Kodak Reports 2Q 2019 Revenue of $307 Million, Continued Growth in Key Product Lines

Eastman Kodak Company reported financial results for the second quarter 2019, including net earnings of $201 million on revenues of $307 million and continued growth in key product areas.
 
The company reported GAAP net earnings of $201 million for the quarter ended June 30, 2019, compared to GAAP net earnings of $4 million for the quarter ended June 30, 2018. Current quarter GAAP net earnings included a gain on the sale of the company’s Flexographic Packaging Division of $207 million and a loss from continuing operations of $6 million.
 
Revenues for Q2 2019 were $307 million compared to revenues for Q2 2018 of $332 million. Operational EBITDA for the quarter was negative $1 million compared to Operational EBITDA of negative $2 million in the prior-year period.
 
Key product lines achieved strong year-over-year growth for the second quarter 2019:

• Volume for KODAK SONORA Process Free Plates grew by 25%;
• Annuity revenues for the KODAK PROSPER inkjet platform grew by 9%

“Refinancing the remaining balance of our term debt was a critical step toward creating the foundation for future success,” said Jim Continenza, Kodak’s executive chairman. “Our priority is generating cash by better serving customers in our core print, film and advanced materials businesses and driving further cost efficiencies.”
 
“By refinancing our term debt, we have eliminated significant interest costs and strengthened our balance sheet,” said David Bullwinkle, Kodak’s CFO. “During the quarter we delivered continued strong performance in our key growth areas of SONORA Process Free Plates and in PROSPER inkjet annuities. Our goal is to build on that momentum and generate cash.”