Kodak Reports 4Q, Full-Year 2017 Financial Results

Eastman Kodak Company reported financial results for the fourth quarter and full year 2017, delivering net earnings for the year of $94 million on revenues of $1.5 billion and continued growth in key product areas. 2018 guidance is for revenues of $1.5 billion to $1.6 billion and operational EBITDA of $60 million to $70 million.
 
“2017 was a year of investment in our strategic growth priorities which bodes well for the future,” said Jeff Clarke, Kodak CEO. “We also eliminated several business initiatives while continuing to reduce cost and drive greater efficiency in the company. We enter 2018 with a stronger growth profile and more productive operations.”
 
Revenues for the full year 2017 were $1.5 billion, down 7% from 2016. The revenue decline was driven by volume and pricing declines within the company’s commercial print business and volume declines in the company’s consumer inkjet and industrial film and chemicals businesses.
 
The company’s cash balance was $344 million at the end of 2017, compared with $434 million at the end of 2016. The company used cash to invest in strategic growth businesses, fund working capital needs, meet legacy cash obligations and service and prepay debt.
 
“Our use of cash in 2017 included meaningful investments in the ULTRASTREAM inkjet platform, FLEXCEL NX packaging, SONORA X plates, advanced materials and brand licensing which will contribute to growth,” said David Bullwinkle, Kodak CFO.