Eastman Kodak(US:KODK)2020-08-12 03:07Financial Data and Key Metrics Changes - For Q2 2020, the company reported revenues of $213 million, a decline of $94 million from $307 million in the prior year quarter [23] - The net loss for Q2 2020 was $5 million compared to a net income of $201 million in the prior year quarter [23] - Operational EBITDA for Q2 2020 was a negative $7 million, compared to negative $1 million in the prior year quarter [25] - For the first half of 2020, revenues were $480 million, down from $598 million in the prior year period, resulting in a net loss of $116 million compared to a net income of $183 million in the prior year [27] Business Line Data and Key Metrics Changes - Volumes for SONORA processed free plates declined by 33% in Q2 2020, while annuity revenue for PROSPER declined by 25% due to the COVID-19 pandemic [26] - Overall PROSPER revenue remained flat year-over-year, attributed to growth in printhead component sales driven by increased demand in packaging and personal care applications [26] Market Data and Key Metrics Changes - The percentage of past due amounts in accounts receivable doubled compared to the prior year, indicating increased collection risk [21] - The company anticipates sales volumes will improve in Q3 2020 as global recovery continues [21] Company Strategy and Development Direction - The company is committed to its core business of print, advanced materials, and chemicals while also expanding its production capabilities for pharmaceutical needs [15] - Recent product announcements include enhancements to Kodak SONORA plates and the introduction of new digital printing technologies, indicating a focus on innovation and R&D [16][40] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the significant impact of COVID-19 on operations but expressed pride in the company's ability to navigate challenges and continue innovating [40] - The company remains focused on reducing costs and strengthening its financial position through various measures, including the conversion of secured convertible notes [38] Other Important Information - The company ended Q2 2020 with $180 million in cash and cash equivalents, a decrease of $53 million from the end of 2019 [33] - An intercompany transaction allowed the transfer of approximately $70 million from a Chinese subsidiary to a U.S. subsidiary, improving liquidity [37] Summary of Q&A Session - No formal Q&A session was held during the call, and the management team indicated that the investor relations team is available for follow-up inquiries [7][43]