GAAP net earnings were $16 million for the year ended Dec. 31, 2016, an improvement of $91 million over 2015. Operational EBITDA for the year was $144 million. Revenues for 2016 were $1.5 billion, compared with revenues of $1.7 billion for 2015, down $166 million, or 10%. The company ended the year with a cash balance of $433 million. Cash used in operating activities improved by $82 million compared with 2015.
“I’m pleased we delivered a GAAP profit and met our revenue and operational EBITDA goals for 2016,” said Jeff Clarke, Kodak CEO. “We continue to drive growth in our SONORA Plates and FLEXCEL NX packaging businesses and improve the quality of our earnings.”
Revenues in the fourth quarter of 2016 were $404 million, an 8% decline from the fourth quarter of 2015. The decrease was primarily driven by the expected continued decline in legacy consumer inkjet printer cartridge sales and pricing reductions in digital plates within the Print Systems Division.
The company’s cash balance was $433 million at the end of 2016, compared with $546 million at the end of 2015. The cash decline in 2016 was $53 million less than in the prior year.
“I’m encouraged by the significant year-over-year improvement in our use of cash,” said David Bullwinkle, Kodak CFO. “The repayment in full of our second-lien debt will reduce the use of cash for interest payments going forward and we expect to generate cash in 2017.”