08.15.22
Eastman Kodak Company reported financial results for the second quarter 2022, including consolidated revenues of $321 million and continued growth in key product KODAK SONORA Process Free Plates.
For the quarter ended June 30, 2022, revenues were $321 million, an improvement of $30 million compared to the same period in 2021. The company had GAAP net income of $20 million for the quarter, compared to $16 million in the prior-year quarter. Operational EBITDA for the second quarter was $11 million, compared to $10 million in Q2 2021.
“Kodak delivered year-over-year growth in revenues and quarter-sequential growth in gross profit for the second quarter of 2022, despite ongoing inflationary and supply chain challenges,” said Jim Continenza, Kodak’s executive chairman and CEO.
“We continue to invest in digital print technologies designed to help our customers mitigate cost and supply risks associated with traditional prepress,” Continenza added. “We have launched the KODAK PROSPER 7000 Turbo Press, the world’s fastest inkjet press, and the KODAK ASCEND Digital Press, the perfect solution for the growing retail/point of purchase and high-end packaging markets.
“We have also officially launched two products powered by our groundbreaking ULTRASTREAM inkjet technology: the KODAK PROSPER ULTRA 520 Press, which offers offset print quality in a smaller footprint, and the first flexible package printing system, the UTECO Sapphire EVO W Press. In addition, we continue to make significant investments in recently announced growth initiatives in our Advanced Materials & Chemicals business, expanding our pilot coating facility and taking a minority stake in Wildcat Discovery Technologies, Inc., a private technology company that uses proprietary methods to research and develop new battery materials and is developing a breakthrough EV ‘super cell’ battery technology. “
“Key metrics from the second quarter, such as increasing revenues and gross profit on both a year-over-year and quarter-sequential basis, reflect the successful ongoing execution of our long-term strategy,” said David Bullwinkle, Kodak’s CFO.
For the quarter ended June 30, 2022, revenues were $321 million, an improvement of $30 million compared to the same period in 2021. The company had GAAP net income of $20 million for the quarter, compared to $16 million in the prior-year quarter. Operational EBITDA for the second quarter was $11 million, compared to $10 million in Q2 2021.
“Kodak delivered year-over-year growth in revenues and quarter-sequential growth in gross profit for the second quarter of 2022, despite ongoing inflationary and supply chain challenges,” said Jim Continenza, Kodak’s executive chairman and CEO.
“We continue to invest in digital print technologies designed to help our customers mitigate cost and supply risks associated with traditional prepress,” Continenza added. “We have launched the KODAK PROSPER 7000 Turbo Press, the world’s fastest inkjet press, and the KODAK ASCEND Digital Press, the perfect solution for the growing retail/point of purchase and high-end packaging markets.
“We have also officially launched two products powered by our groundbreaking ULTRASTREAM inkjet technology: the KODAK PROSPER ULTRA 520 Press, which offers offset print quality in a smaller footprint, and the first flexible package printing system, the UTECO Sapphire EVO W Press. In addition, we continue to make significant investments in recently announced growth initiatives in our Advanced Materials & Chemicals business, expanding our pilot coating facility and taking a minority stake in Wildcat Discovery Technologies, Inc., a private technology company that uses proprietary methods to research and develop new battery materials and is developing a breakthrough EV ‘super cell’ battery technology. “
“Key metrics from the second quarter, such as increasing revenues and gross profit on both a year-over-year and quarter-sequential basis, reflect the successful ongoing execution of our long-term strategy,” said David Bullwinkle, Kodak’s CFO.