\nEastman Kodak Company (NYSE: KODK) today reported financial results for the fourth quarter and full year 2022.\n<\/p>\n
\nFourth-quarter 2022 highlights include:\n<\/p>\n
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- \nConsolidated revenues of $305 million, compared with $307 million for Q4 2021, a decrease of $2 million or 1 percent (increased by $17 million on a constant currency basis, or 6 percent)\n<\/li>\n
- \nGross profit percentage of 14 percent, compared with 11 percent for Q4 2021\n<\/li>\n
- \nGAAP net income of $7 million, compared with net loss of $6 million for Q4 2021, an increase of 217 percent\n<\/li>\n
- \nOperational EBITDA of $7 million, compared with negative $8 million for Q4 2021, an increase of 188 percent\n<\/li>\n
- \nA year-end cash balance of $217 million, compared with $216 million at the end of the third quarter of 2022, reflecting an improvement in use of cash of $19 million from the comparable prior-year period\n<\/li>\n<\/ul>\n
\nFull-year 2022 highlights include:\n<\/p>\n
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- \nConsolidated revenues of $1.205 billion, compared with $1.150 billion for the full year 2021, an increase of $55 million or 5 percent (increased by $125 million on a constant currency basis, or 11 percent)\n<\/li>\n
- \nGross profit percentage of 14 percent, flat compared to 2021\n<\/li>\n
- \nGAAP net income of $26 million, compared with $24 million for 2021, an increase of 8 percent\n<\/li>\n
- \nOperational EBITDA of $18 million, compared with $11 million for 2021, an increase of 64 percent\n<\/li>\n
- \nA year-end cash balance of $217 million, compared with $362 million at the end of 2021\n<\/li>\n<\/ul>\n\n
\n\u201cKodak delivered strong performance in 2022, growing revenue in consecutive years for the first time in decades, launching new products and investing in our future despite ongoing inflationary and supply chain challenges,\u201d said Jim Continenza, Kodak\u2019s Executive Chairman and CEO. \u201cOur performance reflected the success of our strategic plan, which began four years ago with stabilizing our balance sheet, reorganizing as One Kodak and focusing on our core businesses. Our priorities for 2022 included providing our customers with uninterrupted supplies, reducing costs by improving operational efficiency and implementing pricing actions to realize the value of our offerings, which contributed to a year-over-year increase in gross profit for the fourth quarter. We also continued to invest in initiatives including updating our infrastructure and developing growth businesses in our Advanced Materials & Chemicals group. More recently, we debuted the groundbreaking KODAK PROSPER ULTRA 520 Inkjet Press and KODACHROME Inks at the Hunkeler Innovationdays event and received extremely positive reaction from customers and prospects who are excited about the new press\u2019s ability to increase productivity by delivering offset quality at unprecedented speeds. Our goal is to build on the momentum we\u2019ve generated to continue our transformation in 2023.\u201d\n<\/p>\n
\nFor the full year ended December 31, 2022, revenues were $1.205 billion, an improvement of $55 million or 5 percent compared to the same period in 2021. Adjusting for the unfavorable impact of foreign exchange of $70 million, revenues increased by $125 million, or 11 percent compared to the prior year.\n<\/p>\n
\nGAAP net income was $26 million for the full year, compared to $24 million in 2021 an increase of 8 percent. Operational EBITDA for the year ended December 31, 2022 was $18 million, compared to $11 million in 2021, an increase of 64 percent. The increase was primarily driven by the growth in revenue due to improved pricing, partially offset by higher continued ongoing global cost increases and the unfavorable impact of foreign exchange.\n<\/p>\n
\nKodak was cash neutral for Q4 2022 and ended the year with a cash balance of $217 million, a decrease of $145 million from December 31, 2021. The decrease was primarily driven by a use of cash from working capital mainly attributable to increased investment in inventory to strengthen the Company\u2019s ability to supply customers, unfavorable effects of foreign exchange, increased capital investment and the investment in Wildcat Discovery Technologies, partially offset by proceeds received under the Term Loan Credit Agreement.\n<\/p>\n
\n\u201cKodak was cash neutral for Q4 2022, an achievement we\u2019re proud of considering the unprecedented cost increases our team was able to more than offset for the quarter,\u201d said David Bullwinkle, Kodak\u2019s CFO. \u201cThe Company ended 2022 with $217 million in cash and cash equivalents, a decrease of $145 million from December 31, 2021. The decrease was primarily driven by the cost of building inventory to keep customers supplied and productive, ongoing investment in growth initiatives and the headwind of unfavorable foreign exchange. We expect to continue our transition to cash generation and drive improved cash flow for 2023.\u201d\n<\/p>\n
\nRevenue and Operational EBITDA by Reportable Segment Q4 2022 vs. Q4 2021<\/b><\/p>\n
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