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0000031235 EASTMAN KODAK CO false --12-31 Q3 2022 6 7 440 441 0 0 100 100 0.01 0.01 December 31, 2023 4 1,000,000 1 0 1 3 6 0.25 1 1 1 25 1.0 1.1 25 1.0 1.0 3.1 0 0 1.0 1.1 1.0 1.0 4 1 0 0 0 0 Other includes revenue from non-recurring engineering services, tenant rent and related property management services and licensing. Service revenue in the Consolidated Statement of Operations includes the ongoing service revenue shown above as well as one-time service revenue. Planned declining businesses are product lines where the decision has been made to stop new product development and manage an orderly expected decline in the installed product and annuity base or are otherwise not strategic to Kodak. These product families consist of VERSAMARK and Digimaster in the Digital Printing segment. Consulting and other costs are primarily professional services and internal costs associated with certain corporate strategic initiatives, investigations and litigation. Growth engines consist of Sonora in the Traditional Printing segment, PROSPER and Software in the Digital Printing segment, and Advanced Materials and Functional Printing in the Advanced Materials and Chemicals segment, excluding intellectual property (“IP”) licensing. As reported in the Consolidated Statement of Operations. Refer to Note 19, “Financial Instruments”. Represents purchases of common stock to sa??sfy tax withholding obliga??ons. Strategic other businesses include plates (excluding Sonora plates) and Computer to Plate (“CTP”) equipment and related service in the Traditional Printing segment; Nexpress and related toner business in the Digital Printing segment and Motion Picture and Industrial Film and Chemicals (including external inks) and IP licensing in the Advanced Materials and Chemicals segment; the Brand segment and All Other. Sales are reported in the geographic area in which they originate. Reclassified to Total Net Periodic Benefit Cost - refer to Note 14, "Retirement Plans and Other Postretirement Benefits". Consists of third-party costs such as security, maintenance and utilities required to maintain land and buildings in certain locations not used in any Kodak operations and the costs, net of any rental income received, of underutilized portions of certain properties. 00000312352022-01-012022-09-30 xbrli:shares 00000312352022-11-01 thunderdome:item iso4217:USD 0000031235us-gaap:ProductMember2022-07-012022-09-30 0000031235us-gaap:ProductMember2021-07-012021-09-30 0000031235us-gaap:ProductMember2022-01-012022-09-30 0000031235us-gaap:ProductMember2021-01-012021-09-30 0000031235us-gaap:ServiceMember2022-07-012022-09-30 0000031235us-gaap:ServiceMember2021-07-012021-09-30 0000031235us-gaap:ServiceMember2022-01-012022-09-30 0000031235us-gaap:ServiceMember2021-01-012021-09-30 00000312352022-07-012022-09-30 00000312352021-07-012021-09-30 00000312352021-01-012021-09-30 iso4217:USDxbrli:shares 00000312352022-09-30 00000312352021-12-31 0000031235us-gaap:SeriesAPreferredStockMember2022-09-30 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Table of Contents

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, 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 Jersey16-0417150
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)
  
343 STATE STREET, ROCHESTER, New York14650
(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 1, 2022, the registrant had 79,101,776 shares of common stock, par value $0.01 per share, outstanding.

 



 

 

EASTMAN KODAK COMPANY

Form 10-Q

 

September 30, 2022

 

Table of Contents

 

    Page
  Part I.Financial Information  
     

Item 1.

Financial Statements

 
 

Consolidated Statement of Operations (Unaudited)

3

 

Consolidated Statement of Comprehensive Income (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

33

 

Liquidity and Capital Resources

44

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

48

Item 4.

Controls and Procedures

48

     
  Part II. Other Information  
     

Item 1.

Legal Proceedings

48

Item 1A.

Risk Factors

49

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

49

Item 6.

Exhibits

50

 

Index to Exhibits

50

 

Signatures

51

 

 

 

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,

 
   

2022

   

2021

   

2022

   

2021

 

Revenues

                               

Sales

  $ 234     $ 231     $ 734     $ 674  

Services

    55       56       166       169  

Total revenues

    289       287       900       843  

Cost of revenues

                               

Sales

    208       206       662       595  

Services

    38       38       111       117  

Total cost of revenues

    246       244       773       712  

Gross profit

    43       43       127       131  

Selling, general and administrative expenses

    39       43       123       131  

Research and development costs

    8       8       26       24  

Restructuring costs and other

    3             3       1  

Other operating expense (income), net

          1             (6 )

Loss from operations before interest expense, pension income excluding service cost component, other (income) charges, net and income taxes

    (7 )     (9 )     (25 )     (19 )

Interest expense

    10       9       29       23  

Pension income excluding service cost component

    (20 )     (25 )     (77 )     (76 )

Other (income) charges, net

          (2 )     2       (1 )

Earnings from operations before income taxes

    3       9       21       35  

Provision for income taxes

    1       1       2       5  

Net income

  $ 2     $ 8     $ 19     $ 30  
                                 

Basic net (loss) income per share attributable to Eastman Kodak Company common shareholders

  $ (0.01 )   $ 0.06     $ 0.11     $ 0.40  

Diluted net (loss) income per share attributable to Eastman Kodak Company common shareholders

  $ (0.01 )   $ 0.06     $ 0.11     $ 0.39  
                                 

Number of common shares used in basic and diluted net income per share

                               

Basic

    79.0       78.6       78.9       78.3  

Diluted

    79.0       80.6       80.7       80.5  

 

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

 

 

 

EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited)

 

(in millions)

 

  

Three Months Ended

  

Nine Months Ended

 
  

September 30,

  

September 30,

 
  

2022

  

2021

  

2022

  

2021

 

NET INCOME

 $2  $8  $19  $30 

Other comprehensive income (loss), net of tax:

                

Currency translation adjustments

  (1)     (6)  3 

Pension and other postretirement benefit plan obligation activity, net of tax

  2   7   112   21 

Other comprehensive income, net of tax

  1   7   106   24 

COMPREHENSIVE INCOME, NET OF TAX

 $3  $15  $125  $54 

 

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

 

 

 

EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Unaudited)

 

  

September 30,

  

December 31,

 

(in millions)

 

2022

  

2021

 

ASSETS

        

Cash and cash equivalents

 $216  $362 

Trade receivables, net of allowances of $6 and $7, respectively

  164   175 

Inventories, net

  273   219 

Other current assets

  44   49 

Current assets held for sale

  2   2 

Total current assets

  699   807 

Property, plant and equipment, net of accumulated depreciation of $440 and $441, respectively

  147   140 

Goodwill

  12   12 

Intangible assets, net

  30   34 

Operating lease right-of-use assets

  41   47 

Restricted cash

  57   54 

Pension and other postretirement assets

  1,198   1,022 

Other long-term assets

  75   55 

TOTAL ASSETS

 $2,259  $2,171 
         

LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY

        

Accounts payable, trade

 $147  $153 

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

  1   1 

Current portion of operating leases

  12   13 

Other current liabilities

  137   142 

Total current liabilities

  297   309 

Long-term debt, net of current portion

  312   253 

Pension and other postretirement liabilities

  336   382 

Operating leases, net of current portion

  36   45 

Other long-term liabilities

  176   205 

Total liabilities

  1,157   1,194 
         

Commitments and Contingencies (Note 8)

          
         

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

  201   196 
         

Equity

        

Common stock, $0.01 par value

      

Additional paid in capital

  1,162   1,166 

Treasury stock, at cost

  (11)  (10)

Accumulated deficit

  (577)  (596)

Accumulated other comprehensive income

  327   221 

Total shareholders’ equity

  901   781 

TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY

 $2,259  $2,171 

 

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

 

 

 

EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

 

   

Nine Months Ended

 
   

September 30,

 

(in millions)

 

2022

   

2021

 

Cash flows from operating activities:

               

Net income

  $ 19     $ 30  

Adjustments to reconcile to net cash used in operating activities:

               

Depreciation and amortization

    22       23  

Pension income

    (64 )     (63 )

Change in fair value of the Preferred Stock and Convertible Notes embedded derivatives

    (1 )     (3 )

Net loss on sales of assets

          1  

Non-cash changes in workers' compensation reserves

    (13 )     (4 )

Stock based compensation

    4       6  

Benefit from deferred income taxes

    (3 )     (1 )

(Increase) decrease in trade receivables

    (7 )     6  

Increase in inventories

    (74 )     (38 )

Increase in trade payables

    5       33  

Decrease in liabilities excluding borrowings and trade payables

    (26 )     (26 )

Other items, net

    8       3  

Total adjustments

    (149 )     (63 )

Net cash used in operating activities

    (130 )     (33 )

Cash flows from investing activities:

               

Additions to properties

    (19 )     (10 )

Purchase of preferred equity interest

    (25 )      

Net proceeds from sales of assets

          1  

Net cash used in investing activities

    (44 )     (9 )

Cash flows from financing activities:

               

Net proceeds from Term Loan Credit Agreement

    49       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

    (3 )     (6 )

Treasury stock purchases

    (1 )     (1 )

Net cash provided by financing activities

    45       240  

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

    (14 )     (3 )

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

    (143 )     195  

Cash, cash equivalents and restricted cash, beginning of period

    423       256  

Cash, cash equivalents and restricted cash, end of period

  $ 280     $ 451  

 

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

 

 

 

EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF EQUITY (DEFICIT) (Unaudited)

 

(in millions)

 

  

Nine-Month Period Ending September 30, 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 (loss), (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 

Net income

        20         20    

Other comprehensive income (loss) (net of tax):

                            

Currency translation adjustments

           (10)     (10)   

Pension and other postretirement liability adjustments

           110      110    

Preferred stock cash dividends

     (1)           (1)   

Preferred stock in-kind dividends

     (1)           (1)  1 

Stock-based compensation

     1            1    

Equity (deficit) as of June 30, 2022

 $  $1,164  $(579) $326  $(10) $901  $199 

Net income

        2         2    

Other comprehensive income (loss) (net of tax):

                            

Currency translation adjustments

           (1)     (1)   

Pension and other postretirement liability adjustments

           2      2    

Preferred stock cash dividends

     (1)           (1)   

Preferred stock in-kind dividends

     (2)           (2)  2 

Stock-based compensation

     1            1    

Treasury stock purchases (1)

              (1)  (1)   

Equity (deficit) as of September 30, 2022

 $  $1,162  $(577) $327  $(11) $901  $201 

 

 

EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF EQUITY (DEFICIT) (Unaudited) (contd)

 

(in millions)

 

  

Nine-Month Period Ending September 30, 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 

Preferred stock in-kind dividends

     (1)           (1)  1 

Purchase of treasury stock (1)

              (1)  (1)   

Stock-based compensation

     3            3    

Equity (deficit) as of March 31, 2021

 $  $1,169  $(614) $(441) $(10) $104  $192 

Net income

        16         16    

Other comprehensive income (loss) (net of tax):

                            

Currency translation adjustments

           4      4    

Pension and other postretirement liability adjustments

           8      8    

Preferred stock cash dividends

     (2)           (2)   

Preferred stock in-kind dividends

     (1)           (1)  1 

Stock-based compensation

     1            1    

Equity (deficit) as of June 30, 2021

 $  $1,167  $(598) $(429) $(10) $130  $193 

Net income

        8         8    

Other comprehensive income (loss) (net of tax):

                            

Pension and other postretirement liability adjustments

           7      7    

Series B Preferred stock cash dividends

     (1)           (1)