KODK 8-K

Eastman Kodak Co (KODK)

8-K 2020-08-11 For: 2020-08-11

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Added on April 06, 2026

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☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per	KODK	New York Stock Exchange

	EASTMAN KODAK COMPANY
	(Registrant)

	/s/ Eric Samuels
	Chief Accounting Officer and Corporate Controller
	(Chief Accounting Officer and Authorized Signatory)


($ millions)

Q2 2020 Actuals	Traditional Printing			Digital Printing			Advanced Materials & Chemicals			Brand		Total
Revenue	$	119		$	52		$	38		$	2	$	211
Operational EBITDA *	$	1		$	(3	)	$	(7	)	$	2	$	(7	)

Q2 2019 Actuals	Traditional Printing			Digital Printing			Advanced Materials & Chemicals			Brand		Total
Revenue	$	181		$	69		$	52		$	2	$	304
Operational EBITDA *	$	9		$	(4	)	$	(8	)	$	2	$	(1	)

Q2 2020 vs. Q2 2019 Actuals B/(W)	Traditional Printing			Digital Printing			Advanced Materials & Chemicals			Brand		Total
Revenue	$	(62	)	$	(17	)	$	(14	)	$	-	$	(93	)
Operational EBITDA *	$	(8	)	$	1		$	1		$	-	$	(6	)

Q2 2020 Actuals on constant currency **vs. Q2 2019 Actuals B/(W)	Traditional Printing			Digital Printing			Advanced Materials & Chemicals			Brand		Total
Revenue	$	(60	)	$	(17	)	$	(14	)	$	-	$	(91	)
Operational EBITDA *	$	(8	)	$	1		$	1		$	-	$	(6	)


(in millions)
	Q2 2020			Q2 2019			$ Change
Net (Loss) Income	$	(5	)	$	201		$	(206	)
All Other		(1	)		-			(1	)
Depreciation and amortization		10			14			(4	)
Restructuring costs and other ⁽¹⁾		1			2			(1	)
Stock based compensation		-			2			(2	)
Consulting and other costs ⁽²⁾		1			2			(1	)
Idle costs ⁽³⁾		1			2			(1	)
Other operating loss, net, excluding income from transition services agreement ⁽⁴⁾		-			2			(2	)
Interest expense⁽¹⁾		4			5			(1	)
Pension income excluding service cost component ⁽¹⁾		(27	)		(26	)		(1	)
Other charges, net ⁽¹⁾		8			-			8
Income from discontinued operations, net of income tax ⁽¹⁾		-			(207	)		207
Provision for income taxes ⁽¹⁾		1			2			(1	)
Operational EBITDA	$	(7	)	$	(1	)	$	(6	)

KODK 8-K

Kodak Reports Second-Quarter 2020 Financial Results

Contacts

Footnote Explanations:

(1)		As reported in the Consolidated Statement of Operations.
(2)		Consulting and other costs are primarily professional services and internal costs associated with certain corporate strategic initiatives.
(3)		Consists of costs such as security, maintenance and utilities required to maintain land and buildings in certain locations not used in any Kodak operations and the costs, net of any rental income received, of underutilized portions of certain properties.
(4)		$2 million of income from the transition services agreement related to the sale of the Flexographic Packaging Business was recognized in the three months ended June 30, 2020 and 2019. The income was reported in Other operating income, net in the Consolidated Statement of Operations. Other operating income, net is typically excluded from the segment measure. However, the income from the transition services agreement was included in the segment measure.


EASTMAN KODAK COMPANY
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
(in millions)
	Three Months Ended June 30,
	2020			2019
Revenues
Sales	$	163		$	240
Services		50			67
Total revenues		213			307
Cost of revenues
Sales		159			218
Services		33			47
Total cost of revenues		192			265
Gross profit		21			42
Selling, general and administrative expenses		34			54
Research and development costs		8			11
Restructuring costs and other		1			2
Other operating income, net		(3	)		—
Loss from continuing operations before interest expense, pension income excluding service cost component, other charges, net and income taxes		(19	)		(25	)
Interest expense		4			5
Pension income excluding service cost component		(27	)		(26	)
Other charges, net		8			—
Loss from continuing operations before income taxes		(4	)		(4	)
Provision for income taxes		1			2
Loss from continuing operations		(5	)		(6	)
Income from discontinued operations, net of income taxes		—			207
Net (loss) income	$	(5	)	$	201


EASTMAN KODAK COMPANY
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Unaudited)
(in millions)

	June 30,			December 31,
	2020			2019
ASSETS
Cash and cash equivalents	$	180		$	233
Trade receivables, net of allowances of $12 and $8, respectively		140			208
Inventories, net		228			215
Restricted cash - current portion		7			12
Other current assets		32			36
Current assets held for sale		2			2
Total current assets		589			706
Property, plant and equipment, net of accumulated depreciation of $418 and $423, respectively		157			181
Goodwill		12			12
Intangible assets, net		41			47
Operating lease right-of-use assets		51			49
Restricted cash		25			45
Deferred income taxes		—			147
Other long-term assets		285			228
TOTAL ASSETS	$	1,160		$	1,415

LIABILITIES, REDEEMABLE, CONVERTIBLE PREFERRED STOCK AND EQUITY (DEFICIT)
Accounts payable, trade	$	101		$	153
Short-term borrowings and current portion of long-term debt		2			2
Current portion of operating leases		11			12
Other current liabilities		161			201
Total current liabilities		275			368
Long-term debt, net of current portion		113			109
Pension and other postretirement liabilities		368			378
Operating leases, net of current portion		51			48
Other long-term liabilities		197			231
Total liabilities		1,004			1,134

Commitments and Contingencies (Note 11)

Redeemable, convertible Series A preferred stock, no par value, $100 per share liquidation preference		186			182

Equity (Deficit)
Common stock, $0.01 par value		—			—
Additional paid in capital		595			604
Treasury stock, at cost		(9	)		(9	)
Accumulated deficit		(195	)		(79	)
Accumulated other comprehensive loss		(421	)		(417	)
Total shareholders' (deficit) equity		(30	)		99
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY (DEFICIT)	$	1,160		$	1,415