Making materials for face masks and hand sanitiser helped offset losses for Kodak in the first quarter of 2020 amounting to US$8 million.
The company reported consolidated revenues for of US$267 million and a GAAP net loss of US$111 million, including an expense of $167 million related to an increase in deferred tax valuation allowances for locations outside the US and income of $53 million related to the value of stock and convertible notes.
Executive chairman Jim Continenza says Kodak employees have "risen to the challenge" of the pandemic, redirecting resources to produce isopropyl alcohol for hand sanitiser and manufacture face masks using their Estar film base.
"Kodak started the quarter on a positive trajectory and the actions we took last year to strengthen our balance sheet are helping us manage through the slowdown," he said.
Revenues for the quarter decreased by approximately $24 million compared with the same period in 2019, leaving cash of $209 million. Chief financial officer David Bullwinkle says the company is managing its working capital tightly to ensure sustainability. "We continue to pursue cost-reduction efforts to preserve cash and position Kodak for a strong rebound when business conditions start to improve."