Eastman Kodak(US:KODK)2024-05-10 00:41Financial Data and Key Metrics Changes - Revenues for Q1 2024 decreased by $29 million, approximately 10% compared to the prior year quarter, totaling $249 million [9][10] - Gross profit decreased by $1 million or 2%, with a gross profit percentage increasing from 18% to 20% [8][10] - Net income for Q1 2024 was $32 million, a decrease of $1 million from $33 million in the prior year quarter [10] - Operational EBITDA for Q1 2024 was $4 million, down from $9 million in the prior year quarter [10][11] Business Line Data and Key Metrics Changes - In the print business, Kodak continued to invest in innovation across its portfolio, showcasing new products at drupa [7] - The Advanced Materials and Chemicals (AMC) business is committed to film, with investments in manufacturing capacity to meet growing demand [7] Market Data and Key Metrics Changes - The revenue decline aligns with Kodak's estimate of the overall market decline [8] - Foreign currency had no impact on revenues or gross profit for Q1 2024 compared to the prior year [10] Company Strategy and Development Direction - Kodak is focused on long-term growth initiatives leveraging its strengths in chemicals, layering, and coating [7] - The company is investing in operational efficiency and automation to improve profitability [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the company's performance despite a challenging global environment, emphasizing a commitment to long-term strategies [9][12] - The company plans to concentrate on fundamentals, investing for growth and increasing operational efficiency [10] Other Important Information - Kodak's cash balance at the end of Q1 2024 was $262 million, an increase of $7 million from the previous quarter [11] - Cash provided by operating activities was $17 million, reflecting an improvement of $3 million compared to the prior year [11] Summary of Q&A Session - No formal Q&A session was held during the call, and the Investor Relations team is available for follow-up inquiries [5][14]