Impacted by COVID, Kodak Alaris reports lower results

GaryPageau ,

Kodak Alaris Ltd., Hemel Hempstead, U.K., released its annual final annual financial report. Kodak Alaris Ltd. is comprised of parts of the Alaris and Kodak Moments businesses of the Kodak Alaris Group in Europe, the Middle East, and Africa. Kodka

Following an internal reorganization of the PPF business, Kodak Moments successfully integrated the Film business with effect from April 1, 2020. The remaining business was renamed Paper, Photochemicals Display and Software (PPDS) and was sold to Sino Promise Group Ltd. on Nov. 1. 2020. The entire impact of the disposal of the PPDS business was reflected as discontinued operations. PPDS revenue in the period to Oct. 31 2020 amounted to € 1.0 million (2020: €2.2 million) and the loss on discontinued operations amounted to €0.2 million (2020: €0.7 million). The company also divested the AI Foundry (AIF) unit in July 2020, sold to Guaranteed Rate, one of its largest and fastest-growing participants in the U.S. digital mortgage market

For the full year ending March 31, 2021, consolidated sales of were €102,317,000, comprised of the sale of goods (€93,269,000) and services (€9,448,000). That’s compared to the prior year of €135,911,000, commprised of the sale of goods at €126,453,000 and service of€9,448,000)

The company reported revenue from continuing operations of €101.3 million for the year, compared to €133.7 million in 2020. The 24% drop from the prior year is primarily due to lower Kodak Moments and Alaris sales in due to the global COVID-19 pandemic, according to management. Continuing net operating costs were €25.9 million, compared to 2020’s €46.5 million) and have reduced due to the higher level of impairment losses in the prior year (€4.2 million in 2021 compared to €11.4 million in 2020, as well as reductions in management charges, employee costs, and discretionary spending in response to the COVID-19 pandemic.

The Kodak Moments business is a provider of self-service retail photo kiosks, behind-the-counter dry labs and consumables, and film and single-use cameras. Revenues for the year, including film, were €67.9 million, down 25% from €90.8 million, primarily due to the COVID-19 pandemic.