Eastman Kodak Company

Ladies and gentlemen, thank you for standing by, and welcome to the Eastman Kodak Q3 2020 earnings conference call. At this time, all participants are in a listen-only mode. If you require any further assistance, please press star zero. I would now like to hand the conference to your speaker today, Paul Dills. Please go ahead, sir.

Thank you, and good afternoon, everyone. I am Paul Dills, Eastman Kodak Company's Chief Tax Officer and Director of Investor Relations. Welcome to Kodak's third quarter 2020 earnings call. At 4.15 p.m. this afternoon, Kodak filed its third quarter 2020 Form 10-Q and issued its release for financial results for the third quarter. You may access the presentation and webcast for today's call on our Investor Center at investor.kodak.com. During today's call, we will be making certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. All forward-looking statements are based upon Codex expectations and various assumptions. Future events or results may differ from those anticipated or expressed in the forward-looking statements. Important factors that could cause actual events or Results to differ materially from these forward-looking statements include, among others, the risks, uncertainties, and other factors described in more detail in Codex filings with the U.S. Securities and Exchange Commission from time to time. There may be other factors that may cause Codex actual results to differ materially from the forward-looking statements. All forward-looking statements attributable to Kodak or persons acting on its behalf apply only as of the date of this presentation and are expressly qualified in their entirety by the cautionary statements included or referenced in this presentation. Kodak undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. In addition, the release just issued and the presentation provided contain certain measures that are deemed non-GATT measures. Reconciliations to the most directly comparable GATT measures have been provided with release and within the presentation on our website in our investor center at investor.kodak.com. Speakers on today's call are Jim Contanzanza, Kodak's Executive Chairman, and David Bowenkel, Chief Financial Officer of Kodak. We will not be holding a formal Q&A during today's call. As always, the Investors Relations team is available for follow-up. I will now turn the call over to Jim.

Welcome, everyone, and thank you for joining the third quarter investor call for Kodak. Beginning on slide four, third quarter results, were impacted by COVID-19 as the pandemic continues to present challenges for companies around the world. However, we began to see some improvement in several areas of the company throughout the quarter. Despite the challenges the pandemic has presented, we remain focused on maintaining the safety of our employees and customers as a top priority as we continue to manage our business cost, and cash until the pandemic is resolved. Dave will provide more details on the third quarter and year-to-date results shortly. I would like to begin with comments on the July announcement by the U.S. International Development Finance Court for a potential government loan to support the launch of Kodak Pharmaceuticals and to clarify some important points about the potential transactions. The announcement on July 28 was about the U.S. International Development Finance Court, DFC, signing a letter of interest for an application for a potential loan, not a subsidy or a grant. This is an opportunity for the company to apply for a loan only. The application process has been placed on hold by the DFC. As part of our long-term strategy, we will continue to move forward with expanding the the existing pharmaceutical business, regardless of whether we received the potential DFC loan. The scale and speed of the expansion will depend on the availability of capital and our assessment of the business opportunity at various production levels, taking into account, among other factors, any Buy American initiatives. We remain 100% committed to our core business of print, advanced materials, and chemicals, including unregulated key starting materials. This combined with the continued dedication of our employees in the United States and globally gives us tremendous confidence that we are on the right track to restoring Kodak to its rightful place as an iconic global brand. Turning to slide five, I want to share some exciting news for our products and technologies. The industry is starting to recognize the company's achievements as a technology leader in print. As I mentioned last quarter, the company had announced the launch of several new exciting products to support our vision for the print and digital packaging business. Kodak recently won a total of eight awards in three prestigious competitions. Our Uteko Sapphire EVO-M Digital Web Press, powered by Kodak Stream Inkjet Technology and the Kodak Prosper QD Packaging Inks and Films Optimizer Agent, FOA, won awards in the InterTech Technology Awards. The InterTech Technology Awards honors technologies that are expected to have major impact on the graphics, communication, and related industries. Our Kodak Prosper Ultra 520 Press, Kodak Prosper Plus Imprinting Systems, Kodak Prosper QD Packaging Inks and Film Optimized Agent, FOA again, and Uteco Sapphire EVOM and W presses powered by Kodak Stream Inkjet Technology won awards at the Keypoint Intelligence Buyers Lab Outstanding Innovation Award in Production Print. The KeyPoint Intelligence Buyer's Lab Outstanding Innovation Award assessed the product and solution submitted with respect to quality, productivity, connectivity, workflow, and media range, as well as environmental impact. We are honored to win this award. Lastly, Kodak Prosper QD packaging inks and film optimizer agent won an award in digital inks, industrial and packaging category at the Printing United Alliance Product of the Year Award. I want to again congratulate the Kodak employees for their dedication in creating and developing these products. The winning products are all related to a digital print technologies in the winning presses are all powered by our proprietary high-speed continuous inkjet platform. This concentration of excellence reflects our deep expertise in inkjet technology and related chemistry and material science, and our continued multimillion-dollar investment in research and development. Kodak is at the forefront of helping customers drive innovation and profitability in print, including the groundbreaking digital products I just mentioned, and the industry-leading traditional print products, such as the environmentally-friendly Sonara process replays. I will now turn it over to Dave to discuss the 2020 third quarter and year-to-date financial results.