Kodak announces restructure and full-year 2019 financial results

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This just in from Kodak in its full-year financial results from 2019 including revenues of US$1.2 billion, net earnings of $116 million and an organisational restructure in its film, print, imaging and brand divisions. Highlights from the official announcement:

  • Revenues for 2019 of $1.2 billion.
  • GAAP net earnings of $116 million for the year ended December 31, 2019.
  • Operational EBITDA for the year of $12 million.
  • Key product lines achieved strong year-over-year growth for the full year 2019:
    • Volume for KODAK SONORA Process Free Plates grew by 22 percent. 
    • Annuity revenues for the KODAK PROSPER inkjet platform grew by 5 percent.
  • The company ended the year with a cash balance of $233 million, flat compared with year-end 2018.
  • The company completed the sale of its Flexographic Packaging Division and repaid in full $395 million of its First Lien Term Loans.

Unlike Kodak’s Q3 2019 reporting, the company’s film division was not singled out in the published highlights or in the financial statements linked in the press release. Jim Continenza, Kodak’s Executive Chairman does however state:

“In many ways, 2019 was a transformative year for the creation of One Kodak. We consolidated our divisional structure, strengthened our financial position and returned our focus to our core print and advanced materials and chemicals businesses.”

“For 2020, we’ll continue to become more customer-centric, launch groundbreaking print products and, most important, focus on generating cash.”

Most interesting from my perspective is news of organisational restructuring inside the company. Especially given the recent coverage by Inside Imaging on Kodak Alaris’ own restructuring and how the film aspect of their PPF division (Paper, Photochemicals and Film) is being moved to Kodak Moments as of April 1st 2020.

Again, from the Kodak earnings press release:

The Brand, Imaging and Film segment, except for the licensing of the Kodak brand to third parties, will be combined with the Advanced Materials and 3D Printing segment to form the Advanced Materials and Chemicals segment. The licensing of the Kodak brand to third parties will operate as a separate segment named the Brand segment.  The Eastman Business Park segment will no longer be a reportable segment.

Note that the bold emphasis above is mine and seems to state that from a manufacturing perspective at least, the company’s film operation is now part of their new “Advanced Materials and Chemicals” group.

With a full annual report no doubt following over the coming weeks, I’m looking forward to taking a deep dive and to see how or if Kodak’s film business fares past Q3 2019’s incredible 21% growth.

Your thoughts in the comments section below, thanks.

~ EM

Note: Credit for this article goes to the multi-talented Matt Stoffel and yes, it was shot on film.

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