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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:                                                 

September 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 November 4, 2021, the registrant had 78,652,200 shares of common stock, par value $0.01 per share, outstanding.

 

 

 

 

 


EASTMAN KODAK COMPANY

Form 10-Q

September 30, 2021

Table of Contents

 

 

 

 

 

Page

Part I.—Financial Information

 

 

 

 

 

Item 1.

 

Financial Statements

 

2

 

 

Consolidated Statement of Operations (Unaudited)

 

2

 

 

Consolidated Statement of Comprehensive Income (Loss) (Unaudited)

 

3

 

 

Consolidated Statement of Financial Position (Unaudited)

 

4

 

 

Consolidated Statement of Cash Flows (Unaudited)

 

5

 

 

Consolidated Statement of Equity (Deficit) (Unaudited)

 

6

 

 

Notes to Financial Statements (Unaudited)

 

8

Item 2.

 

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

 

35

 

 

Liquidity and Capital Resources

 

43

Item 4.

 

Controls and Procedures

 

47

 

 

 

 

 

Part II. —Other Information

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

48

Item 1A.

 

Risk Factors

 

50

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

50

Item 6.

 

Exhibits

 

51

 

 

 

 

 

 

 

Index to Exhibits

 

51

 

 

Signatures

 

52

 

 

[1]


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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

231

 

 

$

195

 

 

$

674

 

 

$

568

 

Services

 

 

56

 

 

 

57

 

 

 

169

 

 

 

164

 

Total revenues

 

 

287

 

 

 

252

 

 

 

843

 

 

 

732

 

Cost of revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

 

206

 

 

 

183

 

 

 

595

 

 

 

533

 

Services

 

 

38

 

 

 

38

 

 

 

117

 

 

 

111

 

Total cost of revenues

 

 

244

 

 

 

221

 

 

 

712

 

 

 

644

 

Gross profit

 

 

43

 

 

 

31

 

 

 

131

 

 

 

88

 

Selling, general and administrative expenses

 

 

43

 

 

 

56

 

 

 

131

 

 

 

138

 

Research and development costs

 

 

8

 

 

 

8

 

 

 

24

 

 

 

25

 

Restructuring costs and other

 

 

 

 

 

1

 

 

 

1

 

 

 

9

 

Other operating expense (income), net

 

 

1

 

 

 

(1

)

 

 

(6

)

 

 

(11

)

Loss from operations before interest expense,

   pension income excluding service cost

   component, loss on early extinguishment of

   debt, other (income) charges, net

   and income taxes

 

 

(9

)

 

 

(33

)

 

 

(19

)

 

 

(73

)

Interest expense

 

 

9

 

 

 

3

 

 

 

23

 

 

 

11

 

Pension income excluding service cost

   component

 

 

(25

)

 

 

(26

)

 

 

(76

)

 

 

(79

)

Loss on early extinguishment of debt

 

 

 

 

 

2

 

 

 

 

 

 

2

 

Other (income) charges, net

 

 

(2

)

 

 

432

 

 

 

(1

)

 

 

387

 

Earnings (loss) from operations before income

   taxes

 

 

9

 

 

 

(444

)

 

 

35

 

 

 

(394

)

Provision for income taxes

 

 

1

 

 

 

1

 

 

 

5

 

 

 

167

 

Net income (loss)

 

$

8

 

 

$

(445

)

 

$

30

 

 

$

(561

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income (loss) per share attributable to

   Eastman Kodak Company common

   shareholders

 

$

0.06

 

 

$

(6.94

)

 

$

0.40

 

 

$

(11.34

)

Diluted net income (loss) per share attributable

   to Eastman Kodak Company common

   shareholders

 

$

0.06

 

 

$

(6.94

)

 

$

0.39

 

 

$

(11.34

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of common shares used in basic and

   diluted net income (loss) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

78.6

 

 

 

64.8

 

 

 

78.3

 

 

 

50.8

 

Diluted

 

 

80.6

 

 

 

64.8

 

 

 

80.5

 

 

 

50.8

 

 

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

[2]


EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

(in millions)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

NET INCOME (LOSS)

 

$

8

 

 

$

(445

)

 

$

30

 

 

$

(561

)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency translation adjustments

 

 

 

 

 

(1

)

 

 

3

 

 

 

(17

)

Pension and other postretirement benefit plan obligation

   activity, net of tax

 

 

7

 

 

 

3

 

 

 

21

 

 

 

15

 

Other comprehensive income (loss), net of tax

 

 

7

 

 

 

2

 

 

 

24

 

 

 

(2

)

COMPREHENSIVE INCOME (LOSS), NET OF TAX

 

$

15

 

 

$

(443

)

 

$

54

 

 

$

(563

)

 

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

 

 

[3]


EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Unaudited)

 

 

 

September 30,

 

 

December 31,

 

(in millions)

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

380

 

 

$

196

 

Trade receivables, net of allowances of $8 and $10, respectively

 

 

167

 

 

 

177

 

Inventories, net

 

 

240

 

 

 

206

 

Other current assets

 

 

47

 

 

 

46

 

Current assets held for sale

 

 

2

 

 

 

2

 

Total current assets

 

 

836

 

 

 

627

 

Property, plant and equipment, net of accumulated depreciation of $440 and

   $430, respectively

 

 

140

 

 

 

152

 

Goodwill

 

 

12

 

 

 

12

 

Intangible assets, net

 

 

35

 

 

 

39

 

Operating lease right-of-use assets

 

 

46

 

 

 

48

 

Restricted cash

 

 

64

 

 

 

53

 

Other long-term assets

 

 

402

 

 

 

317

 

TOTAL ASSETS

 

$

1,535

 

 

$

1,248

 

 

 

 

 

 

 

 

 

 

LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND

   EQUITY

 

 

 

 

 

 

 

 

Accounts payable, trade

 

$

151

 

 

$

118

 

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

 

 

2

 

 

 

2

 

Current portion of operating leases

 

 

18

 

 

 

12

 

Other current liabilities

 

 

141

 

 

 

164

 

Total current liabilities

 

 

312

 

 

 

296

 

Long-term debt, net of current portion

 

 

250

 

 

 

17

 

Pension and other postretirement liabilities

 

 

384

 

 

 

406

 

Operating leases, net of current portion

 

 

40

 

 

 

49

 

Other long-term liabilities

 

 

210

 

 

 

212

 

Total liabilities

 

 

1,196

 

 

 

980

 

 

 

 

 

 

 

 

 

 

Commitments and Contingencies (Note 8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

   liquidation preference

 

195

 

 

191

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Common stock, $0.01 par value

 

 

 

 

 

 

Additional paid in capital

 

 

1,166

 

 

 

1,152

 

Treasury stock, at cost

 

 

(10

)

 

 

(9

)

Accumulated deficit

 

 

(590

)

 

 

(620

)

Accumulated other comprehensive loss

 

 

(422

)

 

 

(446

)

Total shareholders’ equity

 

 

144

 

 

 

77

 

TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK

   AND EQUITY

 

$

1,535

 

 

$

1,248

 

 

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

 

[4]


EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

 

 

 

Nine Months Ended

 

 

 

September 30,

 

(in millions)

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

30

 

 

$

(561

)

Adjustments to reconcile to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

23

 

 

 

29

 

Pension income

 

 

(63

)

 

 

(65

)

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

   Series C Preferred Stock and Convertible Notes

 

 

(3

)

 

 

382

 

Loss on early extinguishment of debt

 

 

 

 

 

2

 

Net loss (gain) on sales of assets

 

 

1

 

 

 

(9

)

Asset impairments

 

 

 

 

 

3

 

Stock based compensation

 

 

6

 

 

 

18

 

Non-cash changes in workers' compensation reserves

 

 

(4

)

 

 

9

 

(Benefit) provision for deferred income taxes

 

 

(1

)

 

 

160

 

Decrease in trade receivables

 

 

6

 

 

 

53

 

Increase in inventories

 

 

(38

)

 

 

(19

)

Increase (decrease) in trade payables

 

 

33

 

 

 

(33

)

Decrease in liabilities excluding borrowings and trade payables

 

 

(26

)

 

 

(24

)

Other items, net

 

 

3

 

 

 

7

 

Total adjustments

 

 

(63

)

 

 

513

 

Net cash used in operating activities

 

 

(33

)

 

 

(48

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Additions to properties

 

 

(10

)

 

 

(13

)

Net proceeds from sales of assets

 

 

1

 

 

 

2

 

Net proceeds from return on equity investment

 

 

 

 

 

2

 

Net cash used in investing activities

 

 

(9

)

 

 

(9

)

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

)<