By Willard W. Hughes, The Chicago Times
November 08, 2022
ROCHESTER, NY – Eastman Kodak Company reported financial results for the third quarter 2022.
“For the third quarter of 2022, Kodak delivered year-over-year revenue growth for the sixth consecutive quarter. I’d like to thank our loyal customers and our employees for helping us deliver these results,” said Jim Continenza, Kodak’s Executive Chairman and CEO.
Kodak’s revenues were $289 million for the quarter ended September 30, 2022, an improvement of $2 million compared to the same period in 2021.
Kodak reported a GAAP net income of $2 million for the quarter, compared to $8 million in the prior-year quarter. Operational EBITDA for the third quarter came in at $7 million, compared to $6 million for the same period last year.
On July 13, 2022, Kodak invested $25 million in Wildcat Discovery Technologies after exercising 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.
Kodak reported a cash balance of $216 million for the quarter, a net decrease of $146 million from December 31, 2021. The decrease is attributable to increases in working capital, higher costs, and capital investment.
“In the third quarter, the Company’s primary uses of cash were investments in our previously-announced growth initiatives and increasing working capital to support our existing operations,” said Kodak CFO, David Bullwinkle. “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.”