03.18.20
Eastman Kodak Company reported financial results for the full year 2019, including revenues of $1.2 billion, continued growth in key product areas and net earnings of $116 million, including the gain on the sale of the Flexographic Packaging Division.
Key product lines achieved strong year-over-year growth for the full year 2019. Volume for KODAK SONORA Process Free Plates grew by 22%. Annuity revenues for the KODAK PROSPER inkjet platform grew by 5%. The company ended the year with a cash balance of $233 million, flat compared with year-end 2018.
The company completed the sale of its Flexographic Packaging Division and repaid in full $395 million of its First Lien Term Loans.
“In many ways, 2019 was a transformative year for the creation of One Kodak,” said Jim Continenza, Kodak’s executive chairman. “We consolidated our divisional structure, strengthened our financial position and returned our focus to our core print and advanced materials and chemicals businesses. For 2020, we’ll continue to become more customer-centric, launch groundbreaking print products and, most important, focus on generating cash.”
For the year ended Dec. 31, 2019, revenues decreased by approximately $78 million compared with the same period in 2018. Kodak ended the year with a cash balance of $233 million, flat when compared to the December 31, 2018 cash balance.
“We generated positive cash flow in the fourth quarter of 2019 and had breakeven cash flow for the full year 2019,” said David Bullwinkle, Kodak’s CFO. “We also delivered strong performance in our key growth areas of SONORA Process Free Plates and PROSPER inkjet annuities in 2019.”
Key product lines achieved strong year-over-year growth for the full year 2019. Volume for KODAK SONORA Process Free Plates grew by 22%. Annuity revenues for the KODAK PROSPER inkjet platform grew by 5%. The company ended the year with a cash balance of $233 million, flat compared with year-end 2018.
The company completed the sale of its Flexographic Packaging Division and repaid in full $395 million of its First Lien Term Loans.
“In many ways, 2019 was a transformative year for the creation of One Kodak,” said Jim Continenza, Kodak’s executive chairman. “We consolidated our divisional structure, strengthened our financial position and returned our focus to our core print and advanced materials and chemicals businesses. For 2020, we’ll continue to become more customer-centric, launch groundbreaking print products and, most important, focus on generating cash.”
For the year ended Dec. 31, 2019, revenues decreased by approximately $78 million compared with the same period in 2018. Kodak ended the year with a cash balance of $233 million, flat when compared to the December 31, 2018 cash balance.
“We generated positive cash flow in the fourth quarter of 2019 and had breakeven cash flow for the full year 2019,” said David Bullwinkle, Kodak’s CFO. “We also delivered strong performance in our key growth areas of SONORA Process Free Plates and PROSPER inkjet annuities in 2019.”