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Exhibit 99.1 Kodak Reports First - Quarter 2021 Financial Results ROCHESTER , N.Y .-- ( BUSINESS WIRE ) -- May 12 , 2021 -- Eastman Kodak Company ( NYSE : KODK ) today reported financial results for the first quarter 2021 , including consolidated revenues of $ 265 million and an increase in cash from a series of financial transactions previously announced . First - quarter 2021 highlights include : • Consolidated revenues of $ 265 million • GAAP net income of $ 6 million • The Company ended the quarter with a cash balance of $ 401 million " The steps we have taken in the last two years - strengthening our balance sheet , establishing a customer - first approach and continuing to invest in innovation have created the foundation for growth , ” said Jim Continenza , Kodak's Executive Chairman and CEO . " We will continue to execute on those strategies to create long - term value for our shareholders and our employees . " For the quarter ended March 31 , 2021 , revenues declined by only $ 2 million compared with the same period in 2020. Kodak ended the quarter with a cash balance of $ 401 million , up from the December 31 , 2020 cash balance of $ 196 million . GAAP net income was $ 6 million for the quarter ended March 31 , 2021 , compared with a net loss of $ 111 million in the prior - year quarter . The prior year quarter net loss includes expense of $ 167 million related to the increase in deferred tax valuation allowances for locations outside the U.S. and income of $ 53 million related to the change in fair value of embedded derivatives in the Series A Preferred Stock and Convertible Notes . Operational EBITDA was $ 3 million for the quarter ended March 31 , 2021 , compared with negative $ 8 million in the first quarter 2020 . " We continued to see improved cash performance during the first quarter , including an improvement in working capital and an increase in our cash balance through several financing transactions that closed during the quarter , ” said David Bullwinkle , Kodak's CFO . " During the first quarter we returned to growth in our key product areas , including SONORA Process Free Plates volume and PROSPER annuities which were up 8 and 12 percent respectively compared with the first quarter of 2020. We will continue to evaluate strategies for investing the capital raised through financing activities to generate additional growth . "