first quarter 2019, including a net loss of $18 million on revenues of $291 million and continued growth in key product areas.

Highlights include:

  • GAAP net loss of $18 million for the quarter ended March 31, 2019, compared to a GAAP net loss of $25 million for the quarter ended March 31, 2018.
  • Revenues for Q1 2019 of $291 million compared to revenues for Q1 2018 of $318 million.
  • Operational EBITDA for the quarter of negative $6 million compared to Operational EBITDA of negative $9 million in the prior-year period.
  • Key product lines achieved strong year-over-year growth for the first quarter 2019:
    • Volume for KODAK SONORA Process Free Plates grew by 22 percent.
    • Annuity revenues for the KODAK PROSPER inkjet platform grew by 12 percent.
  • The company ended the quarter with a cash balance of $240 million.
  • The company completed the sale of its Flexographic Packaging Division to Montagu Private Equity LLP on April 8, 2019 and used the net proceeds to pay down $312 million of its term debt.

“Completing the sale of our Flexographic Packaging Division and using the net proceeds to significantly pay down our term debt was a major step toward strengthening our financial position,” said Jim Continenza, Kodak’s Executive Chairman. “Our focus has shifted to completing the refinancing of the remaining balance of our debt and realigning our business to better serve customers and achieve our goal of generating cash.”

For the quarter ended March 31, 2019, revenues decreased by approximately $27 million compared with the same period in 2018. Kodak ended the quarter with a cash balance of $240 million, down from the December 31, 2018 cash balance of $246 million.

“We significantly paid down our term debt and delivered continued 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 secure new financing for our remaining term debt by the end of May, which will further strengthen our balance sheet.”

Revenue and Operational EBITDA Q1 2019 vs. Q1 2018

($ millions)
Q1 2019 Actuals PSD EISD KSD BFID AM3D EBPD Total EK
Revenue $ 192 $ 32 $ 14 $ 49 $ 2 $ 2 $ 291
Operational EBITDA * $ 5 $ - $ (1) $ (7) $ (2) $ (1) $ (6)
Q1 2018 Actuals PSD EISD KSD BFID AM3D EBPD Total EK
Revenue $ 216 $ 31 $ 16 $ 52 $ 1 $ 2 $ 318
Operational EBITDA * $ 3 $ - $ 1 $ (7) $ (4) $ (2) $ (9)
Q1 2019 vs. Q1 2018 Actuals
Revenue $ (24) $ 1 $ (2) $ (3) $ 1 $ - $ (27)
Operational EBITDA * $ 2 $ - $ (2) $ - $ 2 $ 1 $ 3
Q1 2019 Actuals on constant currency ** vs. Q1 2018 Actuals
Revenue $ (15) $ 2 $ (2) $ (2) $ 1 $ - $ (16)
Operational EBITDA * $ 1 $ - $ (2) $ 1 $ 2 $ 1 $ 3

* 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 2018 foreign exchange impact using average foreign exchange rates for the three months ended March 31, 2018, rather than the actual exchange rates in effect for the three months ended March 31, 2019.

About Kodak
Kodak is a technology company focused on imaging. We provide – directly and through partnerships with other innovative companies – hardware, software, consumables and services to customers in graphic arts, commercial print, publishing, packaging, entertainment and commercial films, and consumer products markets. With our world-class R&D capabilities, innovative solutions portfolio and highly trusted brand, Kodak is helping customers around the globe to sustainably grow their own businesses and enjoy their lives. 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, 2018 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 Report on Form 10-Q for the quarter ended March 31, 2019, 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 repay, refinance or extend the maturity of its outstanding first lien term loans prior to their maturity date of September 3, 2019 or prior to June 5, 2019, the date on which Kodak’s revolving credit facility will terminate unless such repayment, refinancing or extension has occurred or the revolving credit facility has been amended; Kodak’s ability to discontinue, sell or spin-off certain businesses or operations or otherwise monetize assets, including the completion of the deferred sale of the China assets of Kodak’s Flexographic Packaging segment that was sold, and the ability of the Flexographic Packaging segment that was sold to perform during 2019 and 2020 at levels that will entitle Kodak to earn-out payments; Kodak’s ability to fund continued investments, capital needs and restructuring payments and service its debt and Series A Preferred Stock; changes in foreign currency exchange rates, commodity prices and interest 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 revolving 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 performance by third parties of their obligations to supply products, components or services to Kodak; and the impact of the global economic environment on Kodak.

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 Contacts

Nicholas Rangel

Director of Communications, Eastman Kodak Company

+1 585-615-0549

Investor Contacts

Bill Love

Investor Contact

+1 585-724-4053