Kodak reports $1 billion in full-year 2020 revenue

GaryPageau

Eastman Kodak Co. reported financial results for the full year 2020, including consolidated revenues of $1 billion and an increase in cash in the second half of the year. For the year ended Dec. 31, 2020, revenues declined by $213 million compared with the same period in 2019. Kodak ended the quarter with a cash balance of $196 million, down from the December 31, 2019 cash balance of $233 million. GAAP net loss was $541 million for the year ended December 31, 2020, which included a charge of $416 million to reflect the increased value of the derivative liability embedded in the convertible notes immediately prior to conversion during the third quarter 2020 and expense of $167 million related to the increase in deferred tax valuation allowances for locations outside the U.S. during the first quarter of 2020.

Earlier this month, Kodak announced a series of financial transactions providing access to new capital, address maturing obligations, and strengthen the company’s ability to invest in strategic growth opportunities in its core businesses. The additional liquidity provided by these financial transactions eliminates the substantial doubt about Kodak’s ability to continue as a going concern, the company claims.

Jim Continenza is the Executive Chairman of Eastman Kodak

“Kodak successfully managed through 2020 despite the challenges of the pandemic,” said Jim Continenza, Kodak’s Executive Chairman and CEO. “We mitigated the impact of COVID with cost-saving initiatives, launched several innovative print-business products and generated cash in the third and fourth quarters. More recently, we announced a series of financial transactions which significantly strengthened our balance sheet and set the stage for growth through investments in our core businesses in print and advanced materials and chemicals, and new initiatives.”

“Kodak increased its cash balance in the third and fourth quarters by $16 million and ended the year at $196 million in cash,” said David Bullwinkle, Kodak’s CFO. “During 2020 the Company improved its financial health by removing legacy liabilities and reducing costs, and the recently announced transactions put Kodak in a strong financial position and provide incremental liquidity to drive growth.”