Eastman Kodak is reporting its financial results for 2018. The company’s report, released on Monday, shows a net loss of $16 million for the year, compared to earnings of $94 million the previous year.
In terms of sales, revenue for 2018 totaled $1.3 billion compared to $1.4 billion in the previous year.
In February, Kodak announced that after nearly five years as CEO, Jeff Clarke was stepping down from that role.
The chairman of the company’s Board of Directors, Jim Continenza, has assumed the role of executive chairman, meaning that he will also take over the responsibilities that Clarke had. Kodak does not plan to hire someone else to fill the CEO job.
With the release of the 2018 financial results, Continenza said that he looks forward “to working with my team to help Kodak become cash-flow positive and build long-term value for shareholders.”
The company stated that it saw strong growth in key product lines last year. Kodak mostly focuses now on commercial packaging and printing.
In an SEC filing for its annual report filed this week, it showed that Clarke received $2 million in severance pay, which is equal to twice his annual salary of $1 million. Continenza is coming into his new duties with the same base pay. And, as is common with executive positions, there are certain incentives offered based on the company’s financial performance.
At Brighton Securities, Chairman George Conboy said that, “Kodak’s been fighting since they came out of bankruptcy against large, entrenched competitors who are very strong. Kodak wasn’t a strong competitor in some of the fields they’re in now, and unfortunately that has remained the case over the last several years.”
Kodak officials said that they expect to close soon on the sale of the Flexographic Packaging Division. It will use the proceeds to repay more than $300 million of outstanding debt.
