Kodak reports slightly higher sales in 2021
Eastman Kodak Co. reported financial results for the full year 2021, including consolidated revenues of $1.150 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, Kodak’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.”
“The company ended 2021 with $362 million in cash, an increase of $166 million from Dec. 31, 2020,” said David Bullwinkle, Kodak’s CFO. “The company’s balance sheet is the strongest it has been in years due to the execution of our strategy. We continue to execute on our plan by driving increases in cost efficiency through automation and process innovation and redesign.”
| Revenue and Operational EBITDA by Reportable Segment FY 2021 vs. FY 2020 | |||||||||||||||||||
| ($ millions) | |||||||||||||||||||
| FY 2021 Actuals | Traditional Printing |
Digital Printing |
Advanced Materials & Chemicals |
Brand | Total | ||||||||||||||
| Revenue | $ | 659 | $ | 249 | $ | 212 | $ | 15 | $ | 1,135 | |||||||||
| Operational EBITDA * | $ | 9 | $ | (5 | ) | $ | (6 | ) | $ | 13 | $ | 11 | |||||||
| FY 2020 Actuals | Traditional Printing |
Digital Printing |
Advanced Materials & Chemicals |
Brand | Total | ||||||||||||||
| Revenue | $ | 592 | $ | 241 | $ | 172 | $ | 13 | $ | 1,018 | |||||||||
| Operational EBITDA * | $ | 21 | $ | (10 | ) | $ | (23 | ) | $ | 11 | $ | (1 | ) | ||||||
| FY 2021 vs. FY 2020 Actuals B/(W) |
Traditional Printing |
Digital Printing |
Advanced Materials & Chemicals |
Brand | Total | ||||||||||||||
| Revenue | $ | 67 | $ | 8 | $ | 40 | $ | 2 | $ | 117 | |||||||||
| Operational EBITDA * | $ | (12 | ) | $ | 5 | $ | 17 | $ | 2 | $ | 12 | ||||||||
| FY 2021 Actuals on constant currency ** vs. FY 2020 Actuals B/(W) |
Traditional Printing |
Digital Printing |
Advanced Materials & Chemicals |
Brand | Total | ||||||||||||||
| Revenue | $ | 56 | $ | 4 | $ | 39 | $ | 2 | $ | 101 | |||||||||
| Operational EBITDA * | $ | (8 | ) | $ | 3 | $ | 16 | $ | 2 | $ | 13 | ||||||||
* 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 twelve months ended December 31, 2020, rather than the actual average exchange rates in effect for the twelve months ended December 31, 2021.
Eastman Business Park segment is not a reportable segment and is excluded from the table above.