11.09.17
Eastman Kodak Company reported financial results for the third quarter 2017, delivering a net loss of $46 million on revenues of $379 million.
Highlights include a GAAP net loss of $46 million for the quarter ended Sept. 30, 2017, compared with net earnings of $12 million for the quarter ended Sept. 30, 2016. The GAAP results include $58 million, net of tax, of non-cash impairments related to the write-off of goodwill in the Print Systems segment and assets for the previously announced exit from copper mesh touch screen products.
Operational EBITDA for the quarter was $15 million, compared with $22 million for the third quarter of 2016. Revenues for the quarter of $379 million compared with revenues of $411 million for the third quarter of 2016, a decline of $32 million or 8%.
Key product lines achieved strong year-over-year growth for the quarter. Volume for KODAK SONORA Process Free Plates grew by 24%. ,Volume for KODAK FLEXCEL NX Plates grew by 11%. Annuities revenue for KODAK PROSPER Inkjet grew by 9%. The company maintained its range for 2017 full year revenue of $1.5 billion to $1.6 billion and adjusted its forecast for 2017 operational EBITDA to be within a range of $60 million to $65 million.
“An overall print market slowdown and rising aluminum costs have impacted our commercial print business,” said Kodak CEO Jeff Clarke. “We are taking immediate actions to accelerate cost reduction and reduce investments to sharpen our focus as we continue to actively pursue changes to the Kodak product and divisional portfolio.”
“We expect to generate cash in the fourth quarter of 2017,” said David Bullwinkle, Kodak CFO. “We plan to improve our cash balance through reducing working capital and through cost actions including focusing investments in technologies most likely to deliver near-term returns.”
Highlights include a GAAP net loss of $46 million for the quarter ended Sept. 30, 2017, compared with net earnings of $12 million for the quarter ended Sept. 30, 2016. The GAAP results include $58 million, net of tax, of non-cash impairments related to the write-off of goodwill in the Print Systems segment and assets for the previously announced exit from copper mesh touch screen products.
Operational EBITDA for the quarter was $15 million, compared with $22 million for the third quarter of 2016. Revenues for the quarter of $379 million compared with revenues of $411 million for the third quarter of 2016, a decline of $32 million or 8%.
Key product lines achieved strong year-over-year growth for the quarter. Volume for KODAK SONORA Process Free Plates grew by 24%. ,Volume for KODAK FLEXCEL NX Plates grew by 11%. Annuities revenue for KODAK PROSPER Inkjet grew by 9%. The company maintained its range for 2017 full year revenue of $1.5 billion to $1.6 billion and adjusted its forecast for 2017 operational EBITDA to be within a range of $60 million to $65 million.
“An overall print market slowdown and rising aluminum costs have impacted our commercial print business,” said Kodak CEO Jeff Clarke. “We are taking immediate actions to accelerate cost reduction and reduce investments to sharpen our focus as we continue to actively pursue changes to the Kodak product and divisional portfolio.”
“We expect to generate cash in the fourth quarter of 2017,” said David Bullwinkle, Kodak CFO. “We plan to improve our cash balance through reducing working capital and through cost actions including focusing investments in technologies most likely to deliver near-term returns.”