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Full-year 2020 highlights include: Consolidated revenues of $1 billion The focus of this post is to ascertain whether the financial statements of the Kodak Corporation's 2007 Annual Report revealed a high level of quality financial reporting. We provide industry-leading hardware, software, consumables and services primarily to customers in commercial print, packaging, publishing, manufacturing and entertainment. ", Revenue and Operational EBITDA by Reportable Segment Q3 2022 vs. Q3 2021. ROCHESTER, N.Y.-- ( BUSINESS WIRE )--Eastman Kodak Company (NYSE: KODK) today reported financial results for the first quarter 2021, including consolidated revenues of $265 million and an. Financial Results Overview News / Events Company Info Stock Data SEC Filings Governance Shareholder Services 2022 Q3 2022 Quarter Ended Oct 29, 2022 Earnings Release PDF HTML Earnings Webcast Audio 10-Q PDF HTML Presentation PDF Infographic PDF Q2 2022 Quarter Ended Jul 30, 2022 Earnings Release PDF HTML Earnings Webcast Audio 10-Q PDF HTML Copyright 2023 Eastman Kodak Company. 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. In addition, we continue to make significant investments in our Advanced Materials & Chemicals business, such as our minority stake in Wildcat Discovery Technologies, Inc., a private technology company that is developing a breakthrough EV and energy storage super cell battery technology. 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. Forward-looking statements include statements concerning Kodaks 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. Income Statement. 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 Kodaks Annual Report on Form 10-K for the year ended December 31, 2020 under the headings Business, Risk Factors, Legal Proceedings and/or Managements Discussion and Analysis of Financial Condition and Results of OperationsLiquidity and Capital Resources, in the corresponding sections of Kodaks Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021, June 30, 2021 and September 30, 2021, and in other filings Kodak makes with the U.S. Securities and Exchange Commission from time to time, as well as the following: Kodaks ability to improve and sustain its operating structure, cash flow, profitability and other financial results; Kodaks ability to achieve cash forecasts, financial projections and projected growth; Kodaks ability to achieve the financial and operational results contained in its business plans; Kodaks ability to comply with the covenants in its various credit facilities; Kodaks ability to fund continued investments, capital needs and restructuring payments and service its debt and Series B Preferred Stock and Series C Preferred Stock; the performance by third parties of their obligations to supply products, components or services to Kodak and Kodaks 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 COVID-19 pandemic; the impact of the global economic environment or medical epidemics such as the COVID-19 pandemic, including the restrictions and other actions implemented to fight the COVID-19 pandemic, and Kodaks ability to effectively counteract or recoup associated increased costs of materials, labor, shipping and operations; the impact of the investigations, litigations and claims arising out of the circumstances surrounding the announcement by the U.S. International Development Finance Corporation in July 2020 of a potential loan to a subsidiary of Kodak to support the launch of a pharmaceutical initiative; changes in foreign currency exchange rates, commodity prices, interest rates and tariff rates; Kodaks ability to effectively anticipate technology trends and develop and market new products, solutions and technologies; Kodaks ability to effectively compete with large, well-financed industry participants; continued sufficient availability of borrowings and letters of credit under Kodaks asset based credit facility and letter of credit facility, Kodaks ability to obtain additional financing if and as needed and Kodaks ability to provide or facilitate financing for its customers; the potential impact of cyber-attacks and other data security incidents that disrupt Kodaks operations; and Kodaks ability to effect strategic transactions such as acquisitions, strategic alliances, divestitures and similar transactions, or to achieve the benefits sought to be achieved from such strategic transactions. (2.2MB) Canon will provide a hard copy of its latest annual report, which includes completed audited financial statements, free of charge to shareholders upon . We have launched the KODAK PROSPER 7000 Turbo Press, the worlds fastest inkjet press, and the KODAK ASCEND Digital Press, the perfect solution for the growing retail/point of purchase and high-end packaging markets. Operational EBITDA for the year ended December 31, 2021 was $11 million, compared to negative $1 million in 2020. The company's EPS TTM is ; its P/E ratio is , and it has a dividend yield of . Consulting and other costs are professional services and internal costs associated with certain corporate strategic initiatives, investigations and litigation. ** The impact of foreign exchange represents the foreign exchange impact using average foreign exchange rates for the three months ended September 30, 2021, rather than the actual average exchange rates in effect for the three months ended September 30, 2022.Eastman Business Park segment is not a reportable segment and is excluded from the table above. Rapper Kodak Black has avoided further jail time after he was accused of violating his bail terms in a drug possession case. Click the button, and we will write you a custom essay from scratch for only $12.00 $10.20/page 322 academic experts available Learn more. To determine this, the statements should reveal: (a) their cash flow potential, (b) how effective they were at raising capital, and (c) whether it painted the real economic . The Company ended 2021 with $362 million in cash, an increase of $166 million from December 31, 2020, said David Bullwinkle, Kodaks CFO. We have successfully navigated supply chain issues by carrying higher-than-historical levels of inventory to maintain supply for our customers. Up to 10 years of financial statements. Kodak (NYSE: KODK) is a leading global manufacturer focused on commercial print and advanced materials & chemicals. Cautionary Statement Regarding Forward-Looking Statements. * Total Operational EBITDA is a non-GAAP financial measure. Kodak ended the first quarter with a cash balance of $309 million, a decrease of $53 million from December 31, 2021. All forward-looking statements, including managements examination of historical operating trends and data, are based upon Kodaks current expectations and assumptions. WPLG. 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 Kodaks Annual Report on Form 10-K for the year ended December 31, 2021 under the headings Business, Risk Factors, Legal Proceedings and/or Managements Discussion and Analysis of Financial Condition and Results of OperationsLiquidity and Capital Resources, and in other filings Kodak makes with the U.S. Securities and Exchange Commission from time to time, as well as the following: Future events and other factors may cause Kodaks actual results to differ materially from the forward-looking statements. Per Share Data Eastman Kodak Co. All values updated annually at fiscal year end. The reconciliation between GAAP and non-GAAP measures is provided in Appendix A of this press release. The prior year included a charge of $416 million to reflect the increased value of the derivative liability embedded in the convertible notes immediately prior to conversion and expense of $167 million related to the increase in deferred tax valuation allowances for locations outside the U.S. * Total Operational EBITDA is a non-GAAP financial measure. Id like to thank our loyal customers and our employees for helping us deliver these results," said Jim Continenza, Kodaks Executive Chairman and CEO. FY 2021 Actuals on constant currency ** vs. FY 2020 Actuals, Consolidated revenues of $1.150 billion, compared with $1.029 billion for the full year 2020, GAAP net income of $24 million, compared with a net loss of $541 million for 2020, Operational EBITDA of $11 million, compared with negative $1 million for 2020, A year-end cash balance of $362 million, compared with $196 million at the end of 2020. With 31,000 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. As time goes by, it also suffers the threat from the overwhelming digital trend. Our innovative, award-winning products, combined with our customer-second approach, make us the partner of choice for commercial printers worldwide. Eastman Kodak Company(NYSE: KODK) today reported financial results for the first quarter 2022, including consolidated revenues of $290 millionand continued growth in key product areas such as KODAKSONORA Process Free Plates and KODAKPROSPER System annuities. Kodak is committed to environmental stewardship, including industry leadership in developing sustainable solutions for print. Its prospects seem reduced to suing Apple and others for infringing on patents that it was never able to turn into winning. On June 15, 2022, Kodak exercised its right to draw an additional $50 million of aggregate principal in the form of delayed draw term loans under the Term Loan Credit Agreement. It has dances set to songs from a variety of sources, including Neil Diamond, Dolly Parton, Jerry Jeff Walker and John Philip Sousa. Broward County Judge Barbara Duffy allowed the performer to remain free until March 7 so he could perform at the Rolling Loud concert near Los Angeles over the weekend, The Miami Herald reported. CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Unaudited) (in millions) March 31, December 31, 2021 2020 ASSETS Cash and cash equivalents $ 196401 $ Trade receivables, net of allowances of $9 and $10, respectively 165 177 . Kodak (NYSE: KODK) is a leading global manufacturer focused on commercial print and advanced materials & chemicals. Quarterly or annual. Redeemable, convertible preferred stock, no par value. All Rights Reserved. Forward-looking statements include statements concerning Kodaks 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. GAAP net income was $24 million for the full year, compared to a net loss of $541 million in 2020. Operational EBITDA for the quarter was $6 million compared to negative $1 million in the prior-year quarter. The ex-husband and former in-laws of a slain Hong Kong model and influencer have appeared in court on a joint murder charge after police found her body parts in a refrigerator in a rural house . CONSOLIDATED STATEMENT OF FINANCIAL POSITION ASSETS Cash and cash equivalents Trade receivables, net of allowances of $8 and $9 Inventories, net . With 31,000 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. The increase was primarily the result of improvement in revenue and manufacturing costs from increases in volume partially offset by ongoing global cost increases in 2021. All forward-looking statements, including managements examination of historical operating trends and data, are based upon Kodaks current expectations and assumptions. to $302 Mio. $6 million of income from the transition services agreement related to the sale of the Flexographic Packaging Business was recognized in the twelve months ended December 31, 2020. | February 28, 2023 All rights reserved. Eastman Kodak Company (NYSE: KODK) today reported financial results for the full year 2021, including consolidated revenues of $1.150 billion and continued growth in key product areas such as SONORA Process Free Plates and PROSPER annuities. The capital structure is risky due to the large amounts of debt so it is good Kodak is trying to reduce it. 1,124 Followers. "Our profitability during the quarter was negatively impacted by the challenging business environment, including factors such as increasing labor and materials costs and the impact of foreign exchange. Discovery Company profile page for Shanghai Mifang Electronic Technology Co. Ltd. including technical research,competitor monitor,market trends,company profile& stock symbol For the quarter ended June 30, 2022, revenues were $321 million, an improvement of $30 million compared to the same period in 2021. * Total Operational EBITDA is a non-GAAP financial measure. The increase is primarily attributable to net proceeds received of $247 million from the financing transactions completed in the first quarter of 2021. The Company ended 2021 with $362 million in cash, an increase of $166 million from December 31, 2020, said David Bullwinkle, Kodaks CFO. Eastman Kodak Company (NYSE: KODK) today reported financial results for the third quarter 2021, including consolidated revenues of $287 million and continued growth in key product areas. The notes accompanying the financial statements contained in the Companys first quarter 2022 Form 10-Q are an integral part of these consolidated financial statements. Eastman Business Park segment is not a reportable segment and is excluded from the table above. For the full year ended December 31, 2021, revenues were $1.150 billion, an improvement of $121 million compared to the same period in 2020. Consolidated revenues of $252 . Third-quarter 2021 highlights include: Consolidated revenues of $287 million GAAP net income of $8 million Between June and July 2020, ANDREW STILES conducted an insider trading scheme in which he misappropriated material, non-public information ("MNPI") and used it to trade in the stock of the Eastman Kodak Company ("Kodak") and further provided that MNPI to his cousin, GRAY STILES, so that GRAY would likewise trade on the MNPI. The prior year included a charge of $416 million to reflect the increased value of the derivative liability embedded in the convertible notes immediately prior to conversion and expense of $167 million related to the increase in deferred tax valuation allowances for locations outside the U.S. Adjusting for the unfavorable impact of foreign exchange of $22 million in the current-year quarter, revenue increased by $24 million compared to the prior-year quarter. CONSOLIDATED STATEMENT OF FINANCIAL POSITION As of De 2019 ASSETS Cash and cash equivalents $ 233 Trade receivables, net of allowances of $8 and . Discovery Company profile page for Advanced Medical Technologies AG including technical research,competitor monitor,market trends,company profile& stock symbol Our quarter-end cash balance was generally in line with our expectations, said David Bullwinkle, Kodaks CFO. All Rights Reserved. Figures in the following tabs are in millions of dollars For example, $1,242 should be read as either $1,242 . For the full year ended December 31, 2021, revenues were $1.150 billion, an improvement of $121 million compared to the same period in 2020. The reconciliation between GAAP and non-GAAP measures is provided in Appendix A of this press release. Kodak Refer to the following financial statements for Kodak: CASE 9-1 Kodak: Forecasting Pro Forma Financial Statements Required: Prepare forecasts of its income statement, balance sheet, and statement of cash flows for 20x7 under the following assumptions: a. * Total Operational EBITDA is a non-GAAP financial measure. Financial Statements Afaga Palasi May 17 2015 Principals of Accounting I Donna Adams Financial statement is a more of a common term used to refer to procedures at the end of the accounting periods; such as the income statement balance sheet cash flow statement and the statement of owner's equity. The reconciliation between GAAP and non-GAAP measures is provided in Appendix A of this press release. 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. Looking forward, well continue to make strategic decisions focused on driving smart revenue for Kodak.". Think of Kodak. The Companys balance sheet is the strongest it has been in years due to the execution of our strategy. KODK -5.46% DJIA -0.18% Russell 2K -1.39% Consumer Goods 4.02% Overview Earnings & Estimates Eastman Kodak Co. The change in revenues and Operational EBITDA on a constant currency basis, as presented in this financial results news release, is calculated by using average foreign exchange rates for the twelve months ended December 31, 2020, rather than the actual average exchange rates in effect for the twelve months ended December 31, 2021. We are also focused on long-term growth, making significant investments in print technology and the four Advanced Materials and Chemicals initiatives we announced earlier this year. This press release includes forward-looking statements as that term is defined under the Private Securities Litigation Reform Act of 1995. We continue to invest in digital print technologies such as the KODAK PROSPER ULTRA 520 Press, which offers offset print quality and can help printers mitigate the supply and cost risks of traditional printing plates and eliminate the significant carbon footprint associated with manufacturing and distributing them. The potential impact of force majeure events, cyber-attacks or other data security incidents that could disrupt or otherwise harm Kodaks operations. Discovery Company profile page for IdentAlink Ltd. including technical research,competitor monitor,market trends,company profile& stock symbol Operational EBITDA was favorably impacted by the growth in revenue due to improved pricing and volume, offset by higher ongoing global cost increases. Russell 2K -1.39 % Consumer Goods 4.02 % Overview Earnings & amp ; Estimates Eastman Kodak.! Examination of historical operating trends and data, are based upon Kodaks current expectations and assumptions is its... Ebitda by Reportable segment and is excluded from the overwhelming digital trend, packaging publishing!, it also suffers the threat from the overwhelming digital trend the execution of our strategy Revenue for Kodak ``. Figures in the following tabs are in millions of dollars for example, $ 1,242 provide industry-leading hardware,,! It also suffers the threat from the financing transactions completed in the prior-year quarter as $! 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