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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended

   June 30, 2021

 

or

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the transition period from            to            

 

Commission File Number

1-00087

 

EASTMAN KODAK COMPANY
(Exact name of registrant as specified in its charter)

New Jersey

 

16-0417150

(State or other jurisdiction of incorporation or organization)

 

(IRS Employer Identification No.)

 

 

 

343 STATE STREET, ROCHESTER, New York

 

14650

(Address of principal executive offices)

 

(Zip Code)

(585) 724-4000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12-(b) of the Act:

 

Title of each class

 

Common

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

KODK

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company” and “emerging growth company in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes No

As of August 6, 2021, the registrant had 78,573,655 shares of common stock, par value $0.01 per share, outstanding.

 

[1]


 

 

EASTMAN KODAK COMPANY

Form 10-Q

June 30, 2021

Table of Contents

 

 

 

 

 

Page

Part I.—Financial Information

 

 

 

 

 

Item 1.

 

Financial Statements

 

3

 

 

Consolidated Statement of Operations (Unaudited)

 

3

 

 

Consolidated Statement of Comprehensive Income (Loss) (Unaudited)

 

4

 

 

Consolidated Statement of Financial Position (Unaudited)

 

5

 

 

Consolidated Statement of Cash Flows (Unaudited)

 

6

 

 

Consolidated Statement of Equity (Deficit) (Unaudited)

 

7

 

 

Notes to Financial Statements (Unaudited)

 

9

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

34

 

 

Liquidity and Capital Resources

 

42

Item 4.

 

Controls and Procedures

 

45

 

 

 

 

 

Part II. —Other Information

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

46

Item 1A.

 

Risk Factors

 

47

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

47

Item 6.

 

Exhibits

 

48

 

 

 

 

 

 

 

Index to Exhibits

 

48

 

 

Signatures

 

49

 

 

[2]


 

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)

(in millions, except per share data)

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

234

 

 

$

163

 

 

$

443

 

 

$

373

 

Services

 

 

57

 

 

 

50

 

 

 

113

 

 

 

107

 

Total revenues

 

 

291

 

 

 

213

 

 

 

556

 

 

 

480

 

Cost of revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

 

204

 

 

 

159

 

 

 

389

 

 

 

350

 

Services

 

 

39

 

 

 

33

 

 

 

79

 

 

 

73

 

Total cost of revenues

 

 

243

 

 

 

192

 

 

 

468

 

 

 

423

 

Gross profit

 

 

48

 

 

 

21

 

 

 

88

 

 

 

57

 

Selling, general and administrative expenses

 

 

42

 

 

 

34

 

 

 

88

 

 

 

82

 

Research and development costs

 

 

8

 

 

 

8

 

 

 

16

 

 

 

17

 

Restructuring costs and other

 

 

 

 

 

1

 

 

 

1

 

 

 

8

 

Other operating income, net

 

 

(6

)

 

 

(3

)

 

 

(7

)

 

 

(10

)

Earnings (loss) from operations before interest expense,

   pension income excluding service cost component,

   other charges (income), net and income taxes

 

 

4

 

 

 

(19

)

 

 

(10

)

 

 

(40

)

Interest expense

 

 

10

 

 

 

4

 

 

 

14

 

 

 

8

 

Pension income excluding service cost component

 

 

(26

)

 

 

(27

)

 

 

(51

)

 

 

(53

)

Other charges (income), net

 

 

1

 

 

 

8

 

 

 

1

 

 

 

(45

)

Earnings (loss) from operations before income taxes

 

 

19

 

 

 

(4

)

 

 

26

 

 

 

50

 

Provision for income taxes

 

 

3

 

 

 

1

 

 

 

4

 

 

 

166

 

Net income (loss)

 

$

16

 

 

$

(5

)

 

$

22

 

 

$

(116

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income (loss) per share attributable to

   Eastman Kodak Company common shareholders

 

$

0.17

 

 

$

(0.23

)

 

$

0.33

 

 

$

(2.88

)

Diluted net income (loss) per share attributable to

   Eastman Kodak Company common shareholders

 

$

0.16

 

 

$

(0.23

)

 

$

0.32

 

 

$

(2.88

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of common shares used in basic and diluted

    net income (loss) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

78.5

 

 

 

43.7

 

 

 

78.2

 

 

 

43.7

 

Diluted

 

 

100.6

 

 

 

43.7

 

 

 

93.9

 

 

 

43.7

 

 

The accompanying notes are an integral part of these consolidated financial statements.

[3]


EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

(in millions)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

NET INCOME (LOSS)

 

$

16

 

 

$

(5

)

 

$

22

 

 

$

(116

)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency translation adjustments

 

 

4

 

 

 

(4

)

 

 

3

 

 

 

(16

)

Pension and other postretirement benefit plan obligation activity,

   net of tax

 

 

8

 

 

 

9

 

 

 

14

 

 

 

12

 

Other comprehensive income (loss), net of tax

 

 

12

 

 

 

5

 

 

 

17

 

 

 

(4

)

COMPREHENSIVE INCOME (LOSS), NET OF TAX

 

$

28

 

 

$

 

 

$

39

 

 

$

(120

)

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

[4]


 

EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Unaudited)

 

 

 

June 30,

 

 

December 31,

 

(in millions)

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

395

 

 

$

196

 

Trade receivables, net of allowances of $9 and $10, respectively

 

 

174

 

 

 

177

 

Inventories, net

 

 

234

 

 

 

206

 

Other current assets

 

 

43

 

 

 

46

 

Current assets held for sale

 

 

2

 

 

 

2

 

Total current assets

 

 

848

 

 

 

627

 

Property, plant and equipment, net of accumulated depreciation of $438 and $430,

   respectively

 

 

148

 

 

 

152

 

Goodwill

 

 

12

 

 

 

12

 

Intangible assets, net

 

 

36

 

 

 

39

 

Operating lease right-of-use assets

 

 

49

 

 

 

48

 

Restricted cash

 

 

66

 

 

 

53

 

Other long-term assets

 

 

375

 

 

 

317

 

TOTAL ASSETS

 

$

1,534

 

 

$

1,248

 

 

 

 

 

 

 

 

 

 

LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY

 

 

 

 

 

 

 

 

Accounts payable, trade

 

$

145

 

 

$

118

 

Short-term borrowings and current portion of long-term debt

 

 

2

 

 

 

2

 

Current portion of operating leases

 

 

18

 

 

 

12

 

Other current liabilities

 

 

144

 

 

 

164

 

Total current liabilities

 

 

309

 

 

 

296

 

Long-term debt, net of current portion

 

 

249

 

 

 

17

 

Pension and other postretirement liabilities

 

 

391

 

 

 

406

 

Operating leases, net of current portion

 

 

43

 

 

 

49

 

Other long-term liabilities

 

 

219

 

 

 

212

 

Total liabilities

 

 

1,211

 

 

 

980

 

 

 

 

 

 

 

 

 

 

Commitments and Contingencies (Note 8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable, convertible preferred stock, no par value, $100 per share

   liquidation preference

 

193

 

 

191

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Common stock, $0.01 par value

 

 

 

 

 

 

Additional paid in capital

 

 

1,167

 

 

 

1,152

 

Treasury stock, at cost

 

 

(10

)

 

 

(9

)

Accumulated deficit

 

 

(598

)

 

 

(620

)

Accumulated other comprehensive loss

 

 

(429

)

 

 

(446

)

Total shareholders’ equity

 

 

130

 

 

 

77

 

TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY

 

$

1,534

 

 

$

1,248

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

[5]


 

EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

 

 

 

Six Months Ended

 

 

 

June 30,

 

(in millions)

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

22

 

 

$

(116

)

Adjustments to reconcile to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

16

 

 

 

20

 

Pension income

 

 

(42

)

 

 

(43

)

Change in fair value of embedded derivatives in the Series A, Series B and Series C

   Preferred Stock and Convertible Notes

 

 

 

 

 

(49

)

Net gain on sales of assets

 

 

 

 

 

(9

)

Asset impairments

 

 

 

 

 

3

 

Stock based compensation

 

 

4

 

 

 

1

 

Non-cash changes in workers' compensation reserves

 

 

(3

)

 

 

 

Provision for deferred income taxes

 

 

 

 

 

160

 

Decrease in trade receivables

 

 

1

 

 

 

64

 

Increase in inventories

 

 

(30

)

 

 

(17

)

Increase in trade payables

 

 

27

 

 

 

(50

)

Decrease in liabilities excluding borrowings and trade payables

 

 

(20

)

 

 

(31

)

Other items, net

 

 

4

 

 

 

3

 

Total adjustments

 

 

(43

)

 

 

52

 

Net cash used in operating activities

 

 

(21

)

 

 

(64

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Additions to properties

 

 

(5

)

 

 

(9

)

Net proceeds from sales of assets/businesses

 

 

 

 

 

2

 

Net proceeds from return on equity investment

 

 

 

 

 

2

 

Net cash used in investing activities

 

 

(5

)

 

 

(5

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Net proceeds from Term Loan Credit Agreement

 

 

215

 

 

 

 

Net proceeds from Convertible Notes

 

 

25

 

 

 

 

Net proceeds from Series C Preferred Stock

 

 

99

 

 

 

 

Proceeds from sale of common stock

 

 

10

 

 

 

 

Repurchase of Series A Preferred Stock

 

 

(100

)

 

 

 

Debt issuance costs

 

 

(2

)

 

 

 

Preferred stock cash dividend payments

 

 

(5

)

 

 

(6

)

Treasury stock purchases

 

 

(1

)

 

 

 

Net cash provided by (used in) financing activities

 

 

241

 

 

 

(6

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

(2

)