\nEastman Kodak Company (NYSE: KODK) today reported financial results for the first quarter 2023.<\/p>\n
\nFirst-quarter 2023 highlights include:<\/p>\n
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- \nConsolidated revenues of $278 million, compared with $290 million for Q1 2022, a decrease of $12 million or 4 percent (decreased by $2 million on a constant currency basis, or 1 percent)<\/p>\n<\/li>\n
- \nGross profit of $50 million, compared to $33 million for Q1 2022, an increase of $17 million or 52 percent<\/p>\n<\/li>\n
- \nGross profit percentage of 18 percent, compared with 11 percent for Q1 2022, an increase of 7 percentage points<\/p>\n<\/li>\n
- \nGAAP net income of $33 million, compared with net loss of $3 million for Q1 2022, an increase of $36 million<\/p>\n<\/li>\n
- \nOperational EBITDA of $9 million, compared with negative $7 million for Q1 2022, an increase of $16 million<\/p>\n<\/li>\n
- \nA quarter-end cash balance of $225 million, compared with $217 million on December 31, 2022, an increase of $8 million in the first quarter of 2023, compared with a decrease of $53 million in the first quarter of 2022<\/p>\n<\/li>\n<\/ul>\n
\n\u201cKodak continued to make progress in the first quarter, generating cash and increasing our gross profit year over year in the face of significant headwinds,\u201d said Jim Continenza, Kodak\u2019s Executive Chairman and CEO. \u201cThese improvements didn\u2019t just happen. They are the result of a wide range of actions we have taken over the last four years to put us on a path to sustainable growth and profitability. We are continuing to invest in four long-term growth initiatives in our Advanced Materials and Chemicals group, and we are starting to see contributions from that business. We have invested in a significant infrastructure upgrade, including expanded implementation of Salesforce and SAP, that has made us materially better in terms of efficiency. We have successfully introduced two groundbreaking inkjet presses and KODACHROME Inks, the gold standard for color. And, most importantly, we continue to execute on our go-to-market strategy, staying close to our customers and developing solutions that address their challenges and create new opportunities. We put our customers first because we know we only win when our customers win.\u201d<\/p>\n
\n\nFor the quarter ended March 31, 2023, revenues were $278 million, a decline of $12 million or 4 percent compared to the same period in 2022. Adjusting for the unfavorable impact of foreign exchange of $10 million, revenues decreased by $2 million, or 1 percent compared to the prior year.<\/p>\n
\nGAAP net income was $33 million for the quarter, compared with negative $3 million in Q1 2022, an increase of $36 million. Operational EBITDA for the first quarter 2023 was $9 million, compared with negative $7 million in the prior-year period, an increase of $16 million. The increase was primarily driven by improved profitability related to pricing passthrough and improved operational efficiency, partially offset by continued global cost increases.<\/p>\n
\nKodak ended the first quarter of 2023 with a cash balance of $225 million, an increase of $8 million from December 31, 2022, compared with a decrease of $53 million in the first quarter of 2022. The increase was primarily driven by improved performance in working capital, improved profitability from operations, proceeds from insurance reimbursement and a refund from a governmental authority in a location outside the U.S.<\/p>\n
\n\u201cKodak got off to a strong start in the first quarter, increasing our cash balance from $217 million to $225 million and increasing our gross profit by 52 percent year over year while continuing to invest in both product innovation and our long-term growth initiatives,\u201d said David Bullwinkle, Kodak\u2019s CFO. \u201cOur ability to make these improvements despite continuing challenges of inflation and supply chain disruptions reflects the positive impact of changes we have made as part of our strategic plan to drive operational efficiency and smart revenue.\u201d<\/p>\n
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