08.11.17
Eastman Kodak Company reported financial results for the second quarter 2017, delivering net earnings of $4 million and continued strong growth in its KODAK SONORA Process Free Plates, KODAK FLEXCEL NX Packaging and KODAK PROSPER Inkjet annuities.
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.”
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.”