Eastman Kodak (KODK) reported earnings on Tue 7 March 17 (a/h)

** charts before earnings **

  

** charts after earnings **

ROCHESTER, N.Y.--Eastman Kodak Company (KODK) today reported financial results for the fourth quarter and full year 2016, delivering net earnings of $16 million on revenues of $1.5 billion and continued growth in key product lines.

Highlights include:

• GAAP net earnings of $16 million for the year ended December 31, 2016, an improvement of $91 million over 2015.
• Operational EBITDA for the year of $144 million.
• Revenues for 2016 of $1.5 billion, compared with revenues of $1.7 billion for 2015, down $166 million, or 10 percent.
• Key product lines achieved strong growth:
  • Volume for KODAK SONORA Process Free Plates grew by 9 percent for the full year.
  • Volume for KODAK FLEXCEL NX Plates grew by 16 percent for the full year.
• Volume for KODAK SONORA Process Free Plates grew by 9 percent for the full year.
• Volume for KODAK FLEXCEL NX Plates grew by 16 percent for the full year.
• Operating expenses (total SG&A and R&D expenses) were $212 million for the year ended December 31, 2016, a $36 million, or 15 percent, improvement compared with 2015. $15 million of this improvement was due to increased non-cash components of pension income.
• The company ended the year with a cash balance of $433 million. Cash used in operating activities improved by $82 million compared with 2015.

2017 Guidance

• 2017 guidance is for revenues of $1.4 billion to $1.5 billion and Operational EBITDA of $130 million to $145 million. This guidance is on a continuing operations basis and excludes the KODAK PROSPER business, which is reported within discontinued operations.