03.17.22
Eastman Kodak Company reported financial results for the full year 2021, including consolidated revenues of $1.15 billion and continued growth in key product areas such as SONORA Process Free Plates and PROSPER annuities.
Full-year 2021 highlights include:
• Consolidated revenues of $1.150 billion, compared with $1.029 billion for the full year 2020.
• GAAP net income of $24 million, compared with a net loss of $541 million for 2020.
• Operational EBITDA of $11 million, compared with negative $1 million for 2020.
• A year-end cash balance of $362 million, compared with $196 million at the end of 2020.
“Kodak continued to navigate through an unusually challenging business environment in 2021 and delivered revenue growth in all our segments for the first time in years,” said Jim Continenza, Ko-dak’s executive chairman and CEO. “We also saw increases in customer satisfaction and market share in our key print business, achievements which reflect the success of our ongoing strategy: focus on our core businesses in commercial print and advanced materials and chemicals, invest in product innovation and put our customers at the center of everything we do.”
For the full year ended December 31, 2021, revenues were $1.15 billion, an improvement of $121 million compared to the same period in 2020. GAAP net income was $24 million for the full year, compared to a net loss of $541 million in 2020. The prior year included a charge of $416 million to reflect the increased value of the derivative liability embedded in the convertible notes immediately prior to conversion and expense of $167 million related to the increase in deferred tax valuation allowances for locations outside the US.
“The company ended 2021 with $362 million in cash, an increase of $166 million from Dec. 31, 2020,” said David Bullwinkle, Kodak’s CFO. “The Company’s balance sheet is the strongest it has been in years due to the execution of our strategy. We continue to execute on our plan by driving increases in cost efficiency through automation and process innovation and redesign.”
Full-year 2021 highlights include:
• Consolidated revenues of $1.150 billion, compared with $1.029 billion for the full year 2020.
• GAAP net income of $24 million, compared with a net loss of $541 million for 2020.
• Operational EBITDA of $11 million, compared with negative $1 million for 2020.
• A year-end cash balance of $362 million, compared with $196 million at the end of 2020.
“Kodak continued to navigate through an unusually challenging business environment in 2021 and delivered revenue growth in all our segments for the first time in years,” said Jim Continenza, Ko-dak’s executive chairman and CEO. “We also saw increases in customer satisfaction and market share in our key print business, achievements which reflect the success of our ongoing strategy: focus on our core businesses in commercial print and advanced materials and chemicals, invest in product innovation and put our customers at the center of everything we do.”
For the full year ended December 31, 2021, revenues were $1.15 billion, an improvement of $121 million compared to the same period in 2020. GAAP net income was $24 million for the full year, compared to a net loss of $541 million in 2020. The prior year included a charge of $416 million to reflect the increased value of the derivative liability embedded in the convertible notes immediately prior to conversion and expense of $167 million related to the increase in deferred tax valuation allowances for locations outside the US.
“The company ended 2021 with $362 million in cash, an increase of $166 million from Dec. 31, 2020,” said David Bullwinkle, Kodak’s CFO. “The Company’s balance sheet is the strongest it has been in years due to the execution of our strategy. We continue to execute on our plan by driving increases in cost efficiency through automation and process innovation and redesign.”