Kodak Reports Full-Year 2021 Financial Results – Covering Printing Inks, Coatings and Related Industries

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Eastman Kodak Corporation released full-year 2021 financial results, including consolidated revenues of $1.15 billion and continued growth in key product areas such as SONORA non-process plates and PROSPER annuities.

Highlights for 2021 include:
• Consolidated revenues of $1.150 billion, compared to $1.029 billion for the year 2020.
• GAAP net income of $24 million, compared to a net loss of $541 million for 2020.
• Operating EBITDA of $11 million, compared to a negative result of $1 million in 2020.
• A year-end cash balance of $362 million, compared to $196 million at the end of 2020.

“Kodak continued to navigate an unusually challenging business environment in 2021 and delivered revenue growth across all of our segments for the first time in years,” said Jim Continenza, executive chairman and CEO of Ko-dak. “We have also seen an increase in customer satisfaction and market share in our core printing business, achievements that reflect the success of our ongoing strategy: to focus on our core businesses in commercial printing and advanced materials and chemicals, investing in product innovation and putting our customers at the center of everything we do.

For the full year ended December 31, 2021, revenue was $1.15 billion, an improvement of $121 million over the same period in 2020. GAAP net income was $24 million. dollars for the full year, compared to a net loss of $541 million in 2020. The prior year included a charge of $416 million to reflect the increase in the value of the derivative liability embedded in the convertible notes immediately prior to the conversion and a charge of $167 million related to the increase in deferred tax valuation allowances for locations outside the United States.

“The company ended 2021 with $362 million in cash, an increase of $166 million from December 31, 2020,” said David Bullwinkle, Kodak’s chief financial officer. “The company’s balance sheet is the strongest it has been in years thanks to the execution of our strategy. We continue to execute on our plan by increasing profitability through automation and innovation and process redesign. »

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