Kodak releases Q3 figures

Kodak has reported its figures for the third quarter of this financial year showing revenues of $289 million, just $2 million up on the same period of last year though Kodak says that this should be $24 million once adjusted for exchange rates.

Kodak’s Eastman business park in Rochester, New York, USA.

Net income, according to generally accepted accounting principles, was $2 million, compared with $8 million for Q3 2021. Operational Earnings Before Interest, Depreciation, Taxes and Amortisation was $7 million, slightly up on $6 million for Q3 last year, mainly due to Kodak charging higher prices and despite rising costs of supplies and unfavourable exchange rates.

In July Kodak invested $25 million to acquire a minority stake in Wildcat Discovery Technologies, a materials and chemical company that is searching for new materials for use in batteries and energy storage primarily for the electric vehicle market. This followed on from Kodak having drawn in June an additional $50 million of aggregate principal in the form of delayed draw term loans under its Term Loan Credit Agreement. Kodak was one of several companies that together invested $90 million dollars in Wildcat Discovery Technologies. Kodak has also entered a development agreement with this company to develop and scale substrate coating technologies, which will be critical for the safety and reliability of the next generation of EV battery technology.

Kodak’s cash balance at the end of the quarter was $216 million, down from $362 million last year, due to increases in working capital, the impact of higher costs, increased capital investment and the investment in Wildcat Discovery Technologies, partially offset by proceeds received under the Term Loan Credit Agreement.

The company also reported a 10 percent drop in the volume of its Sonora Process Free Plates, while annuities revenue for its Prosper inkjet declined by 11 percent, though this is a 1 percent increase when adjusted for foreign currency.

Jim Continenza, Kodak’s Executive Chairman and CEO, commented: “This continuing growth reflects our management team’s experience with difficult business environments and our commitment to finding ways of putting our customers first despite ongoing inflationary and supply chain challenges. 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. 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. Looking forward, we’ll continue to make strategic decisions focused on driving smart revenue for Kodak.”

You can find further details on Kodak and its products from kodak.com

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