05.18.21
With GAAP net income of $6 million for the quarter ended March 31, 2021 compared to a net loss of $111 million in the prior-year quarter, Eastman Kodak Company reported solid financial results for the first quarter 2021.
Kodak reported consolidated revenues of $265 million and an increase in cash from a series of financial transactions previously announced, including GAAP net income of $6 million. The company ended the quarter with a cash balance of $401 million
“The steps we have taken in the last two years — strengthening our balance sheet, establishing a customer-first approach and continuing to invest in innovation — have created the foundation for growth,” said Jim Continenza, Kodak’s executive chairman and CEO.
For the quarter ended March 31, 2021, revenues declined by only $2 million compared with the same period in 2020. Kodak ended the quarter with a cash balance of $401 million, up from the December 31, 2020 cash balance of $196 million. GAAP net income was $6 million for the quarter ended March 31, 2021, compared with a net loss of $111 million in the prior-year quarter.
Operational EBITDA was $3 million for the quarter ended March 31, 2021, compared with negative $8 million in the first quarter 2020.
“We continued to see improved cash performance during the first quarter, including an improvement in working capital and an increase in our cash balance through several financing transactions that closed during the quarter,” said David Bullwinkle, Kodak’s CFO.
Kodak reported consolidated revenues of $265 million and an increase in cash from a series of financial transactions previously announced, including GAAP net income of $6 million. The company ended the quarter with a cash balance of $401 million
“The steps we have taken in the last two years — strengthening our balance sheet, establishing a customer-first approach and continuing to invest in innovation — have created the foundation for growth,” said Jim Continenza, Kodak’s executive chairman and CEO.
For the quarter ended March 31, 2021, revenues declined by only $2 million compared with the same period in 2020. Kodak ended the quarter with a cash balance of $401 million, up from the December 31, 2020 cash balance of $196 million. GAAP net income was $6 million for the quarter ended March 31, 2021, compared with a net loss of $111 million in the prior-year quarter.
Operational EBITDA was $3 million for the quarter ended March 31, 2021, compared with negative $8 million in the first quarter 2020.
“We continued to see improved cash performance during the first quarter, including an improvement in working capital and an increase in our cash balance through several financing transactions that closed during the quarter,” said David Bullwinkle, Kodak’s CFO.
