Kodak has released its figures for the first quarter of 2018, showing revenues of $357 million, the same as for Q1 of 2017, but with a net loss of $25 million, according to Generally Accepted Accounting Principles, or GAAP. The cash balance of $313m was $31m short of the figure for the previous quarter.
The Print Systems Division (PSD) generally performed well, with revenues of $216 million, up by $3 million compared with Q1 2017. However, Earnings Before interest, Tax, Depreciation and Amortization, or EBITDA, was just $4m as against the $12m from the same period in 2017. Kodak has blamed this on higher costs for the aluminium used to produce its offset printing plates.
However, the Sonora process-free plates saw volumes rise by 21 percent, with Sonora now accounting for 21 percent of the division’s total plate unit sales. This was helped by the launch of the Sonora X plates earlier this year, which Kodak says has increased its seen its market share rise from 30% to 80% of market applications.
Revenues for the Flexographic Packaging Division (FPD) were up $4m to $37 million. The Flexcel NX plates recorded a 15 percent increase in volume. Kodak is continuing to invest in this area, with a new plate manufacturing line in Weatherford, Oklahoma scheduled to be on line in early 2019.
The Enterprise Inkjet Systems Division (EISD), which includes the Prosper, Versamark and Ultrastream inkjet platforms, reported revenues of $31 million, down from $37 million in the same period in 2017. However, the annuity revenues for the Prosper inkjet platform rose by 14 percent.
Jeff Clarke, Kodak Chief Executive Officer, pointed to the successes around the Sonora and Flexcel NX plates as well as the Prosper inkjet, saying “We are on plan to deliver full-year revenue and Operational EBITDA performance within the expected guidance range.”