Eastman Kodak Company (NYSE: KODK) rose Friday, after reporting fourth- quarter operational EBITDA of $20 million.
The Rochester, New York-based photography giant also reported net earnings came in at $129 million up from $11 million a year prior.
On the year, GAAP net earnings were $94 million for the year ended December 31, 2017. GAAP net earnings for the year includes a tax benefit of $101 million due to the release of a valuation allowance in the fourth quarter of 2017 as a result of increased profits in a location outside the U.S.
Operational EBITDA for the year came in at $57 million. Revenues for 2017 proved $1.5 billion, a decline of $112 million compared with the same period in 2016.
The company sees FY18 sales of $1.5 billion-$1.6 billion, with operational EBITDA in the range of $60 million-$70 million
The company’s cash balance was $344 million at the end of 2017, compared with $434 million at the end of 2016. The company used cash to invest in strategic growth businesses, fund working capital needs, meet legacy cash obligations and service and prepay debt.
According to Kodak CEO Jeff Clarke, "2017 was a year of investment in our strategic growth priorities which bodes well for the future. We also eliminated several business initiatives while continuing to reduce cost and drive greater efficiency in the company. We enter 2018 with a stronger growth profile and more productive operations."
KODK shares galloped 60 cents, or 12.1%, to $5.55 in the week’s last hour of trade.
