EASTMAN KODAK CO Q4 FY2024 earnings call

• Continued investment in innovation and operational efficiencies while shutting unprofitable businesses.
• AMC business: Continuing profit and revenue growth, rebuilt film plant, cGMP pharma facility to start production in 2025, ongoing demand for various films.
• Print division: Concluded tariff petition process with ITC, PROSPER 7000 Turbo Press strong at trade show, upgradeable feature making it a better long-term investment, moving to controlled production.
• Pension plan: Board approved termination of Kodak Retirement Income Plan (KRIP) effective March 31, 2025, with reverted assets expected to reduce long-term debt.

For the fourth quarter of 2024, revenue was $266 million compared to $275 million in the prior year quarter, a decline of $9 million or 3%. Gross profit for the fourth quarter of 2024 was $4 million higher than the prior year quarter, with a gross profit percentage of 19% compared to 17% in the prior year quarter. For the full-year 2024, consolidated revenues were $1.043 billion compared to $1.117 billion in 2023, a decline of $74 million or 7%. Gross profit for 2024 was 19%, flat with the prior year. The Print division has seen decline, while the AMC business has offset some of this decline with revenue growth.

• Rate of revenue decline in the fourth quarter is slowing, continuing focus on smart revenue and innovation.
• Full-year results in line with expectations, continuing focus on executing priorities and long-term plan, including driving smart revenue and aligning with the right customers, implementing pricing rationalization and cost reductions, launching new products and investing in innovation and IT systems to increase operational efficiency.

• Factors such as global economy, inflation, supply issues, war, which can impact operations and financial results.
• Unfavorable impact from inventory reserve adjustments, higher aluminum costs, costs associated with certain litigation matters.

Q: None (no formal Q&A during the call, but Investor Relations team available for follow-up)