“Kodak continued to navigate the challenges posed by the pandemic during the second quarter,” said Jim Continenza, Kodak’s executive chairman. “Although the print industry slowdown impacted our performance, we continued to serve our customers and furthered our long history of innovation through the launch of six new print products, including the groundbreaking KODAK PROSPER ULTRA 520 Digital Press, which delivers offset-like quality at high production speeds – all at the industry’s lowest cost of operation.
“As we look ahead, we remain committed to investing in our business to support our position as a leader in advancing the evolution of the print industry,” added Continenza.
For the quarter ended June 30, 2020, revenues declined by approximately $94 million compared with the same period in 2019. Kodak ended the quarter with a cash balance of $180 million, down from the March 31, 2020 cash balance of $209 million.
"During the second quarter we used $29 million of cash, primarily due to the impacts of the COVID-19 pandemic on our business. While the COVID crisis affected our second quarter sales volumes, we anticipate improvement in both sales volumes and working capital in the third quarter,” said David Bullwinkle, Kodak’s CFO.