11.15.19
Eastman Kodak Company reported financial results for the third quarter 2019, including a net loss of $5 million on revenues of $315 million and growth in key print and film product areas.
Highlights include GAAP net loss of $5 million for the quarter ended Sept. 30, 2019, compared to GAAP net earnings of $19 million for the quarter ended Sept. 30, 2018. Revenues for Q3 2019 were $315 million compared to revenues for Q3 2018 of $329 million. Operational EBITDA for the quarter was $14 million compared to operational EBITDA of $9 million in the prior-year period.
Key product lines achieved strong year-over-year growth for the year to date. Volume for KODAK SONORA Process Free Plates grew by 22%, while annuities revenues for the KODAK PROSPER Inkjet Platform grew by 5%.
“The company will continue to concentrate on delivering industry-leading solutions to customers in our core print and film businesses,” said Jim Continenza, Kodak’s executive chairman. “Looking ahead to 2020, we will focus on generating cash by growing profitable revenue, making smart investments and eliminating unnecessary spending.”
“We have strengthened our financial position by eliminating significant interest costs with the transactions completed earlier in the year,” said David Bullwinkle, Kodak’s CFO. “For the year to date we have delivered growth in SONORA Process Free Plates, PROSPER Inkjet annuities and our film business. We plan to build on those successes and drive further cost efficiencies to help achieve our goal of generating cash.”
Highlights include GAAP net loss of $5 million for the quarter ended Sept. 30, 2019, compared to GAAP net earnings of $19 million for the quarter ended Sept. 30, 2018. Revenues for Q3 2019 were $315 million compared to revenues for Q3 2018 of $329 million. Operational EBITDA for the quarter was $14 million compared to operational EBITDA of $9 million in the prior-year period.
Key product lines achieved strong year-over-year growth for the year to date. Volume for KODAK SONORA Process Free Plates grew by 22%, while annuities revenues for the KODAK PROSPER Inkjet Platform grew by 5%.
“The company will continue to concentrate on delivering industry-leading solutions to customers in our core print and film businesses,” said Jim Continenza, Kodak’s executive chairman. “Looking ahead to 2020, we will focus on generating cash by growing profitable revenue, making smart investments and eliminating unnecessary spending.”
“We have strengthened our financial position by eliminating significant interest costs with the transactions completed earlier in the year,” said David Bullwinkle, Kodak’s CFO. “For the year to date we have delivered growth in SONORA Process Free Plates, PROSPER Inkjet annuities and our film business. We plan to build on those successes and drive further cost efficiencies to help achieve our goal of generating cash.”