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Kodak Reports Second-Quarter 2024 Financial Results

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Eastman Kodak Company (NYSE: KODK) reported its Q2 2024 financial results, showing mixed performance. Consolidated revenues decreased by 9% to $267 million, while gross profit fell 8% to $58 million. However, the gross profit percentage increased by 1 percentage point to 22%. GAAP net income declined 26% to $26 million, and Operational EBITDA decreased 45% to $12 million. The company's cash balance stood at $251 million, down $4 million from December 31, 2023.

Despite revenue decline, Kodak achieved a year-over-year increase in gross profit percentage for the seventh consecutive quarter. The company continues to invest in its Advanced Materials & Chemicals group and is seeing revenue growth in key product areas. Kodak's cGMP facility for manufacturing diagnostic test reagents is scheduled to begin production in 2025.

Eastman Kodak Company (NYSE: KODK) ha riportato i risultati finanziari del secondo trimestre 2024, mostrando una performance mista. I ricavi consolidati sono diminuiti del 9% a $267 milioni, mentre il profitto lordo è sceso dell'8% a $58 milioni. Tuttavia, la percentuale di profitto lordo è aumentata di 1 punto percentuale al 22%. Il reddito netto GAAP è calato del 26% a $26 milioni e l'EBITDA operativo è sceso del 45% a $12 milioni. Il saldo di cassa dell'azienda era di $251 milioni, in diminuzione di $4 milioni rispetto al 31 dicembre 2023.

Nonostante il calo dei ricavi, Kodak ha registrato un aumento anno dopo anno nella percentuale di profitto lordo per il settimo trimestre consecutivo. L'azienda continua a investire nel suo gruppo di Materiali Avanzati e Chimica, osservando una crescita dei ricavi in aree di prodotto chiave. L'impianto cGMP di Kodak per la produzione di reagenti per test diagnostici è previsto per iniziare la produzione nel 2025.

Eastman Kodak Company (NYSE: KODK) informó sobre sus resultados financieros del segundo trimestre de 2024, mostrando un desempeño mixto. Los ingresos consolidados disminuyeron un 9% a $267 millones, mientras que el beneficio bruto cayó un 8% a $58 millones. Sin embargo, el porcentaje de beneficio bruto aumentó en 1 punto porcentual al 22%. El ingreso neto GAAP disminuyó un 26% a $26 millones y el EBITDA operativo cayó un 45% a $12 millones. El saldo de efectivo de la compañía se situó en $251 millones, una disminución de $4 millones desde el 31 de diciembre de 2023.

A pesar de la disminución de ingresos, Kodak logró un aumento interanual en el porcentaje de beneficio bruto durante el séptimo trimestre consecutivo. La empresa sigue invirtiendo en su grupo de Materiales Avanzados y Químicos y está viendo un crecimiento de ingresos en áreas clave de productos. La instalación de cGMP de Kodak para la fabricación de reactivos de pruebas diagnósticas comenzará a producirse en 2025.

이스트맨 코닥 컴퍼니 (NYSE: KODK)는 2024년 2분기 재무 결과를 발표하며 혼합 성과를 보여주었습니다. 통합 매출은 9% 감소한 2억 6,700만 달러였고, 총 이익은 8% 감소한 5,800만 달러로 나타났습니다. 하지만 총 이익률은 1% 포인트 증가하여 22%에 달했습니다. GAAP 순이익은 26% 감소한 2,600만 달러였으며, 운영 EBITDA는 45% 감소한 1,200만 달러로 집계되었습니다. 회사의 현금잔고는 2억 5,100만 달러로, 2023년 12월 31일 기준으로 400만 달러 감소했습니다.

수익 감소에도 불구하고, 코닥은 7분기 연속으로 총 이익률의 연간 증가를 달성했습니다. 회사는 고급 재료 및 화학 그룹에 지속적으로 투자하고 있으며, 주요 제품 분야에서 매출 성장을 보고하고 있습니다. 코닥의 진단 테스트 시약 제조를 위한 cGMP 시설은 2025년에 생산을 시작할 예정입니다.

La société Eastman Kodak (NYSE: KODK) a publié ses résultats financiers pour le deuxième trimestre 2024, affichant des performances mitigées. Les revenus consolidés ont diminué de 9% pour atteindre 267 millions de dollars, tandis que le bénéfice brut a chuté de 8% à 58 millions de dollars. Cependant, le pourcentage de bénéfice brut a augmenté de 1 point de pourcentage pour atteindre 22%. Le revenu net GAAP a baissé de 26% à 26 millions de dollars, et l'EBITDA opérationnel a diminué de 45% pour s'établir à 12 millions de dollars. Le solde de trésorerie de l'entreprise s'élevait à 251 millions de dollars, en baisse de 4 millions de dollars par rapport au 31 décembre 2023.

Malgré la baisse des revenus, Kodak a enregistré une augmentation de projet brut d'année en année pour le septième trimestre consécutif. L'entreprise continue d'investir dans son groupe Matériaux et Chimie Avancée et constate une croissance des revenus dans des domaines de produits clés. L'installation cGMP de Kodak pour la fabrication de réactifs pour tests diagnostiques est prévue pour commencer la production en 2025.

Die Eastman Kodak Company (NYSE: KODK) hat ihre Finanzergebnisse für das zweite Quartal 2024 veröffentlicht, die gemischte Leistungen zeigen. Die konsolidierten Einnahmen sanken um 9% auf 267 Millionen US-Dollar, während der Bruttogewinn um 8% auf 58 Millionen US-Dollar fiel. Der Bruttogewinnanteil hingegen stieg um 1 Prozentpunkt auf 22%. Der GAAP-Nettoertrag ging um 26% auf 26 Millionen US-Dollar zurück, und das operative EBITDA sank um 45% auf 12 Millionen US-Dollar. Der Bargeldbestand des Unternehmens betrug 251 Millionen US-Dollar, was einem Rückgang von 4 Millionen US-Dollar seit dem 31. Dezember 2023 entspricht.

Trotz des Rückgangs der Einnahmen erzielte Kodak im Vergleich zum Vorjahr eine Steigerung des Bruttogewinnanteils im siebten Quartal in Folge. Das Unternehmen investiert weiterhin in seine Gruppe für fortschrittliche Materialien und Chemikalien und verzeichnet ein Umsatzwachstum in wichtigen Produktbereichen. Das cGMP-Werk von Kodak zur Herstellung von Reagenzien für diagnostische Tests soll 2025 mit der Produktion beginnen.

Positive
  • Gross profit percentage increased to 22%, up 1 percentage point year-over-year
  • Seventh consecutive quarter of year-over-year increase in gross profit percentage
  • Growing revenue in key product areas within Advanced Materials & Chemicals group
  • New cGMP facility for diagnostic test reagents on track to begin production in 2025
  • Commitments secured for several KODAK PROSPER ULTRA 520 Presses
Negative
  • Consolidated revenues decreased 9% year-over-year to $267 million
  • GAAP net income declined 26% to $26 million
  • Operational EBITDA decreased 45% to $12 million
  • Cash balance reduced by $4 million to $251 million since December 31, 2023
  • Lower volumes and higher manufacturing costs impacted financial performance

Insights

Kodak's Q2 2024 results paint a mixed picture. While revenues declined 9% year-over-year to $267 million, the company managed to improve its gross profit percentage to 22%, up 1 percentage point. This marks the seventh consecutive quarter of year-over-year gross profit percentage improvement, indicating some success in their strategy to focus on "smart revenue."

However, the decline in GAAP net income by 26% to $26 million and the 45% drop in Operational EBITDA to $12 million are concerning. These decreases were attributed to lower volumes, higher manufacturing costs and investments in IT systems and organizational structure. The company's cash position remains relatively stable at $251 million, down slightly from year-end 2023.

Kodak's focus on its Advanced Materials & Chemicals group and the upcoming cGMP facility for diagnostic test reagents could provide future growth opportunities. However, the company needs to demonstrate that its investments and efficiency initiatives will translate into improved financial performance in the coming quarters.

Kodak's performance in Q2 2024 reflects broader industry trends and challenges. The 9% revenue decline in the Print segment suggests ongoing pressure in the traditional printing market. However, the company's focus on digital solutions, as evidenced by the KODAK PROSPER ULTRA 520 Press commitments, aligns with the industry's digital transformation.

The slight growth in the Advanced Materials & Chemicals segment is promising, indicating potential diversification opportunities. The upcoming cGMP facility for diagnostic test reagents production could position Kodak in the growing healthcare and life sciences markets.

Kodak's strategy of prioritizing "smart revenue" over volume is a calculated risk. While it's improving gross profit percentages, the company must ensure this approach doesn't lead to a continued decline in overall revenue and profitability. The success of this strategy will likely depend on Kodak's ability to innovate and capture high-value market segments in both its traditional and new business areas.

ROCHESTER, N.Y., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Eastman Kodak Company (NYSE: KODK) today reported financial results for the second quarter 2024.

Second-quarter 2024 highlights include:

  • Consolidated revenues of $267 million, compared with $295 million for Q2 2023, a decrease of $28 million or 9 percent
  • Gross profit of $58 million, compared with $63 million for Q2 2023, a decrease of $5 million or 8 percent
  • Gross profit percentage of 22 percent, compared with 21 percent for Q2 2023, an increase of 1 percentage point
  • GAAP net income of $26 million, compared with net income of $35 million for Q2 2023, a decrease of $9 million or 26 percent
  • Operational EBITDA of $12 million, compared with $22 million for Q2 2023, a decrease of $10 million or 45 percent
  • A quarter-end cash balance of $251 million, compared with $255 million on December 31, 2023, a decrease of $4 million

“Our results for the second quarter were in line with our long-term strategic plan: we delivered a year-over-year increase in gross profit percentage for the seventh consecutive quarter despite an anticipated decline in revenue. We are getting leaner, introducing new products and partnering with the right customers,” said Jim Continenza, Kodak’s Executive Chairman and CEO. “Building for the future, we continue to invest in our Advanced Materials & Chemicals group and are seeing results in terms of growing revenue in key product areas. The cGMP facility for manufacturing diagnostic test reagents under construction at Eastman Business Park is scheduled to begin production in 2025. In our commercial print business, our participation in the drupa tradeshow earlier this year demonstrated our ability to provide leading-edge solutions for both offset and digital print. We are starting to gain momentum with our groundbreaking continuous inkjet press portfolio, announcing commitments for several KODAK PROSPER ULTRA 520 Presses from the show. Looking forward, we will continue to execute the long-term plan which has created a foundation for growth: increasing efficiency, investing in innovation and infrastructure and focusing on generating smart revenue.”

For the quarter ended June 30, 2024, revenues were $267 million, a decrease of $28 million or 9 percent compared to the same period in 2023. Excluding the impact of foreign exchange, revenue declined $24 million or 8 percent.

GAAP net income was $26 million for the quarter, compared to $35 million in Q2 2023, a decrease of $9 million or 26 percent. Operational EBITDA for the quarter ended June 30, 2024 was $12 million, compared to $22 million in Q2 2023, a decrease of $10 million or 45 percent. The decrease was primarily driven by lower volumes and higher manufacturing costs, as well as costs associated with investments in information technology systems and organizational structure to drive further operational efficiencies, costs associated with the drupa trade show and certain litigation matters.

Kodak ended the quarter with a cash balance of $251 million, a decrease of $4 million from December 31, 2023. The decrease was driven by capital expenditures primarily to fund growth initiatives, investments in technology systems and organizational structure and lower profitability from operations, partially offset by improvements in working capital primarily due to cash proceeds of $40 million from brand licensing in the first quarter of 2024.

“Kodak continued to see an improvement in gross profit margins year-over-year for the quarter, reaching 22 percent in Q2,” said David Bullwinkle, Kodak’s CFO. “The decline in revenue was driven by our focus on generating smart revenue to strengthen the profitability of our businesses. Our quarter-end cash balance of $251 million represented a decrease of $4 million from December 31, 2023, reflecting continued investment in capital additions as well as the drupa tradeshow and back-office optimization, which we expect to pay off as we continue to execute on our long-term strategy. For the second half of the year, we plan to continue to focus on the fundamentals which have contributed to our turnaround: streamlining operations, investing in new products and businesses and helping our customers stay productive and profitable.”

##

Revenue and Operational EBITDA by Reportable Segment Q2 2024 vs. Q2 2023

($ millions)        
         
Q2 2024 Actuals Print Advanced Materials & Chemicals Brand Total
Revenue $ 186  $ 73  $ 4  $ 263 
Operational EBITDA * $ -  $ 8  $ 4  $ 12 
         
Q2 2023 Actuals Print Advanced Materials & Chemicals Brand Total
Revenue $ 215  $ 72  $ 4  $ 291 
Operational EBITDA * $ 8  $ 11  $ 3  $ 22 
         
Q2 2024 vs. Q2 2023 Actuals B/(W) Print Advanced Materials & Chemicals Brand Total
Revenue $ (29) $ 1  $ -  $ (28)
Operational EBITDA * $ (8) $ (3) $ 1  $ (10)
         
Q2 2024 Actuals on constant currency ** vs. Q2 2023 Actuals B/(W) Print Advanced Materials & Chemicals Brand Total
Revenue $ (25) $ 1  $ -  $ (24)
Operational EBITDA * $ (8) $ (3) $ 1  $ (10)
         

* 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 months ended June 30, 2023, rather than the actual average exchange rates in effect for the three months ended June 30, 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 to differ materially from historical results or those expressed in or implied by such forward-looking statements.

Important factors that could cause actual events or results 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, 2023 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,” in the corresponding sections of Kodak’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024, and in other filings Kodak makes with the U.S. Securities and Exchange Commission from time to time, as well as the following:   Kodak’s ability to improve and sustain its operating structure, cash flow, profitability and other financial results; Kodak’s ability to achieve strategic objectives, cash forecasts, financial projections, and projected growth; Kodak’s ability to achieve the financial and operational results contained in its business plans; Kodak’s ability to obtain additional or alternate financing if and as needed, Kodak’s continued ability to manage world-wide cash through inter-company loans, distributions and other mechanisms, and Kodak’s ability to provide or facilitate financing for its customers; Kodak’s ability to fund continued investments, capital needs and collateral requirements and service its debt and Series B Preferred Stock and Series C Preferred Stock; Changes in foreign currency exchange rates, commodity prices, interest rates and tariff rates; the impact of the global economic environment, including inflationary pressures, geopolitical issues such as the war in Ukraine and conflicts involving Israel, medical epidemics, and Kodak’s ability to effectively mitigate the associated increased costs of aluminum and other raw materials, energy, labor, shipping, delays in shipment and production times, and fluctuations in demand; Kodak’s ability to effectively compete with large, well-financed industry participants or with competitors whose cost structure is lower than Kodak’s; the performance by third parties of their obligations to supply products, components or services to Kodak and Kodak’s ability to address supply chain disruptions and continue to obtain raw materials and components available from single or limited sources of supply, which may be adversely affected by the war in Ukraine, the conflicts involving Israel, and residual effects of the COVID-19 pandemic; Kodak’s ability to comply with the covenants in its various credit facilities; Kodak’s ability to effectively anticipate technology and industry trends and develop and market new products, solutions and technologies, including products based on its technology and expertise that relate to industries in which it does not currently conduct material business; Kodak’s ability to effect strategic transactions, such as investments, acquisitions, strategic alliances, divestitures and similar transactions, or to achieve the benefits sought to be achieved from such strategic transactions; Kodak’s ability to discontinue, sell or spin-off certain non-core businesses or operations, or otherwise monetize assets; the impact of the investigations, litigation and claims arising out of the circumstances surrounding the announcement on July 28, 2020, by the U.S. International Development Finance Corporation of the signing of a non‐binding letter of interest to provide a subsidiary of Kodak with a potential loan to support the launch of an initiative for the manufacture of pharmaceutical ingredients for essential generic drugs; and the potential impact of force majeure events, cyber‐attacks or other data security incidents or information technology outages that could disrupt or otherwise harm Kodak’s operations.

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 second quarter 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 from 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 expense (income); interest expense; and other expense, net.

The change in revenues on a constant currency basis, as presented in this financial results news release, is calculated by using average foreign exchange rates for the three months ended June 30, 2023, rather than the actual average exchange rates in effect for the three months ended June 30, 2024.

The following table reconciles the most directly comparable GAAP measure of Net Income to Operational EBITDA for the three months ended June 30, 2024 and 2023, respectively:

(in millions)       
 Q2 2024 Q2 2023 $ Change % Change
Net Income$ 26  $ 35  $ (9) -26%
All other -   (1)  1   
Depreciation and amortization 6   8   (2)  
Restructuring costs and other (3) -   5   (5)  
Stock based compensation 1   1   -   
Consulting and other costs (1) 1   (1)  2   
Idle costs (2) 1   1   -   
Other operating expense (income), net (3) 1   (1)  2   
Interest expense (3) 15   11   4   
Pension income excluding service cost component (3) (41)  (41)  -   
Other expense, net (3) 1   3   (2)  
Provision for income taxes (3) 1   2   (1)  
Operational EBITDA$ 12  $ 22  $ (10) -45%
        

Footnote Explanations:

(1)   Consulting and other costs are primarily professional services and internal costs associated with certain corporate strategic initiatives, investigations and litigation. Consulting and other costs included $1 million in the three months ended June 30, 2023, representing insurance reimbursement of legal costs previously paid by the Company associated with investigations and litigation matters.

(2)   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.

(3)   As reported in the Consolidated Statement of Operations.


A.   FINANCIAL STATEMENTS

EASTMAN KODAK COMPANY    
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)    
     
(in millions, except per share data) Three Months Ended
  June 30,
   2024   2023 
Revenues    
Sales $227  $242 
Services  40   53 
Total revenues  267   295 
Cost of revenues    
Sales  181   195 
Services  28   37 
Total cost of revenues  209   232 
Gross profit  58   63 
Selling, general and administrative expenses  47   40 
Research and development costs  8   9 
Restructuring costs and other     5 
Other operating expense (income) net  1   (1)
Earnings rom operations before interest expense, pension income excluding service cost component, other expense, net and income taxes  2   10 
Interest expense  15   11 
Pension income excluding service cost component  (41)  (41)
Other expense, net  1   3 
Earnings from operations before income taxes  27   37 
Provision for income taxes  1   2 
NET EARNINGS $26  $35 
     
Basic earnings per share attributable to Eastman Kodak Company common shareholders $0.25  $0.35 
     
Diluted earnings per share attributable to Eastman Kodak Company common shareholders $0.23  $0.32 
     

The notes accompanying the financial statements contained in the Company’s second quarter 2024 Form 10-Q are an integral part of these consolidated financial statements.


EASTMAN KODAK COMPANY    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Unaudited)    
     
  June 30, December 31,
(in millions)  2024   2023 
ASSETS    
Cash and cash equivalents $251  $255 
Trade receivables, net of allowances of $7 and $8, respectively  139   195 
Inventories, net  232   217 
Other current assets  38   45 
Total current assets  660   712 
Property, plant and equipment, net of accumulated depreciation of $473 and $470, respectively  177   169 
Goodwill  12   12 
Intangible assets, net  22   24 
Operating lease right-of-use assets  29   30 
Restricted cash  100   110 
Pension and other postretirement assets  1,279   1,216 
Other long-term assets  80   82 
TOTAL ASSETS $ 2,359  $ 2,355 
     
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY    
Accounts payable, trade $128  $125 
Short-term borrowings and current portion of long-term debt  1   1 
Current portion of operating leases  10   13 
Other current liabilities  139   144 
Total current liabilities  278   283 
Long-term debt, net of current portion  453   457 
Pension and other postretirement liabilities  224   237 
Operating leases, net of current portion  25   24 
Other long-term liabilities  204   213 
Total liabilities  1,184   1,214 
     
Commitments and Contingencies (Note 6)    
     
Redeemable, convertible preferred stock, no par value, $100 per share liquidation preference  214   210 
     
Equity    
Common stock, $0.01 par value      
Additional paid in capital  1,154   1,156 
Treasury stock, at cost  (12)  (11)
Accumulated deficit  (437)  (495)
Accumulated other comprehensive income  256   281 
Total shareholders’ equity  961   931 
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY $ 2,359  $ 2,355 
     

The notes accompanying the financial statements contained in the Company’s second quarter 2024 Form 10-Q are an integral part of these consolidated financial statements.


EASTMAN KODAK COMPANY   
CONSOLIDATED STATEMENT OF CASH FLOW (Unaudited)   
    
 Six Months Ended
 June 30,
(in millions) 2024   2023 
Cash flows from operating activities:   
Net earnings$58  $68 
Adjustments to reconcile to net cash provided by operating activities:   
Depreciation and amortization 13   16 
Pension and other postretirement income (73)  (72)
Change in fair value of the Preferred Stock and Convertible Notes embedded derivatives    2 
Non-cash changes in workers' compensation and other employee benefit reserves (1)   
Stock based compensation 4   5 
Net gain on sale of assets (17)  (1)
(Benefit) provision for deferred income taxes (1)  1 
Decrease in trade receivables 51   17 
(Increase) decrease in miscellaneous receivables (1)  7 
Increase in inventories (18)  (11)
Decrease in trade payables (1)  (7)
Decrease in liabilities excluding borrowings and trade payables (22)  (9)
Other items, net 18   5 
Total adjustments (48)  (47)
Net cash provided by operating activities 10   21 
    
Cash flows from investing activities:   
Additions to properties (19)  (11)
Proceeds from sale of assets 17    
Net cash used in investing activities (2)  (11)
    
Cash flows from financing activities:   
Repayment of Amended and Restated Term Loan Agreement (17)   
Preferred stock cash dividend payments (2)  (2)
Treasury stock purchases (1)   
Net cash used in financing activities (20)  (2)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (5)  (2)
Net (decrease) increase in cash, cash equivalents and restricted cash (17)  6 
Cash, cash equivalents and restricted cash, beginning of period 377   286 
Cash, cash equivalents and restricted cash, end of period$360  $292 
    

The notes accompanying the financial statements contained in the Company’s second quarter 2024 Form 10-Q are an integral part of these consolidated financial statements.


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


FAQ

What was Kodak's revenue for Q2 2024?

Kodak's consolidated revenue for Q2 2024 was $267 million, a decrease of 9% compared to Q2 2023.

How did Kodak's gross profit percentage change in Q2 2024?

Kodak's gross profit percentage increased to 22% in Q2 2024, up 1 percentage point from 21% in Q2 2023.

What was Kodak's GAAP net income for Q2 2024?

Kodak reported a GAAP net income of $26 million for Q2 2024, a decrease of 26% compared to Q2 2023.

How much cash did Kodak have at the end of Q2 2024?

Kodak ended Q2 2024 with a cash balance of $251 million, a decrease of $4 million from December 31, 2023.

When is Kodak's new cGMP facility expected to begin production?

Kodak's new cGMP facility for manufacturing diagnostic test reagents is scheduled to begin production in 2025.

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6.04%
Specialty Business Services
Photographic Equipment & Supplies
Link
United States of America
ROCHESTER