Kodak Reports Consolidated Revenues of $1 Billion in Full-Year 2020

Eastman Kodak Company had a successful year in 2020, reporting consolidated revenues of $1 billion and an increase in cash in the second half of the year. Kodak ended the year with a cash balance of $196 million.

On March 1, 2021, the company announced a series of financial transactions that provide access to new capital, address maturing obligations, and strengthen the company’s ability to invest in strategic growth opportunities in its core businesses. The additional liquidity provided by these financial transactions eliminates the doubt about Kodak’s ability to con-tinue as a going concern.

“Kodak successfully managed through 2020 despite the challenges of the pandemic,” said Jim Continenza, Kodak’s executive chairman and CEO. “We mitigated the impact of COVID with cost-saving initiatives, launched several innovative print-business products and gen-erated cash in the third and fourth quarters.”

For the year ended Dec. 31, 2020, revenues declined by $213 million compared with the same period in 2019. Kodak ended the quarter with a cash balance of $196 million, down from the Dec. 31, 2019 cash balance of $233 million. Operational EBITDA was negative $1 million for the year ended Dec. 31, 2020, compared with $13 million in 2019.

“Kodak increased its cash balance in the third and fourth quarters by $16 million and ended the year at $196 million in cash,” said David Bullwinkle, Kodak’s CFO. “During 2020 the company improved its financial health by removing legacy liabilities and reduc-ing costs, and the recently announced transactions put Kodak in a strong financial position and provide incremental liquidity to drive growth.”