UPDATE BY CEO 06-01-2021
About Kodak
Kodak is a global technology company focused on print and advanced materials & chemicals.
We provide industry-leading hardware, software, consumables
and services primarily to customers in commercial print, packaging, publishing, manufacturing and entertainment.
We are committed to environmental stewardship and ongoing leadership in developing sustainable solutions.
Our broad portfolio of superior products, responsive support and world-class R&D make Kodak solutions a
smart investment for customers looking to improve their profitability and drive growth. For additional information on Kodak, visit us at
http://www.Kodak.com
and engage with us on Twitter @KodakPrint and on LinkedIn at Kodak Print. outstanding shares is at $651.7 million.
news 06-01-2021
| June 01, 2021 |
| 4:13 pm ET | |
| Benzinga |
| 4:11 pm ET | |
| BusinessWire |
$KODK bullish{*W* formation] breakout from [$10.50 $11] [-chart]finviz.com/chart.ashx?t=KODK&ty=c&ta=1&p=d&s=l[/chart]
$KODK IS CASH COW
$180 million in cash and equivalents The stock was arguably trading for a bargain before the loan proposition came into play.
At one point during the year, the company's market capitalization fell to $120 million.
That's quite undervalued, considering Kodak generated $1.2 billion in revenue and $116 million in earnings last year.
While the mass adoption of smartphones crushed the digital camera industry, there is still demand for Kodak's legacy products, as well as its new ventures.
Currently, Kodak is investing much of its capital into the digital packaging and print sector, including the utilization of cloud-based platforms.
Kodak's new products will possess the fastest imaging technology available for printing items such as business cards, posters, and wallpapers.
What's the verdict?$180 million in cash and equivalentsased on its earnings from the first half of 2020,
Kodak is still on track to generate approximately $1 billion in revenue this year.
Meanwhile, the company has over $180 million in cash and equivalents to make up for its $113 million in long-term debt.
The company's market cap is about $461 million. https://finviz.com/quote.ashx?t=KODK ttps://www.kodak.com/en/ https://www.kodak.com/en/ https://www.kodak.com/en/company/page/innovation Post Production Products https://www.otcmarkets.com/stock/KODK/disclosure https://www.otcmarkets.com/stock/KODK/news https://www.otcmarkets.com/stock/KODK/security https://www.otcmarkets.com/stock/KODK/profile https://www.otcmarkets.com/stock/KODK/quote https://www.otcmarkets.com/stock/KODK/overview $KODK Exclusive: Eastman Kodak top executive got Trump deal windfall on an 'understanding'
Reuters
Jessica DiNapoli and Tom Bergin
,Reuters•August 1, 2020
https://finance.yahoo.com/news/exclusive-eastman-kodak-top-executive-213014858.html
By Jessica DiNapoli and Tom Bergin
NEW YORK/LONDON (Reuters) - Eastman Kodak Co <KODK.N>
on Monday granted its executive chairman options for 1.75 million shares as the result of what a person familiar with the arrangement described
as an "understanding" with its board that had previously neither been listed in his employment contract nor made public.
One day later,
the administration of President Donald Trump announced a $765 million financing deal with Eastman Kodak,
and in the days that followed the stock soared,
making those additional options now held by executive chairman Jim Continenza worth tens of millions.
The decision to grant Continenza options was never formalized or made into a binding agreement,
which is why it was not disclosed previously, according to the person familiar with the arrangement.
The options were granted to shield Continenza's overall stake in
the company from being diluted by a $100 million convertible bond deal clinched in May 2019 to help Eastman Kodak stay afloat,
according to the person's account.
While Kodak's approach is permissible,
it is unusual because executives are paid to grow a company's
long-term value and are not usually given extra compensation
personally to cover events that may hurt share prices, several experts said.
Kodak disclosed the stock options award to Continenza in a filing to
the U.S. Securities and Exchange Commission, which was previously reported.
But the person familiar with the arrangement told Reuters that the transaction occurred because of the understanding with the board.
That arrangement reported by Reuters for the first time sheds new
light on Eastman Kodak's handling of the unexpected windfall for its
top executives.
An Eastman Kodak spokeswoman said that Continenza had no comment.
The spokeswoman said the gains reflected by the rise in the share
price are only on paper: Continenza, she said,
"is a strong believer in the future of the company, a
nd has never sold a single share of stock."
Prior to this week's financing deal,
the company warned investors it was at risk of not continuing as a
going concern, but it was boosted by the agreement with the Trump administration on Tuesday to supply drug ingredients.
As a result, Continenza's gains at the end of this week amounted
to about $83 million following a roughly 10-fold increase in Eastman Kodak's stock, compared to the approximately $53 million in gains he would have seen were it not for the additional options,
according to a Reuters analysis of company filings.
Roughly 29% of the options Continenza received on Monday vested immediately, giving him the right to cash them out as soon as possible.
WIDE LATITUDE
While most corporate boards and their committees have wide latitude
in awarding options, three corporate governance experts interviewed
by Reuters said the move to mitigate the impact of dilution on Continenza's stake in the company without a prior contractual
obligation was unusual.
"The compensation committee's job is not to protect the CEO from
every adverse effect on the stock price,"
said Sanjai Bhagat, a finance professor at the University of Colorado.
"It's to get the CEO to think about long-term value."
A fourth expert, Robin Ferracone, chief executive of compensation consultant Farient Advisors,
said the company may have offered the prospect of additional options
to executives as they worked toward the convertible bond offering
-- to avoid them being "disincentivized" to seal a deal that would
help the firm but potentially water down their holdings.
The additional options awarded to Continenza, a former telecommunications executive,
were approved by the board's compensation committee on Monday,
the spokeswoman said.
Shareholders had voted in May of this year to increase the shares available for executive compensation.
"The issue is the board wanted to make sure the CEO had the same economic alignment as was contemplated when he took the job,"
said a person close to the company.
The company's market capitalization jumped from a little over $100 million at the start of the week to almost $1 billion by Friday following the deal.
Eastman Kodak also granted options on Monday to three other executives, worth $712,000 each,
according to regulatory filings. Kodak declined to comment on the reason for these awards.
Continue reading
The company has struggled to reinvent itself from a flagging camera company after emerging from bankruptcy in 2013.
Its selection by the U.S. government for the production of key pharmaceutical ingredients surprised many industry analysts who
expected such a deal to go to a major generic drug maker.
The government's U.S. International Development Finance Corporation released a July 28 statement quoting Continenza as saying:
"Kodak will play a critical role in the return of a reliable American pharmaceutical supply chain."
President Trump, too, hailed the development.
"I want to congratulate the people in Kodak," he said at a press briefing. "They’ve been working very hard."
(Reporting by Jessica DiNapoli and Tom Bergin; Editing by Greg Roumeliotis, Tom Lasseter and Daniel Wallis)
| Insider Trading | Relationship | Date | Transaction | Cost | #Shares | Value ($) | #Shares Total | SEC Form 4 |
| Katz Philippe D | Director | Jun 23 | Buy | 2.22 | 5,000 | 11,100 | 116,368 | Jun 24 04:43 PM |
| CONTINENZA JAMES V | Executive Chairman | Jun 23 | Buy | 2.22 | 46,737 | 103,756 | 650,000 | Jun 24 04:41 PM |
| Katz Philippe D | Director | Jun 11 | Buy | 2.48 | 5,000 | 12,400 | 111,368 | Jun 15 05:09 PM |
| Bullwinkle David E | CFO and Senior Vice President | May 18 | Buy | 2.64 | 2,872 | 7,582 | 43,853 | May 20 07:07 PM |
| MARX MOSES | 10% Owner | Mar 23 | Buy | 1.55 | 53,729 | 83,280 | 300,303 | Mar 25 02:05 PM |
| Samuels Eric | CAO and Corp. Controller | Mar 21 | Option Exercise | 0.00 | 1,503 | 0 | 20,244 | Mar 24 04:54 PM |
| CONTINENZA JAMES V | Executive Chairman | Mar 20 | Buy | 1.79 | 50,000 | 89,500 | 603,263 | Mar 24 04:55 PM |
| Katz Philippe D | Director | Mar 20 | Buy | 1.72 | 40,000 | 68,800 | 93,362 | Mar 24 04:50 PM |
| Byrd Roger W. | General Counsel, Sec., SVP | Jan 16 | Option Exercise | 0.00 | 18,878 | 0 | 21,878 | Jan 21 04:04 PM |
| Engelberg Jeffrey D. | Director | Jan 08 | Option Exercise | 0.00 | 52,817 | 0 | 148,953 | Jan 10 04:33 PM |
| BRADLEY RICHARD TODD | Director | Jan 08 | Option Exercise | 0.00 | 52,817 | 0 | 112,341 | Jan 10 04:32 PM |
| KARFUNKEL GEORGE | Director | Jan 08 | Option Exercise | 0.00 | 52,817 | 0 | 6,363,126 | Jan 10 04:31 PM |
| CONTINENZA JAMES V | Executive Chairman | Dec 23 | Buy | 2.50 | 400,000 | 1,000,000 | 553,263 | Dec 26 04:31 PM |
| KARFUNKEL GEORGE | Director | Dec 23 | Sale | 2.50 | 400,000 | 1,000,000 | 6,306,276 | Dec 26 04:30 PM |
| KARFUNKEL GEORGE | Director | Dec 03 | Buy | 2.50 | 4,437,605 | 11,094,013 | 6,706,276 | Dec 05 04:31 PM |
| Katz Philippe D | Director | Dec 03 | Buy | 2.50 | 2,218,803 | 5,547,008 | 2,522,011 | Dec 05 04:30 PM |
| Blackstone Group Inc | 10% Owner | Dec 03 | Sale | 2.50 | 8,875,211 | 22,188,028 | 0 | Dec 04 09:09 AM |
| GSO CAPITAL PARTNERS LP | 10% Owner | Dec 03 | Sale | 2.50 | 8,875,211 | 22,188,028 | 0 | Dec 04 09:02 AM |
| CONTINENZA JAMES V | Executive Chairman | Nov 27 | Buy | 2.45 | 53,263 | 130,494 | 153,263 | Dec 02 05:19 PM |
| Vandagriff Randy | Vice President | Nov 12 | Buy | 2.48 | 4,000 | 9,920 | 12,205 | Nov 13 04:33 PM |
| Vandagriff Randy | Vice President | Sep 03 | Option Exercise | 0.00 | 6,410 | 0 | 10,135 | Sep 05 04:32 PM |
| Samuels Eric | CAO and Corp. Controller | Sep 03 | Option Exercise | 0.00 | 7,483 | 0 | 20,193 | Sep 05 04:31 PM |
| Taber Terry R | Senior Vice President | Sep 03 | Option Exercise | 0.00 | 12,347 | 0 | 47,180 | Sep 05 04:32 PM |
| O'Grady John G. | Senior Vice President | Sep 03 | Option Exercise | 0.00 | 19,910 | 0 | 33,322 | Sep 05 04:30 PM |
| Bullwinkle David E | CFO and Senior Vice President | Sep 03 | Option Exercise | 0.00 | 14,957 | 0 | 46,062 | Sep 05 04:29 PM |
| Engelberg Jeffrey D. | Director | Aug 15 | Buy | 2.11 | 21,612 | 45,601 | 85,000 | Aug 19 04:31 PM |
| CONTINENZA JAMES V | Executive Chairman | Aug 15 | Buy | 2.04 | 70,000 | 142,800 | 100,000 | Aug 15 04:29 PM |
| Katz Philippe D | Director | Aug 14 | Buy | 2.02 | 10,000 | 20,200 | 40,000 | Aug 15 04:29 PM |
| CONTINENZA JAMES V | Executive Chairman | Aug 14 | Buy | 2.00 | 10,000 | 20,000 | 30,000 | Aug 15 04:29 PM |
| Bullwinkle David E | CFO and Senior Vice President | Aug 13 | Buy | 2.15 | 3,250 | 6,988 | 31,105 | Aug 15 04:30 PM |
| CONTINENZA JAMES V | Executive Chairman | Aug 13 | Buy | 2.12 | 20,000 | 42,400 | 20,000 | Aug 15 04:29 PM |
| Katz Philippe D | Director | Aug 13 | Buy | 2.08 | 30,000 | 62,400 | 30,000 | Aug 15 04:29 PM |
*DISCLAIMER *The Board Monitor and The Board Assistants herewith, are not licensed brokers and assume NO responsibility for the actions, investment decisions, and or messages posted on this forum.
• We do NOT recommend that anyone buy or sell any securities posted herewith. Any trade entered into risks the possibility of losing the funds invested.
• There are no guarantees when buying or selling any security.
News 
Market Data 
Discover 
