Kodak Reports Fourth-Quarter and Full-Year 2024 Financial Results
Kodak (NYSE: KODK) has reported its Q4 and full-year 2024 financial results. Q4 2024 showed mixed performance with revenues of $266M (down 3% YoY), but improved gross profit of $51M (up 9%) and net income of $26M (up 420%).
Full-year 2024 results revealed: revenues of $1.043B (down 7% YoY), gross profit of $203M (down 3%), net income of $102M (up 36%), and Operational EBITDA of $26M (down 42%). The company's cash position decreased to $201M from $255M year-over-year.
Key developments include the planned termination of Kodak Retirement Income Plan by March 31, 2025, and ongoing investments in growth initiatives, particularly in the AM&C group's new cGMP facility for pharmaceutical products. The film business continues to expand, with additional capacity investments planned to meet demand.
Kodak (NYSE: KODK) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024. Il quarto trimestre 2024 ha mostrato una performance mista con ricavi di $266 milioni (in calo del 3% rispetto all'anno precedente), ma un profitto lordo migliorato di $51 milioni (in aumento del 9%) e un reddito netto di $26 milioni (in aumento del 420%).
I risultati dell'anno intero 2024 hanno rivelato: ricavi di $1.043 miliardi (in calo del 7% rispetto all'anno precedente), profitto lordo di $203 milioni (in calo del 3%), reddito netto di $102 milioni (in aumento del 36%) e EBITDA operativo di $26 milioni (in calo del 42%). La posizione di cassa dell'azienda è diminuita a $201 milioni da $255 milioni rispetto all'anno precedente.
Tra gli sviluppi chiave si evidenzia la pianificata cessazione del Kodak Retirement Income Plan entro il 31 marzo 2025 e gli investimenti in corso in iniziative di crescita, in particolare nella nuova struttura cGMP del gruppo AM&C per prodotti farmaceutici. Il business del film continua ad espandersi, con investimenti aggiuntivi previsti per soddisfare la domanda.
Kodak (NYSE: KODK) ha reportado sus resultados financieros del cuarto trimestre y del año completo 2024. El cuarto trimestre 2024 mostró un desempeño mixto con ingresos de $266 millones (una disminución del 3% interanual), pero una mejora en el beneficio bruto de $51 millones (un aumento del 9%) y un ingreso neto de $26 millones (un aumento del 420%).
Los resultados del año completo 2024 revelaron: ingresos de $1.043 mil millones (una disminución del 7% interanual), beneficio bruto de $203 millones (una disminución del 3%), ingreso neto de $102 millones (un aumento del 36%) y EBITDA operativo de $26 millones (una disminución del 42%). La posición de efectivo de la compañía disminuyó a $201 millones desde $255 millones en comparación con el año anterior.
Los desarrollos clave incluyen la terminación planificada del Kodak Retirement Income Plan para el 31 de marzo de 2025 y las inversiones en curso en iniciativas de crecimiento, particularmente en la nueva instalación cGMP del grupo AM&C para productos farmacéuticos. El negocio del cine continúa expandiéndose, con inversiones adicionales planeadas para satisfacer la demanda.
코닥 (NYSE: KODK)은 2024년 4분기 및 연간 재무 결과를 발표했습니다. 2024년 4분기는 2억 6,600만 달러의 수익(전년 대비 3% 감소)과 5,100만 달러의 매출 총이익(9% 증가), 2,600만 달러의 순이익(420% 증가)으로 혼합된 실적을 보였습니다.
2024년 전체 결과는 10억 4,300만 달러의 수익(전년 대비 7% 감소), 2억 3백만 달러의 매출 총이익(3% 감소), 1억 200만 달러의 순이익(36% 증가), 2,600만 달러의 운영 EBITDA(42% 감소)를 나타냈습니다. 회사의 현금 보유액은 전년 대비 2억 1백만 달러에서 2억 5,500만 달러로 감소했습니다.
주요 개발 사항으로는 2025년 3월 31일까지 코닥 퇴직 소득 계획의 종료가 계획되어 있으며, 특히 AM&C 그룹의 제약 제품을 위한 새로운 cGMP 시설에 대한 성장 이니셔티브에 대한 지속적인 투자도 포함됩니다. 필름 사업은 수요를 충족하기 위한 추가 용량 투자가 계획되어 있으며 계속 확장되고 있습니다.
Kodak (NYSE: KODK) a annoncé ses résultats financiers pour le quatrième trimestre et l'année entière 2024. Le quatrième trimestre 2024 a montré des performances mitigées avec des revenus de 266 millions de dollars (en baisse de 3 % par rapport à l'année précédente), mais un bénéfice brut amélioré de 51 millions de dollars (en hausse de 9 %) et un revenu net de 26 millions de dollars (en hausse de 420 %).
Les résultats de l'année entière 2024 ont révélé : des revenus de 1,043 milliard de dollars (en baisse de 7 % par rapport à l'année précédente), un bénéfice brut de 203 millions de dollars (en baisse de 3 %), un revenu net de 102 millions de dollars (en hausse de 36 %) et un EBITDA opérationnel de 26 millions de dollars (en baisse de 42 %). La position de trésorerie de l'entreprise a diminué à 201 millions de dollars contre 255 millions de dollars l'année précédente.
Les développements clés incluent la cessation prévue du Kodak Retirement Income Plan d'ici le 31 mars 2025 et des investissements continus dans des initiatives de croissance, en particulier dans la nouvelle installation cGMP du groupe AM&C pour les produits pharmaceutiques. L'activité film continue de s'étendre, avec des investissements supplémentaires prévus pour répondre à la demande.
Kodak (NYSE: KODK) hat seine finanziellen Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht. Das vierte Quartal 2024 zeigte eine gemischte Leistung mit Einnahmen von 266 Millionen Dollar (3% Rückgang im Jahresvergleich), aber einem verbesserten Bruttogewinn von 51 Millionen Dollar (9% Anstieg) und einem Nettogewinn von 26 Millionen Dollar (420% Anstieg).
Die Ergebnisse für das gesamte Jahr 2024 zeigten: Einnahmen von 1,043 Milliarden Dollar (7% Rückgang im Jahresvergleich), Bruttogewinn von 203 Millionen Dollar (3% Rückgang), Nettogewinn von 102 Millionen Dollar (36% Anstieg) und operatives EBITDA von 26 Millionen Dollar (42% Rückgang). Die Liquiditätsposition des Unternehmens verringerte sich auf 201 Millionen Dollar von 255 Millionen Dollar im Jahresvergleich.
Zu den wichtigsten Entwicklungen gehört die geplante Beendigung des Kodak Retirement Income Plan bis zum 31. März 2025 sowie laufende Investitionen in Wachstumsinitiativen, insbesondere in die neue cGMP-Anlage der AM&C-Gruppe für pharmazeutische Produkte. Das Filmgeschäft expandiert weiterhin, mit zusätzlichen Investitionen, die geplant sind, um der Nachfrage gerecht zu werden.
- Net income increased 36% to $102M in 2024
- Q4 gross profit improved 9% to $51M
- Received $40M from brand licensing in Q1 2024
- Film business showing growth with planned capacity expansion
- New pharmaceutical production facility scheduled to begin operations
- Annual revenue declined 7% to $1.043B
- Operational EBITDA decreased 42% to $26M
- Cash balance reduced by $54M to $201M
- Higher manufacturing costs impacting profitability
- Gross profit decreased 3% to $203M
Insights
Kodak's Q4 and full-year 2024 results present a mixed financial picture with improving profitability metrics despite revenue challenges. Q4 showed notable improvements with
For the full year, Kodak achieved
Cash position decreased to
Strategically, Kodak continues shifting its business mix, focusing on higher-margin operations while exiting unprofitable segments. The upcoming cGMP facility for pharmaceutical manufacturing, planned film capacity expansion, and digital print innovations like the PROSPER 7000 Turbo Press are key growth initiatives. The termination of the Kodak Retirement Income Plan could potentially release surplus assets to the company, strengthening its financial position.
Kodak's 2024 performance demonstrates a strategic pivot toward operational efficiency and targeted growth investments, even as overall revenue declined. The
Three strategic developments warrant attention. First, the new cGMP facility for pharmaceutical products represents Kodak's continued diversification beyond traditional imaging. The Advanced Materials & Chemicals division offers higher margins and more stable revenue streams than legacy print businesses.
Second, the company's successful tariff petition with the U.S. International Trade Commission creates more predictable market conditions for its plate business. This regulatory win addresses unfair competition that had been pressuring margins in a core segment.
Third, the pension plan termination (Kodak Retirement Income Plan) effective March 2025 could potentially unlock significant capital through asset reversion. This financial engineering move aims to improve balance sheet flexibility.
The company's investment pattern shows disciplined capital allocation - funding growth initiatives while implementing automation and efficiency improvements. The
For investors, Kodak presents an interesting transformation story - shedding unprofitable legacy operations while nurturing growth in film (which continues to experience demand exceeding capacity) and specialized manufacturing capabilities.
Fourth quarter 2024 highlights include:
-
Consolidated revenues of
, compared with$266 million for Q4 2023, a decrease of$275 million or 3 percent$9 million -
Gross profit of
, compared with$51 million for Q4 2023, an increase of$47 million or 9 percent$4 million - Gross profit percentage of 19 percent, compared with 17 percent for Q4 2023, an increase of 2 percentage points
-
GAAP net income of
, compared with net income of$26 million for Q4 2023, an increase of$5 million or 420 percent$21 million -
Operational EBITDA of
, compared with$9 million for Q4 2023, an increase of$2 million or 350 percent$7 million
Full year 2024 highlights include:
-
Consolidated revenues of
, compared with$1.04 3 billion for the full year 2023, a decrease of$1.11 7 billion or 7 percent$74 million -
Gross profit of
, compared with$203 million for the full year 2023, a decrease of$210 million or 3 percent$7 million - Gross profit percentage of 19 percent, flat when compared to the prior year
-
GAAP net income of
, compared with$102 million for 2023, an increase of$75 million or 36 percent$27 million -
Operational EBITDA of
, compared with$26 million for 2023, a decrease of$45 million or 42 percent$19 million -
A year-end cash balance of
, compared with$201 million on December 31, 2023, a decrease of$255 million ; cash flow from operations decreased by$54 million from the prior period$45 million
“Kodak’s core businesses performed as expected in 2024 as we continued to execute our long-term plan, which includes increasing operational efficiency, shedding unprofitable business and investing in growth,” said Jim Continenza, Kodak’s Executive Chairman and CEO. “One of our key investment areas, our AM&C group’s new cGMP facility for manufacturing regulated and unregulated pharmaceutical products, is scheduled to begin production this year. Our film business continues to grow, and we are investing in additional capacity to meet demand. In our print business, we have completed the tariff petition process with the
On January 21, 2025, the Board of Directors of Kodak approved the termination of the Kodak Retirement Income Plan effective March 31, 2025. The process is underway to settle the pension obligation with participants and access any remaining plan surplus through a reversion of assets to the Company. For further information on the termination process for KRIP, refer to the disclosures contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
For the full year ended December 31, 2024, revenues were
GAAP net income was
Kodak ended the year with a cash balance of
“Kodak ended the year with a cash balance of
Revenue and Operational EBITDA by Reportable Segment Q4 2024 vs. Q4 2023
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
||||
Q4 2024 Actuals |
|
|
Advanced Materials & Chemicals |
|
|
Brand |
|
|
Total |
|
|||||
Revenue |
$ |
187 |
|
|
$ |
68 |
|
|
$ |
7 |
|
|
$ |
262 |
|
Operational EBITDA * |
$ |
1 |
|
|
$ |
2 |
|
|
$ |
6 |
|
|
$ |
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Q4 2023 Actuals |
|
|
Advanced Materials & Chemicals |
|
|
Brand |
|
|
Total |
|
|||||
Revenue |
$ |
208 |
|
|
$ |
58 |
|
|
$ |
5 |
|
|
$ |
271 |
|
Operational EBITDA * |
$ |
2 |
|
|
$ |
(5 |
) |
|
$ |
5 |
|
|
$ |
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Q4 2024 vs. Q4 2023 Actuals
|
|
|
Advanced Materials & Chemicals |
|
|
Brand |
|
|
Total |
|
|||||
Revenue |
$ |
(21 |
) |
|
$ |
10 |
|
|
$ |
2 |
|
|
$ |
(9 |
) |
Operational EBITDA * |
$ |
(1 |
) |
|
$ |
7 |
|
|
$ |
1 |
|
|
$ |
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Q4 2024 Actuals on constant currency ** vs. Q4 2023 Actuals
|
|
|
Advanced Materials & Chemicals |
|
|
Brand |
|
|
Total |
|
|||||
Revenue |
$ |
(21 |
) |
|
$ |
10 |
|
|
$ |
2 |
|
|
$ |
(9 |
) |
Operational EBITDA * |
$ |
(1 |
) |
|
$ |
7 |
|
|
$ |
1 |
|
|
$ |
7 |
|
Revenue and Operational EBITDA by Reportable Segment FY 2024 vs. FY 2023
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
||||
FY 2024 Actuals |
|
|
Advanced Materials & Chemicals |
|
|
Brand |
|
|
Total |
|
|||||
Revenue |
$ |
737 |
|
|
$ |
271 |
|
|
$ |
20 |
|
|
$ |
1,028 |
|
Operational EBITDA * |
$ |
(8 |
) |
|
$ |
17 |
|
|
$ |
17 |
|
|
$ |
26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
FY 2023 Actuals |
|
|
Advanced Materials & Chemicals |
|
|
Brand |
|
|
Total |
|
|||||
Revenue |
$ |
828 |
|
|
$ |
255 |
|
|
$ |
17 |
|
|
$ |
1,100 |
|
Operational EBITDA * |
$ |
20 |
|
|
$ |
10 |
|
|
$ |
15 |
|
|
$ |
45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
FY 2024 vs. FY 2023 Actuals
|
|
|
Advanced Materials & Chemicals |
|
|
Brand |
|
|
Total |
|
|||||
Revenue |
$ |
(91 |
) |
|
$ |
16 |
|
|
$ |
3 |
|
|
$ |
(72 |
) |
Operational EBITDA * |
$ |
(28 |
) |
|
$ |
7 |
|
|
$ |
2 |
|
|
$ |
(19 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
FY 2024 Actuals on constant currency ** vs. FY 2023 Actuals
|
|
|
Advanced Materials & Chemicals |
|
|
Brand |
|
|
Total |
|
|||||
Revenue |
$ |
(88 |
) |
|
$ |
16 |
|
|
$ |
3 |
|
|
$ |
(69 |
) |
Operational EBITDA * |
$ |
(28 |
) |
|
$ |
7 |
|
|
$ |
2 |
|
|
$ |
(19 |
) |
* 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 or twelve months ended December 31, 2023, rather than the actual average exchange rates in effect for the three or twelve months ended December 31, 2024. Foreign exchange did not impact Operational EBITDA in the fourth quarter or full year period for 2024.
Eastman Business Park segment is not a reportable segment and is excluded from the table above.
About Kodak
Kodak (NYSE: KODK) is a leading global manufacturer focused on commercial print and advanced materials & chemicals. With 79,000 worldwide patents earned over 130 years of R&D, we believe in the power of technology and science to enhance what the world sees and creates. Our innovative, award-winning products, combined with our customer-first approach, make us the partner of choice for commercial printers worldwide. Kodak is committed to environmental stewardship, including industry leadership in developing sustainable solutions for print. For additional information on Kodak, visit us at kodak.com, or follow us on X @Kodak and LinkedIn.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes “forward-looking statements” as that term is defined under the Private Securities Litigation Reform Act of 1995.
Forward–looking statements include statements concerning Kodak’s plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, liquidity, investments, financing needs and business trends and other information that is not historical information. When used in this press release, the words “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “predicts,” “forecasts,” “strategy,” “continues,” “goals,” “targets” or future or conditional verbs, such as “will,” “should,” “could,” or “may,” and similar words and expressions, as well as statements that do not relate strictly to historical or current facts, are intended to identify forward–looking statements. All forward–looking statements, including management’s examination of historical operating trends and data, are based upon Kodak’s current expectations and assumptions. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results or outcomes, or timing of actual results or outcomes, to differ materially from historical results or those expressed in or implied by such forward-looking statements.
Important factors that could cause actual events, results or outcomes, or their timing, to differ materially from the forward-looking statements include, among others, the risks and uncertainties described in more detail in Kodak’s Annual Report on Form 10-K for the year ended December 31, 2024 under the headings “Business,” “Risk Factors,” “Legal Proceedings,” and/or “Management’s Discussion and Analysis of Financial Condition and Results of Operations–Liquidity and Capital Resources” and in other filings Kodak makes with the
Future events and other factors may cause Kodak’s actual results to differ materially from the forward-looking statements. All forward-looking statements attributable to Kodak or persons acting on its behalf apply only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included or referenced in this press release. Kodak undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, except as required by law.
APPENDICES
In this fourth quarter and full year 2024 financial results news release, reference is made to the following non-GAAP financial measures:
- Operational EBITDA; and
- Revenues on a constant currency basis.
Kodak believes that these non-GAAP measures represent important internal measures of performance. Accordingly, where they are provided, it is to give investors the same financial data management uses with the belief that this information will assist the investment community in properly assessing the underlying performance of Kodak, its financial condition, results of operations and cash flow.
Kodak’s segment measure of profit and loss is an adjusted earnings before interest, taxes, depreciation and amortization (“Operational EBITDA”). Operational EBITDA represents the earnings (loss) from continuing operations excluding the provision for income taxes; non-service cost components of pension and other postemployment benefits income; depreciation and amortization expense; restructuring costs and other; stock-based compensation expense; consulting and other costs; idle costs; other operating (income) expense; loss on early extinguishment of debt; interest expense; and other (income) charges, net.
The following table reconciles the most directly comparable GAAP measure of Net Income to Operational EBITDA for the three months ended December 31, 2024 and 2023, respectively:
(in millions) |
Q4 2024 |
|
|
Q4 2023 |
|
|
$Change |
|
|
% Change |
|
||||
Net Income |
$ |
26 |
|
|
$ |
5 |
|
|
$ |
21 |
|
|
|
420 |
% |
All other |
|
— |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
|
|
Depreciation and amortization |
|
7 |
|
|
|
7 |
|
|
|
— |
|
|
|
|
|
Restructuring costs and other |
|
2 |
|
|
|
1 |
|
|
|
1 |
|
|
|
|
|
Stock based compensation |
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
|
|
Consulting and other costs (2) |
|
— |
|
|
|
(3 |
) |
|
|
3 |
|
|
|
|
|
Idle costs (3) |
|
1 |
|
|
|
2 |
|
|
|
(1 |
) |
|
|
|
|
Other operating expense, net |
|
6 |
|
|
|
6 |
|
|
|
— |
|
|
|
|
|
Interest expense |
|
15 |
|
|
|
16 |
|
|
|
(1 |
) |
|
|
|
|
Pension income excluding service cost component |
|
(49 |
) |
|
|
(39 |
) |
|
|
(10 |
) |
|
|
|
|
Other (Income) charges, net |
|
(1 |
) |
|
|
1 |
|
|
|
(2 |
) |
|
|
|
|
Provision for income taxes |
|
1 |
|
|
|
4 |
|
|
|
(3 |
) |
|
|
|
|
Operational EBITDA |
$ |
9 |
|
|
$ |
2 |
|
|
$ |
7 |
|
|
|
350 |
% |
The following table reconciles the most directly comparable GAAP measure of Net Income to Operational EBITDA for the twelve months ended December 31, 2024 and 2023, respectively:
(in millions) |
FY 2024 |
|
|
FY 2023 |
|
|
$Change |
|
|
% Change |
|
||||
Net Income |
$ |
102 |
|
|
$ |
75 |
|
|
$ |
27 |
|
|
|
36 |
% |
All other |
|
(2 |
) |
|
|
(2 |
) |
|
|
— |
|
|
|
|
|
Depreciation and amortization |
|
28 |
|
|
|
30 |
|
|
|
(2 |
) |
|
|
|
|
Restructuring costs and other (1) |
|
8 |
|
|
|
10 |
|
|
|
(2 |
) |
|
|
|
|
Stock based compensation |
|
6 |
|
|
|
7 |
|
|
|
(1 |
) |
|
|
|
|
Consulting and other costs (2) |
|
1 |
|
|
|
(13 |
) |
|
|
14 |
|
|
|
|
|
Idle costs (3) |
|
2 |
|
|
|
3 |
|
|
|
(1 |
) |
|
|
|
|
Other operating (income) expense, net (4) |
|
(10 |
) |
|
|
6 |
|
|
|
(16 |
) |
|
|
|
|
Interest expense (4) |
|
59 |
|
|
|
52 |
|
|
|
7 |
|
|
|
|
|
Pension income excluding service cost component (4) |
|
(173 |
) |
|
|
(161 |
) |
|
|
(12 |
) |
|
|
|
|
Loss on early extinguishment of debt (4) |
|
— |
|
|
|
27 |
|
|
|
(27 |
) |
|
|
|
|
Other income, net (4) |
|
(3 |
) |
|
|
(1 |
) |
|
|
(2 |
) |
|
|
|
|
Provision for income taxes (4) |
|
8 |
|
|
|
12 |
|
|
|
(4 |
) |
|
|
|
|
Operational EBITDA |
$ |
26 |
|
|
$ |
45 |
|
|
$ |
(19 |
) |
|
|
-42 |
% |
Footnote Explanations:
(1) |
|
Restructuring costs and other for the twelve months ended December 31, 2024 and 2023 included |
(2) |
|
Consulting and other costs are primarily professional services and internal costs associated with certain corporate strategic initiatives and litigation. Consulting and other costs included |
(3) |
|
Consists of third-party costs such as security, maintenance, and utilities required to maintain land and buildings in certain locations not used in any Kodak operations and the costs, net of any rental income received, of underutilized portions of certain properties. |
(4) |
|
As reported in the Consolidated Statement of Operations. |
A. FINANCIAL STATEMENTS
Eastman Kodak Company
Consolidated Statement of Operations (Unaudited) |
||||||||
(in millions) |
|
Three Months Ended |
|
|||||
|
|
December 31, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Revenues |
|
|
|
|
|
|
||
Sales |
|
$ |
228 |
|
|
$ |
229 |
|
Services |
|
|
38 |
|
|
|
46 |
|
Total net revenues |
|
|
266 |
|
|
|
275 |
|
Cost of revenues |
|
|
|
|
|
|
||
Sales |
|
|
186 |
|
|
|
194 |
|
Services |
|
|
29 |
|
|
|
34 |
|
Total cost of revenues |
|
|
215 |
|
|
|
228 |
|
Gross profit |
|
|
51 |
|
|
|
47 |
|
Selling, general and administrative expenses |
|
|
43 |
|
|
|
45 |
|
Research and development costs |
|
|
8 |
|
|
|
9 |
|
Restructuring costs and other |
|
|
2 |
|
|
|
— |
|
Other operating expense, net |
|
|
6 |
|
|
|
6 |
|
Loss from continuing operations before interest expense,
|
|
|
(8 |
) |
|
|
(13 |
) |
Interest expense |
|
|
15 |
|
|
|
16 |
|
Pension income excluding service cost component |
|
|
(49 |
) |
|
|
(39 |
) |
Other (income) charges, net |
|
|
(1 |
) |
|
|
1 |
|
Earnings from continuing operations before income taxes |
|
|
27 |
|
|
|
9 |
|
Provision for income taxes |
|
|
1 |
|
|
|
4 |
|
NET EARNINGS |
|
$ |
26 |
|
|
$ |
5 |
|
Eastman Kodak Company
Consolidated Statement of Cash Flows (Unaudited) |
||||||||
|
|
Three Months Ended |
|
|||||
|
|
December 31, |
|
|||||
(in millions) |
|
2024 |
|
|
2023 |
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net earnings |
|
$ |
26 |
|
|
$ |
5 |
|
Adjustments to reconcile to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
7 |
|
|
|
7 |
|
Pension and other postretirement income |
|
|
(44 |
) |
|
|
(36 |
) |
Asset impairments |
|
|
4 |
|
|
|
5 |
|
Stock based compensation |
|
|
1 |
|
|
|
1 |
|
Non-cash changes in workers' compensation and other employee benefit
|
|
|
(3 |
) |
|
|
2 |
|
Net gain on sales of assets |
|
|
— |
|
|
|
1 |
|
Benefit from deferred income taxes |
|
|
(1 |
) |
|
|
(1 |
) |
Increase in trade receivables |
|
|
(1 |
) |
|
|
— |
|
Decrease (increase) in miscellaneous receivables |
|
|
7 |
|
|
|
(4 |
) |
Decrease in inventories |
|
|
18 |
|
|
|
23 |
|
(Decrease) increase in trade accounts payable |
|
|
(2 |
) |
|
|
1 |
|
Decrease in liabilities excluding borrowings and trade payables |
|
|
(7 |
) |
|
|
(2 |
) |
Other items, net |
|
|
(1 |
) |
|
|
15 |
|
Total adjustments |
|
|
(22 |
) |
|
|
12 |
|
Net cash provided by operating activities |
|
|
4 |
|
|
|
17 |
|
|
|
|
|
|
|
|
||
Cash flows from investing activities: |
|
|
|
|
|
|
||
Additions to properties |
|
|
(17 |
) |
|
|
(17 |
) |
Net cash used in investing activities |
|
|
(17 |
) |
|
|
(17 |
) |
|
|
|
|
|
|
|
||
Cash flows from financing activities: |
|
|
|
|
|
|
||
Preferred stock cash dividend payments |
|
|
(1 |
) |
|
|
(1 |
) |
Finance lease payments |
|
|
(1 |
) |
|
|
(1 |
) |
Net cash used in financing activities |
|
|
(2 |
) |
|
|
(2 |
) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
(6 |
) |
|
|
5 |
|
Net (decrease) increase in cash, cash equivalents and restricted cash |
|
|
(21 |
) |
|
|
3 |
|
Cash, cash equivalents and restricted cash, beginning of period |
|
|
322 |
|
|
|
374 |
|
Cash, cash equivalents and restricted cash, end of period |
|
$ |
301 |
|
|
$ |
377 |
|
Eastman Kodak Company
Consolidated Statement of Operations |
||||||||
(in millions, except per share data) |
|
Year Ended December 31, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Revenues |
|
|
|
|
|
|
||
Sales |
|
$ |
882 |
|
|
$ |
917 |
|
Services |
|
|
161 |
|
|
|
200 |
|
Total net revenues |
|
|
1,043 |
|
|
|
1,117 |
|
Cost of revenues |
|
|
|
|
|
|
||
Sales |
|
|
720 |
|
|
|
765 |
|
Services |
|
|
120 |
|
|
|
142 |
|
Total cost of revenues |
|
|
840 |
|
|
|
907 |
|
Gross profit |
|
|
203 |
|
|
|
210 |
|
Selling, general and administrative expenses |
|
|
179 |
|
|
|
159 |
|
Research and development costs |
|
|
33 |
|
|
|
34 |
|
Restructuring costs and other |
|
|
8 |
|
|
|
7 |
|
Other operating (income) expense, net |
|
|
(10 |
) |
|
|
6 |
|
(Loss) earnings from continuing operations before interest expense, pension income excluding service cost component, other income, net and income taxes |
|
|
(7 |
) |
|
|
4 |
|
Interest expense |
|
|
59 |
|
|
|
52 |
|
Pension income excluding service cost component |
|
|
(173 |
) |
|
|
(161 |
) |
Loss on early extinguishment of debt |
|
|
— |
|
|
|
27 |
|
Other income, net |
|
|
(3 |
) |
|
|
(1 |
) |
Earnings from continuing operations before income taxes |
|
|
110 |
|
|
|
87 |
|
Provision for income taxes |
|
|
8 |
|
|
|
12 |
|
NET EARNINGS |
|
$ |
102 |
|
|
$ |
75 |
|
|
|
|
|
|
|
|
||
Basic earnings per share attributable to Eastman Kodak Company common shareholders |
|
$ |
0.97 |
|
|
$ |
0.71 |
|
|
|
|
|
|
|
|
||
Diluted earnings per share attributable to Eastman Kodak Company common shareholders |
|
$ |
0.90 |
|
|
$ |
0.67 |
|
|
|
|
|
|
|
|
||
Number of common shares used in basic and diluted earnings per share: |
|
|
|
|
|
|
||
Basic |
|
|
80.1 |
|
|
|
79.4 |
|
Diluted |
|
|
92.3 |
|
|
|
90.5 |
|
The notes accompanying the financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 are an integral part of these consolidated financial statements |
||||||||
|
Eastman Kodak Company
Consolidated Statement of Financial Position |
||||||||
|
|
As of December 31, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
ASSETS |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
201 |
|
|
$ |
255 |
|
Trade receivables, net of allowances of |
|
|
138 |
|
|
|
195 |
|
Inventories, net |
|
|
219 |
|
|
|
217 |
|
Other current assets |
|
|
37 |
|
|
|
45 |
|
Total current assets |
|
|
595 |
|
|
|
712 |
|
Property, plant and equipment, net |
|
|
189 |
|
|
|
169 |
|
Goodwill |
|
|
12 |
|
|
|
12 |
|
Intangible assets, net |
|
|
20 |
|
|
|
24 |
|
Operating lease right-of-use assets |
|
|
27 |
|
|
|
30 |
|
Restricted cash |
|
|
92 |
|
|
|
110 |
|
Pension and other postretirement assets |
|
|
989 |
|
|
|
1,216 |
|
Other long-term assets |
|
|
77 |
|
|
|
82 |
|
TOTAL ASSETS |
|
$ |
2,001 |
|
|
$ |
2,355 |
|
|
|
|
|
|
|
|
||
LIABILITIES, REDEEMABLE, CONVERTIBLE PREFERRED STOCK AND EQUITY |
|
|
|
|
|
|
||
Accounts payable, trade |
|
$ |
120 |
|
|
$ |
125 |
|
Short-term borrowings and current portion of long-term debt |
|
|
1 |
|
|
|
1 |
|
Current portion of operating leases |
|
|
11 |
|
|
|
13 |
|
Other current liabilities |
|
|
129 |
|
|
|
144 |
|
Total current liabilities |
|
|
261 |
|
|
|
283 |
|
Long-term debt, net of current portion |
|
|
466 |
|
|
|
457 |
|
Pension and other postretirement liabilities |
|
|
197 |
|
|
|
237 |
|
Operating leases, net of current portion |
|
|
21 |
|
|
|
24 |
|
Other long-term liabilities |
|
|
197 |
|
|
|
213 |
|
Total liabilities |
|
|
1,142 |
|
|
|
1,214 |
|
|
|
|
|
|
|
|
||
Commitments and contingencies (Note 11) |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Redeemable, convertible preferred stock, no par value, |
|
|
218 |
|
|
|
210 |
|
|
|
|
|
|
|
|
||
Equity |
|
|
|
|
|
|
||
Common stock, |
|
|
— |
|
|
|
— |
|
Additional paid in capital |
|
|
1,150 |
|
|
|
1,156 |
|
Treasury stock, at cost |
|
|
(12 |
) |
|
|
(11 |
) |
Accumulated deficit |
|
|
(393 |
) |
|
|
(495 |
) |
Accumulated other comprehensive (loss) income |
|
|
(104 |
) |
|
|
281 |
|
Total equity |
|
|
641 |
|
|
|
931 |
|
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY |
|
$ |
2,001 |
|
|
$ |
2,355 |
|
The notes accompanying the financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 are an integral part of these consolidated financial statements. |
||||||||
|
Eastman Kodak Company
Consolidated Statement of Cash Flows |
||||||||
|
|
Year Ended December 31, |
|
|||||
(in millions) |
|
2024 |
|
|
2023 |
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net earnings |
|
$ |
102 |
|
|
$ |
75 |
|
Adjustments to reconcile to net cash (used in) provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
28 |
|
|
|
30 |
|
Pension and other postretirement income |
|
|
(155 |
) |
|
|
(145 |
) |
Change in fair value of the Preferred Stock and Convertible Notes embedded derivatives |
|
|
— |
|
|
|
2 |
|
Asset impairments |
|
|
4 |
|
|
|
5 |
|
Stock based compensation |
|
|
6 |
|
|
|
7 |
|
Non-cash changes in workers' compensation and other employee benefit reserves |
|
|
(2 |
) |
|
|
(1 |
) |
Net gain on sales of assets |
|
|
(17 |
) |
|
|
— |
|
Loss on early extinguishment of debt |
|
|
— |
|
|
|
27 |
|
Benefit from deferred income taxes |
|
|
(1 |
) |
|
|
(1 |
) |
Decrease (increase) in trade receivables |
|
|
51 |
|
|
|
(16 |
) |
Decrease in miscellaneous receivables |
|
|
1 |
|
|
|
6 |
|
(Increase) decrease in inventories |
|
|
(7 |
) |
|
|
19 |
|
Decrease in trade accounts payable |
|
|
(3 |
) |
|
|
(14 |
) |
(Decrease) increase in liabilities excluding borrowings and trade payables |
|
|
(46 |
) |
|
|
21 |
|
Other items, net |
|
|
32 |
|
|
|
23 |
|
Total adjustments |
|
|
(109 |
) |
|
|
(37 |
) |
Net cash (used in) provided by operating activities |
|
|
(7 |
) |
|
|
38 |
|
|
|
|
|
|
|
|
||
Cash flows from investing activities: |
|
|
|
|
|
|
||
Additions to properties |
|
|
(56 |
) |
|
|
(32 |
) |
Net proceeds from sales of assets |
|
|
17 |
|
|
|
— |
|
Net cash used in investing activities |
|
|
(39 |
) |
|
|
(32 |
) |
|
|
|
|
|
|
|
||
Cash flows from financing activities: |
|
|
|
|
|
|
||
Net proceeds from Amended and Restated Term Loan Agreement |
|
|
— |
|
|
|
435 |
|
Repayment of Original Term Loan Credit Agreement |
|
|
— |
|
|
|
(316 |
) |
Repayment of Convertible Notes |
|
|
— |
|
|
|
(28 |
) |
Other debt acquisition costs |
|
|
— |
|
|
|
(1 |
) |
Repayment of Amended and Restated Term Loan Agreement |
|
|
(17 |
) |
|
|
— |
|
Preferred stock cash dividend payments |
|
|
(4 |
) |
|
|
(4 |
) |
Treasury stock purchases |
|
|
(1 |
) |
|
|
— |
|
Finance lease payments |
|
|
(1 |
) |
|
|
(1 |
) |
Net cash (used in) provided by financing activities |
|
|
(23 |
) |
|
|
85 |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
(7 |
) |
|
|
— |
|
Net (decrease) increase in cash, cash equivalents and restricted cash |
|
|
(76 |
) |
|
|
91 |
|
Cash, cash equivalents and restricted cash, beginning of period |
|
|
377 |
|
|
|
286 |
|
Cash, cash equivalents and restricted cash, end of period |
|
$ |
301 |
|
|
$ |
377 |
|
The notes accompanying the financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 are an integral part of these consolidated financial statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250317401028/en/
Media Contact:
Kurt Jaeckel, Kodak, +1 585-490-8646, kurt.jaeckel@kodak.com
Investor Contact:
Anthony Redding, Kodak, +1 585-724-4053, shareholderservices@kodak.com
Source: Eastman Kodak Company