Kodak reports second-quarter 2021 results
Eastman Kodak Co. reported financial results for the 2021 second quarter, including consolidated revenues of $291 million and a year-over-year improvement in cash performance. The company no longer breaks out photography-related financial data.
“Kodak’s strong second-quarter performance reflects the impact of changes we’ve made and our continued focus on our core competencies and our long-term plan,” said Jim Continenza, Kodak’s Executive Chairman and CEO. “Over the last two years, we have concentrated on our strengths as an industrial manufacturer, established a customer-first model, fixed our balance sheet, and raised capital. The result is improved performance in all our businesses and a solid foundation.”
For the quarter ended June 30, 2021, revenues were $291 million, an improvement of $78 million compared to the same 2020 quarter. Kodak ended the second quarter with a cash balance of $395 million, an increase of $199 million from Dec. 31, 2020.
Revenue and Operational EBITDA by Reportable Segment Q2 2021 vs. Q2 2020
| ($ millions) | ||||||||||||||||||
| Q2 2021 Actuals | Traditional Printing |
Digital Printing |
Advanced Materials & Chemicals |
Brand | Total | |||||||||||||
| Revenue |
$ |
169 |
$ |
62 |
|
$ |
54 |
|
$ |
3 |
$ |
288 |
|
|||||
| Operational EBITDA * |
$ |
6 |
$ |
– |
|
$ |
1 |
|
$ |
3 |
$ |
10 |
|
|||||
| Q2 2020 Actuals | Traditional Printing |
Digital Printing |
Advanced Materials & Chemicals |
Brand | Total | |||||||||||||
| Revenue |
$ |
119 |
$ |
52 |
|
$ |
38 |
|
$ |
2 |
$ |
211 |
|
|||||
| Operational EBITDA * |
$ |
1 |
$ |
(3 |
) |
$ |
(7 |
) |
$ |
2 |
$ |
(7 |
) |
|||||
| Q2 2021 vs. Q2 2020 Actuals B/(W) |
Traditional Printing |
Digital Printing |
Advanced Materials & Chemicals |
Brand | Total | |||||||||||||
| Revenue |
$ |
50 |
$ |
10 |
|
$ |
16 |
|
$ |
1 |
$ |
77 |
|
|||||
| Operational EBITDA * |
$ |
5 |
$ |
3 |
|
$ |
8 |
|
$ |
1 |
$ |
17 |
|
|||||
| Q2 2021 Actuals on constant currency ** vs. Q2 2020 Actuals B/(W) |
Traditional Printing |
Digital Printing |
Advanced Materials & Chemicals |
Brand | Total | |||||||||||||
| Revenue |
$ |
43 |
$ |
8 |
|
$ |
15 |
|
$ |
1 |
$ |
67 |
|
|||||
| Operational EBITDA * |
$ |
6 |
$ |
2 |
|
$ |
7 |
|
$ |
1 |
$ |
16 |
|
|||||
* 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 2021 foreign exchange impact using average foreign exchange rates for the three months ended June 30, 2020, rather than the actual average exchange rates in effect for the three months ended June 30, 2021.
Eastman Business Park segment is not a reportable segment and is excluded from the table above.