Kodak reports $1 billion revenues
Eastman Kodak Company (Kodak) announced reported financial results for the full year 2020, including consolidated revenues of $1 billion and an increase in cash in the second half of the year. Kodak ended the year with a cash balance of $196 million. On 1 March 2021, the company announced a series of financial transactions that provide access to new capital, address maturing obligations, and strengthen the company's ability to invest in strategic growth opportunities in its core businesses.
The additional liquidity provided by these financial transactions eliminates the doubt about Kodak’s ability to continue as a going concern.
“Kodak successfully managed through 2020 despite the challenges of the pandemic,” said Jim Continenza, Kodak’s executive chairman and CEO. “We mitigated the impact of COVID with cost-saving initiatives, launched several innovative print-business products and generated cash in the third and fourth quarters. More recently, we announced a series of financial transactions which significantly strengthened our balance sheet and set the stage for growth through investments in our core businesses in print and advanced materials and chemicals, and new initiatives.” For the year ended 31 December 2020, revenues declined by $213 million compared with the same period in 2019. Kodak ended the quarter with a cash balance of $196 million, down from the 31 December 2019, cash balance of $233 million. Operational EBITDA was negative $1 million for the year ended 31 December 2020, compared with $13 million in 2019.