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us-gaap:SeriesCPreferredStockMember 2022-03-31 0000031235 us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputCreditSpreadMember us-gaap:SeriesCPreferredStockMember 2021-12-31 0000031235 us-gaap:FairValueInputsLevel2Member 2022-03-31 0000031235 us-gaap:FairValueInputsLevel2Member 2021-12-31

 

 

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:                                                    

March 31, 2022

 

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 May 4, 2022, the registrant had 78,919,997 shares of common stock, par value $0.01 per share, outstanding.

 

 

 


 

 

EASTMAN KODAK COMPANY

Form 10-Q

March 31, 2022

Table of Contents

 

 

 

 

 

Page

Part I.—Financial Information

 

 

 

 

 

Item 1.

 

Financial Statements

 

8

 

 

Consolidated Statement of Operations (Unaudited)

 

2

 

 

Consolidated Statement of Comprehensive Income (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

 

26

 

 

Liquidity and Capital Resources

 

33

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

36

Item 4.

 

Controls and Procedures

 

38

 

 

 

 

 

Part II. —Other Information

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

38

Item 1A.

 

Risk Factors

 

39

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

39

Item 6.

 

Exhibits

 

40

 

 

Index to Exhibits

 

40

 

 

Signatures

 

41

 

 

[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

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

Revenues

 

 

 

 

 

 

 

 

Sales

 

$

234

 

 

$

209

 

Services

 

 

56

 

 

 

56

 

Total revenues

 

 

290

 

 

 

265

 

Cost of revenues

 

 

 

 

 

 

 

 

Sales

 

 

220

 

 

 

185

 

Services

 

 

37

 

 

 

40

 

Total cost of revenues

 

 

257

 

 

 

225

 

Gross profit

 

 

33

 

 

 

40

 

Selling, general and administrative expenses

 

 

43

 

 

 

46

 

Research and development costs

 

 

9

 

 

 

8

 

Restructuring costs and other

 

 

 

 

 

1

 

Other operating income, net

 

 

 

 

 

(1

)

Loss from operations before interest expense,

   pension income excluding service cost component,

   other charges, net and income taxes

 

 

(19

)

 

 

(14

)

Interest expense

 

 

9

 

 

 

4

 

Pension income excluding service cost component

 

 

(30

)

 

 

(25

)

Other charges, net

 

 

3

 

 

 

 

(Loss) earnings from operations before income taxes

 

 

(1

)

 

 

7

 

Provision for income taxes

 

 

2

 

 

 

1

 

Net (loss) income

 

$

(3

)

 

$

6

 

 

 

 

 

 

 

 

 

 

Basic net (loss) income per share attributable to

   Eastman Kodak Company common

   shareholders

 

$

(0.08

)

 

$

0.17

 

Diluted net (loss) income per share attributable

   to Eastman Kodak Company common

   shareholders

 

$

(0.08

)

 

$

0.16

 

 

 

 

 

 

 

 

 

 

Number of common shares used in basic and

   diluted net (loss) income per share

 

 

 

 

 

 

 

 

Basic

 

 

78.7

 

 

 

77.8

 

Diluted

 

 

78.7

 

 

 

80.6

 

 

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

[2]


EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited)

(in millions)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

NET (LOSS) INCOME

 

$

(3

)

 

$

6

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

Currency translation adjustments

 

 

5

 

 

 

(1

)

Pension and other postretirement benefit plan obligation

   activity, net of tax

 

 

 

 

 

6

 

Other comprehensive income, net of tax

 

 

5

 

 

 

5

 

COMPREHENSIVE INCOME, NET OF TAX

 

$

2

 

 

$

11

 

 

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

 

 

[3]


 

EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Unaudited)

 

 

 

March 31,

 

 

December 31,

 

(in millions)

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

309

 

 

$

362

 

Trade receivables, net of allowances of $7 and $7, respectively

 

 

182

 

 

 

175

 

Inventories, net

 

 

247

 

 

 

219

 

Other current assets

 

 

50

 

 

 

49

 

Current assets held for sale

 

 

2

 

 

 

2

 

Total current assets

 

 

790

 

 

 

807

 

Property, plant and equipment, net of accumulated depreciation of $446 and

   $441, respectively

 

 

147

 

 

 

140

 

Goodwill

 

 

12

 

 

 

12

 

Intangible assets, net

 

 

32

 

 

 

34

 

Operating lease right-of-use assets

 

 

45

 

 

 

47

 

Restricted cash

 

 

58

 

 

 

54

 

Pension and other postretirement assets

 

 

1,049

 

 

 

1,022

 

Other long-term assets

 

 

54

 

 

 

55

 

TOTAL ASSETS

 

$

2,187

 

 

$

2,171

 

 

 

 

 

 

 

 

 

 

LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND

   EQUITY

 

 

 

 

 

 

 

 

Accounts payable, trade

 

$

182

 

 

$

153

 

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

 

 

1

 

 

 

1

 

Current portion of operating leases

 

 

12

 

 

 

13

 

Other current liabilities

 

 

139

 

 

 

142

 

Total current liabilities

 

 

334

 

 

 

309

 

Long-term debt, net of current portion

 

 

256

 

 

 

253

 

Pension and other postretirement liabilities

 

 

375

 

 

 

382

 

Operating leases, net of current portion

 

 

42

 

 

 

45

 

Other long-term liabilities

 

 

200

 

 

 

205

 

Total liabilities

 

 

1,207

 

 

 

1,194

 

 

 

 

 

 

 

 

 

 

Commitments and Contingencies (Note 6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

   liquidation preference

 

$

198

 

 

196

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Common stock, $0.01 par value

 

 

 

 

 

 

Additional paid in capital

 

 

1,165

 

 

 

1,166

 

Treasury stock, at cost

 

 

(10

)

 

 

(10

)

Accumulated deficit

 

 

(599

)

 

 

(596

)

Accumulated other comprehensive income

 

 

226

 

 

 

221

 

Total shareholders’ equity

 

 

782

 

 

 

781

 

TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK

   AND EQUITY

 

$

2,187

 

 

$

2,171

 

 

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

 

[4]


 

EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in millions)

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(3

)

 

$

6

 

Adjustments to reconcile to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

7

 

 

 

8

 

Pension income

 

 

(26

)

 

 

(21

)

Change in fair value of the Preferred Stock and Convertible Notes

   embedded derivatives

 

 

3

 

 

 

1

 

Non-cash changes in workers' compensation reserves

 

 

(4

)

 

 

 

Stock based compensation

 

 

2

 

 

 

3

 

(Increase) decrease in trade receivables

 

 

(9

)

 

 

8

 

Increase in inventories

 

 

(32

)

 

 

(22

)

Increase in trade payables

 

 

31

 

 

 

24

 

Decrease in liabilities excluding borrowings and trade payables

 

 

(13

)

 

 

(22

)

Other items, net

 

 

1

 

 

 

(1

)

Total adjustments

 

 

(40

)

 

 

(22

)

Net cash used in operating activities

 

 

(43

)

 

 

(16

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Additions to properties

 

 

(5

)

 

 

(1

)

Net cash used in investing activities

 

 

(5

)

 

 

(1

)

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

 

 

(1

)

 

 

(4

)

Treasury stock purchases

 

 

 

 

 

(1

)

Net cash (used in) provided by financing activities

 

 

(1

)

 

 

242

 

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

 

 

 

 

 

(4

)

Net (decrease) increase in cash, cash equivalents and restricted cash

 

 

(49

)

 

 

221

 

Cash, cash equivalents and restricted cash, beginning of period

 

 

423

 

 

 

256

 

Cash, cash equivalents and restricted cash, end of period

 

$

374

 

 

$

477

 

 

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

[5]


EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF EQUITY (DEFICIT) (Unaudited)

 

(in millions)

 

 

 

Three-Month Period Ending March 31, 2022

 

 

 

Eastman Kodak Company Common Shareholders

 

 

 

 

 

 

 

Common

Stock

 

 

Additional

Paid in

Capital

 

 

Accumulated

Deficit

 

 

Accumulated

Other

Comprehensive Income

 

 

Treasury

Stock

 

 

Total

 

 

Redeemable

Convertible

Preferred Stock

 

Equity (deficit) as of December 31, 2021

 

$

 

 

$

1,166

 

 

$

(596

)

 

$

221

 

 

$

(10

)

 

$

781

 

 

$

196

 

Net loss

 

 

 

 

 

 

 

 

(3

)

 

 

 

 

 

 

 

 

(3

)

 

 

 

Other comprehensive income (net of tax):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

5

 

 

 

 

 

 

5

 

 

 

 

Preferred stock cash dividends

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

Preferred stock in-kind dividends

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

1

 

Preferred stock deemed dividends

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

1

 

Stock-based compensation

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

2

 

 

 

 

Equity (deficit) as of March 31, 2022

 

$

 

 

$

1,165

 

 

$

(599

)

 

$

226

 

 

$

(10

)

 

$

782

 

 

$

198

 

 

 

[6]


 

EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF EQUITY (DEFICIT) (Unaudited) (cont’d)

 

(in millions)

 

 

 

Three-Month Period Ending March 31, 2021

 

 

 

Eastman Kodak Company Common Shareholders

 

 

 

 

 

 

 

Common

Stock

 

 

Additional

Paid in

Capital

 

 

Accumulated

Deficit

 

 

Accumulated

Other

Comprehensive Loss

 

 

Treasury

Stock

 

 

Total

 

 

Redeemable

Convertible

Preferred Stock

 

Equity (deficit) as of December 31, 2020

 

$

 

 

$

1,152

 

 

$

(620

)

 

$

(446

)

 

$

(9

)

 

$

77

 

 

$

191

 

Net income

 

 

 

 

 

 

 

 

6

 

 

 

 

 

 

 

 

 

6

 

 

 

 

Other comprehensive income (loss)

   (net of tax):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

(1

)

 

 

 

Pension and other postretirement

   liability adjustments

 

 

 

 

 

 

 

 

 

 

 

6

 

 

 

 

 

 

6

 

 

 

 

Repurchase of Series A preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(100

)

Exchange of Series A preferred stock

 

 

 

 

 

92

 

 

 

 

 

 

 

 

 

 

 

 

92

 

 

 

(92

)

Expiration of Series A preferred stock

   embedded derivative

 

 

 

 

 

11

 

 

 

 

 

 

 

 

 

 

 

 

11

 

 

 

 

Issuance of convertible, redeemable

   Series B preferred stock, net

 

 

 

 

 

 

(95

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(95

)

 

 

93

 

Issuance of common stock

 

 

 

 

 

10

 

 

 

 

 

 

 

 

 

 

 

 

10

 

 

 

 

Issuance of convertible, redeemable

   Series C preferred stock, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

97

 

Preferred stock cash dividends

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

Preferred stock deemed dividends

 

 

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

2

 

Series C Preferred stock in-kind

   dividends

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

1

 

Purchase of treasury stock (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

(1

)

 

 

 

Stock-based compensation