Today Kodak presented its financial results for the first quarter of 2020with mixed results. For the quarter ended March 31, 2020, revenues decreased by approximately $24 million compared with the same period in 2019. Kodak ended the quarter with a cash balance of $209 million, down from the December 31, 2019 cash balance of $233 million.
“Kodak started the quarter on a positive trajectory and the actions we took last year to strengthen our balance sheet are helping us manage through the slowdown,” said Jim Continenza, Kodak’s Executive Chairman. “Kodak employees have risen to the challenge of the pandemic, continuing to serve our customers and redirecting resources to produce isopropyl alcohol for hand sanitizer and manufacture face masks using our ESTAR film base. Looking forward, we will continue with our plans to double down on digital print, launch exciting new products and realign our business to focus on customers.”
“For the quarter we used $24 million of cash, after giving effect to the release of $25 million of restricted cash,” said David Bullwinkle, Kodak’s CFO. “During the economic slowdown caused by the COVID-19 situation, we are managing our working capital tightly to ensure sustainability for our customers and employees. We continue to pursue cost-reduction efforts to preserve cash and position Kodak for a strong rebound when business conditions start to improve.”
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