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Kodak Reports 3Q 2020 Financial Results

Notes consolidated revenues of $252 million and a $13 million increase in cash.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Eastman Kodak Company reported financial results for the third quarter 2020, including consolidated revenues of $252 million and a $13 million increase in cash.

 

“As the pandemic continued during the third quarter, Kodak stayed focused on keeping our employees safe and serving customers while carefully managing our costs and cash,” said Jim Continenza, Kodak’s executive chairman and CEO. “We continue to invest in leading-edge digital print technology and winning eight awards recently in three prestigious print industry competitions provides external validation of that commitment. Looking forward, we’ll continue to build on our strengths in print and advanced materials and chemicals, including our existing business in manufacturing pharmaceutical ingredients.”

 

For the quarter ended Sept. 30, 2020, revenues declined by approximately $63 million compared with the same period in 2019. Kodak ended the quarter with a cash balance of $193 million, up from the June 30, 2020 cash balance of $180 million. 

 

GAAP net loss was $445 million for the quarter ended Sept. 30, 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. Operational EBITDA was negative $1 million for the quarter ended Sept. 30, 2020.

 

“Kodak delivered improved revenue compared with the second quarter of the year while improving its financial position,” said David Bullwinkle, Kodak’s CFO. “During the third quarter, the company reduced its debt by $100 million due to the conversion of the convertible notes and its cash balance increased by $13 million.”

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