Kodak posted revenue of $1.2 billion for 2022, an increase of 5% or $55 million compared to $1.15 billion in 2021, “reflecting the success of our long-term strategic plan.”
KODAK PROSPER ULTRA 520 Inkjet Press
“Kodak delivered strong performance in 2022, growing revenue in consecutive years for the first time in decades, launching new products and investing in our future despite ongoing inflationary and supply chain challenges,” said Jim Continenza, Kodak’s executive chairman and CEO (pictured).
“Our performance reflected the success of our strategic plan, which began four years ago with stabilizing our balance sheet, reorganizing as One Kodak and focusing on our core businesses.
“Our priorities for 2022 included providing our customers with uninterrupted supplies, reducing costs by improving operational efficiency and implementing pricing actions to realize the value of our offerings, which contributed to a year-over-year increase in gross profit for the fourth quarter.
“We also continued to invest in initiatives including updating our infrastructure and developing growth businesses in our Advanced Materials & Chemicals group.
“More recently, we debuted the ground-breaking KODAK PROSPER ULTRA 520 Inkjet Press and KODACHROME Inks at the Hunkeler Innovationdays event and received extremely positive reaction from customers and prospects who are excited about the new press’s ability to increase productivity by delivering offset quality at unprecedented speeds. Our goal is to build on the momentum we’ve generated to continue our transformation in 2023.”
Financial highlights 2022
For the full year ended December 31, 2022, revenues were $1.205 billion, an improvement of $55 million or 5 percent compared to the same period in 2021. Adjusting for the unfavourable impact of foreign exchange of $70 million, revenues increased by $125 million, or 11 percent compared to the prior year.
GAAP net income was $26 million for the full year, compared to $24 million in 2021 an increase of 8 percent. Operational EBITDA for the year ended December 31, 2022 was $18 million, compared to $11 million in 2021, an increase of 64 percent.
“The increase was primarily driven by the growth in revenue due to improved pricing, partially offset by higher continued ongoing global cost increases and the unfavourable impact of foreign exchange,” the company said.
Kodak was cash neutral for Q4 2022 and ended the year with a cash balance of $217 million, a decrease of $145 million from December 31, 2021.
“The decrease was primarily driven by a use of cash from working capital mainly attributable to increased investment in inventory to strengthen the Company’s ability to supply customers, unfavourable effects of foreign exchange, increased capital investment and the investment in Wildcat Discovery Technologies, partially offset by proceeds received under the Term Loan Credit Agreement."
