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Kodak reports first-quarter loss
Kodak reports first-quarter loss
Eastman Kodak Co. reported a first-quarter loss after markets closed Tuesday as company leaders described an extremely challenging business environment.
Kodak reported revenues of $290 million, up $25 million from revenues of $265 million during the previous year’s quarter.
The company had a GAAP net loss of $3 million for the quarter, compared to net income of $6 million in the prior-year quarter.
Kodak ended the first quarter with a cash balance of $309 million, a decrease of $53 million from Dec. 31. The decrease is primarily attributable to the impact of higher costs, changes in working capital and increased capital investment, the company reported.
Jim Continenza, Kodak’s executive chairman and CEO, said in a call to investors that the company continues to to navigate through the ongoing global impact associated with COVID-19 pandemic, the war in Ukraine and other global events. The company is experiencing supply chain disruptions, shortages in distribution, material and labor, and increased cost of distribution, materials and labor.
In response, the company has implemented numerous measures to mitigate these challenges, including increasing safety stock materials, increasing lead times and implementing pricing actions.
Continenza said in a release that the business is focused on long-term growth, making significant investments in print technology and the four Advanced Materials and Chemicals initiatives the company announced earlier this year.
That includes a $20 million lab and manufacturing facility being constructed at the Eastman Business Park to produce reagents for health care applications.
“Finding new ways to leverage our core strengths and delivering for our customers will be our focus as we execute our strategic plan,” he stated.
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