EASTMAN KODAK (EK)
 
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Description
 

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Capital Structure Solvency and Cash Flow

Balance Sheet and Cash Flow

The company ended 4Q09 with $2.024 billion in cash and cash equivalents versus $1.147 billion in 3Q09.

During FY09, EK generated $45 million in cash from operations before cash restructuring costs.  That consisted of three negative quarters offset by the $909 million in cash from operations before restructuring recorded in 4Q09.

For FY10, the company expects positive cash generation before restructuring, and, on a GAAP basis, net cash provided by continuing operations from operating activities is expected to be of $50 million to $150 million.

The Company expects FY10 cash balance of $1.8 billion to $2.0 billion, after taking into account all cash actions, including modest debt payments due during 2010.


Dividend and Share repurchases

Kodak suspended its dividend, and does not expect to pay a dividend in 2010 or in 2011.  The company is not currently repurchasing its shares.
 




 
Last edited Thu Mar 11, 2010 02:18 AM
by MadhubantiMaitra (Zacks Investment Research)		6make a comment about Capital Structure Solvency and Cash Flow
 
Governance Social Responsibility and Employee Relations

 


Last edited Thu Mar 11, 2010 02:27 AM
by MadhubantiMaitra (Zacks Investment Research)		make a comment about Governance Social Responsibility and Employee Relations
 
Acquisitions Divestitures and Joint Ventures

On December 30, 2009; EK announced that it completed the previously announced sale of its organic LED, or light-emitting diode display, business to South Korea's LG Electronics Inc.


Last edited Thu Mar 11, 2010 02:27 AM
by MadhubantiMaitra (Zacks Investment Research)		make a comment about Acquisitions Divestitures and Joint Ventures
 
Recent and Upcoming Events

 
Major Risks

• EK’s core businesses are expected to remain under pressure due to digital transition and film industry overcapacity.
• There is significant execution risk to EK’s comprehensive restructuring plans due to the company’s size, complexity, and legacy infrastructure.
• EK’s restructuring plans will be negatively impacted by faster-than-expected decline in the market for traditional film.
• The company continues to forecast $250-$350M in IP licensing revenue for FY09, but it has been down y/y and there is no sign of progress with new deal negotiations.
 


Last edited Thu Mar 11, 2010 02:28 AM
by MadhubantiMaitra (Zacks Investment Research)		make a comment about Major Risks
 


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