Revenues in the second quarter of 2017 were $381 million, a 10% decline from the second quarter of 2016 or 9% on a constant currency basis. GAAP net earnings were $4 million for the quarter ended June 30, 2017, a decline of $4 million compared with the second quarter of 2016.
The company delivered second quarter operational EBITDA of $14 million, consistent with the company’s expectations, down $9 million compared with the second quarter of 2016. On a constant currency basis, operational EBITDA was down $8 million.
Key product lines achieved strong year-over-year growth for the quarter:
• Volume for KODAK FLEXCEL NX Plates grew by 22%.
• Volume for KODAK SONORA Process Free Plates grew by 18%.
• Annuities revenue for KODAK PROSPER Inkjet grew by 14%.
The company updated its 2017 outlook to reflect the impact of an expected advanced technology transaction. Kodak adjusted its forecast for the full year change in cash balance to a range of $0 to $10 million of cash generation. Kodak continues to expect revenues of $1.5 billion to $1.6 billion and adjusted its forecast for operational EBITDA to a range of $90 million to $105 million.
“Our FLEXCEL NX Plates, SONORA Plates and PROSPER Inkjet businesses continue to deliver impressive performance and contribute a growing percentage of Kodak’s total revenues,” Jeff Clarke, Kodak’s CEO, said. “We continue to invest significantly in new inkjet and advanced materials technologies for the future.”