Kodak improves first-quarter revenues, but shows net loss
“Kodak continued to manage through an extremely challenging business environment to deliver revenue growth for the first quarter of 2022,” said Jim Continenza, Kodak’s Executive Chairman and CEO. “We are also focused on long-term growth, making significant investments in print technology and the four Advanced Materials and Chemicals initiatives we announced earlier this year. Finding new ways to leverage our core strengths and delivering for our customers will be our focus as we execute our strategic plan.”
“Our quarter-end cash balance was generally in line with our expectations,” said David Bullwinkle, Kodak’s CFO. “We have successfully navigated supply chain issues by carrying higher-than-historical levels of inventory to maintain supply for our customers. We plan to continue executing our long-term strategy despite the ongoing supply chain challenges and rising costs.”
|
Revenue and Operational EBITDA by Reportable Segment Q1 2022 vs. Q1 2021 |
|||||||||||||||||||
| ($ millions) | |||||||||||||||||||
| Q1 2022 Actuals | Traditional Printing |
Digital Printing |
Advanced Materials & Chemicals |
Brand | Total | ||||||||||||||
| Revenue |
$ |
172 |
|
$ |
56 |
|
$ |
54 |
|
$ |
4 |
$ |
286 |
|
|||||
| Operational EBITDA * |
$ |
(2 |
) |
$ |
(5 |
) |
$ |
(3 |
) |
$ |
3 |
$ |
(7 |
) |
|||||
| Q1 2021 Actuals | Traditional Printing |
Digital Printing |
Advanced Materials & Chemicals |
Brand | Total | ||||||||||||||
| Revenue |
$ |
148 |
|
$ |
64 |
|
$ |
46 |
|
$ |
3 |
$ |
261 |
|
|||||
| Operational EBITDA * |
$ |
5 |
|
$ |
– |
|
$ |
(4 |
) |
$ |
2 |
$ |
3 |
|
|||||
| Q1 2022 vs. Q1 2021 Actuals B/(W) |
Traditional Printing |
Digital Printing |
Advanced Materials & Chemicals |
Brand | Total | ||||||||||||||
| Revenue |
$ |
24 |
|
$ |
(8 |
) |
$ |
8 |
|
$ |
1 |
$ |
25 |
|
|||||
| Operational EBITDA * |
$ |
(7 |
) |
$ |
(5 |
) |
$ |
1 |
|
$ |
1 |
$ |
(10 |
) |
|||||
| Q1 2022 Actuals on constant currency ** vs. Q1 2021 Actuals B/(W) |
Traditional Printing |
Digital Printing |
Advanced Materials & Chemicals |
Brand | Total | ||||||||||||||
| Revenue |
$ |
32 |
|
$ |
(6 |
) |
$ |
8 |
|
$ |
1 |
$ |
35 |
|
|||||
| Operational EBITDA * |
$ |
(7 |
) |
$ |
(4 |
) |
$ |
1 |
|
$ |
1 |
$ |
(9 |
) |
|||||
|
* Total Operational EBITDA is a non-GAAP financial measure. The reconciliation between GAAP and non-GAAP measures is provided in Appendix A of this press release. |
|
** The impact of foreign exchange represents the foreign exchange impact using average foreign exchange rates for the three months ended March 31, 2021, rather than the actual average exchange rates in effect for the three months ended March 31, 2022. |
|
Eastman Business Park segment is not a reportable segment and is excluded from the table above. |