Kodak reports net earnings of $16 million for 2016
Eastman Kodak Company 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:
- 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.
- 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.
Full press release is available here.