Kodak’s net income for the first quarter of 2023 was $33 million, compared with negative $3 million in Q1 2022, with gross profit up by $17m or 52% year over year.
"Kodak continued to make progress in the first quarter, generating cash and increasing our gross profit year over year in the face of significant headwinds," said Jim Continenza, Kodak’s executive chairman and CEO.
"These improvements didn’t just happen. They are the result of a wide range of actions we have taken over the last four years to put us on a path to sustainable growth and profitability.
“We are continuing to invest in four long-term growth initiatives in our Advanced Materials and Chemicals group, and we are starting to see contributions from that business. We have successfully introduced two groundbreaking inkjet presses and KODACHROME Inks, the gold standard for colour. And, most importantly, we continue to execute on our go-to-market strategy, staying close to our customers and developing solutions that address their challenges and create new opportunities. We put our customers first because we know we only win when our customers win."
Kodak CFO David Bullwinkle: "Kodak got off to a strong start in the first quarter, increasing our cash balance from $217 million to $225 million and increasing our gross profit by 52% year over year while continuing to invest in both product innovation and our long-term growth initiatives. Our ability to make these improvements despite continuing challenges of inflation and supply chain disruptions reflects the positive impact of changes we have made as part of our strategic plan to drive operational efficiency and smart revenue."
Kodak 1Q 2023 Financial Results
Consolidated revenues of $278 million, compared with $290 million for Q1 2022, a decrease of $12 million or 4 percent (decreased by $2 million on a constant currency basis, or 1 percent)
Gross profit of $50 million, compared to $33 million for Q1 2022, an increase of $17 million or 52 percent
Gross profit percentage of 18 percent, compared with 11 percent for Q1 2022, an increase of 7 percentage points
GAAP net income of $33 million, compared with net loss of $3 million for Q1 2022, an increase of $36 million
Operational EBITDA of $9 million, compared with negative $7 million for Q1 2022, an increase of $16 million
A quarter-end cash balance of $225 million, compared with $217 million on December 31, 2022, an increase of $8 million in the first quarter of 2023, compared with a decrease of $53 million in the first quarter of 2022.
Effective February 2023, Kodak changed its organizational structure, combining the Traditional Printing segment and the Digital Printing segment into one segment named the Print segment.