The company reported GAAP net loss of $16 million for the year ended December 31, 2018, compared to GAAP net earnings of $94 million for the year ended Dec. 31, 2017. Kodak recorded revenues for 2018 of $1.3 billion compared to revenues for 2017 of $1.4 billion. Operational EBITDA for the year was $1 million compared to operational EBITDA in 2017 of $10 million.
Key product lines achieved strong year-over-year growth for the full year 2018. Volume for KODAK SONORA Process Free Plates grew by 19%. Annuity revenues for the KODAK PROSPER Press platform grew by 8%. The company ended the year with a cash balance of $246 million.
The company entered into a definitive agreement to sell its Flexographic Packaging Division to Montagu Private Equity LLP, a leading private equity firm.
“I look forward to working with my team to help Kodak become cash-flow positive and build long-term value for shareholders,” said Jim Continenza, Kodak’s newly appointed executive chairman.
“We generated cash in the fourth quarter of 2018 and delivered strong performance in our key growth areas of SONORA Process Free Plates and in PROSPER inkjet annuities,” said David Bullwinkle, Kodak’s CFO. “We expect to close soon on the sale of our Flexographic Packaging Division and will use the proceeds to significantly reduce our term debt and strengthen our balance sheet.”