the company and Jim, Today for and exchange quarter afternoon. good XX-Q its filed the XX, the March commission. Thanks ended form with XXXX securities
recommend this its I entirety. read always, in filing As you
get material into did few would our comments a sales. to I the we pandemic impacts. quarter, have COVID-XX not for the details regarding impact pandemic on Before COVID-XX first like quarter the The make a
are be to accounts volumes on impacts sales based are have receivable expected the seen in second impacted, to expected the However, collections we and in slow, negatively XXXX of quarter collections. of to-date
other may our to we in during in pandemic. change manufacturing evolve. We've to and with maintain where closely to serve government officials facilities jurisdictions, able this been customers, as but has the to the operations keep our government the future COVID-XX responses worked company operate open The
working and measures, health the of to government to to endeavored actions measures manufacturing the authorities distribution plants in particular products facilities. with continue can worldwide, authorities safety for distribution government and recommended the those address continue. of We work has place with so employee and implement Kodak employees protect during pandemic to and intend in
However, chain. pandemic result to in Kodak's uncertainty resulting operations supply the from an disruption unforeseen could or
the temporary reductions such, are as spend. furloughs reducing use pay for As operating as of and the well of costs employees, deferral for we
Our pandemic. the COVID-XX operations impacted negatively are by
COVID-XX vast the government implemented eligible. relief are majority to the with relief quarter, healthcare individuals, across toward industry. the are under packages the of to late to which the introduction Kodak government relief world governments businesses first respond began economic or Additionally, The programs. small we in of the geared pandemic, has
the until also the operational includes, areas available The tax of the only government countries relief Kodak of had and relief. Employee various is Kodak in which on related comprised deferrals is were benefits retention quarter. little countries, programs in assistance. in very job related tax primarily deferral tax social mainly not payroll impact Non-HR job to most second relief payments. relief are which retention, some relief tax some of to first available wage These retention quarter, subsidies, as is and
for most subsidized government Kodak is programs. loan ineligible
such jurisdictions U.S., and Germany. continuing We and explore eligibility are to the England as
company Kodak monitor As government programs, the be to for any COVID-XX duration which of to continues and evolve, the eligible. continue may new scope relief will for
I further results, will first for on the flow quarter. company results share now EBITDA operational and the details cash
X, Slide the as million. a in the $XX basis in for XXXX, $XXX prior $XX earnings a release our to On quarter million. currency revenues reported revenue declined quarter, we constant million, of $XXX reported we by first to for of decline million Turning compared year of
the grew was the for revenue SONORA COVID-XX the market quarter, attributable and declined which first During by by to Process-Free XX%, to Plates X%, related volumes for annuity PROSPER the pandemic. downturn
to areas of the advanced materials, product ULTRASTREAM introductions, to invest Jim will to growth We earlier. new continued which lead in referred and future
The a GAAP A income expense of year related million in quarter, derivative in of quarter. a quarter loss embedded On changes basis, the for results $XXX U.S. the net in to the million first for include compared of $X $XX respectively, value the a million, XXXX million net Stock. to we Preferred of first loss Series prior and XXXX reported $XX and
The the $X million first $XXX a $X effects the million world. allowances in around of tax future of of profitability result an in COVID-XX at name valuation quarter exact present, for increase of million, impact high-degree difficult the jurisdictions as to and a also a creating includes increase as trade outside accounts impairment non-cash predict is receivable the and of Since expense reserves the to of are the uncertainty it deferred U.S. the XXXX individual
the on allowance we reliability or generating uncertain, also certain. jurisdictional tax which Kodak outside managing the basis, as Therefore, in stated, company is to individual the making valuation on continues establishments. have assets One less previously As results a is results the be U.S. deferred cash, of positive company consolidated these focused such the and by
million, these $XX year XXXX income current compared prior the for prior $XX loss of quarter. items, a year to Excluding in was and million
was a negative the year prior $X compared Operational the a $X million, quarter. for in EBITDA negative million quarter to
accounts an negative $X from reserves, $X a current was of prior receivable impact year quarter. or increase Excluding operational million the million, quarter of an in the for EBITDA increase the
initiated actions actions significant by approximately year. had company the were positive to for the expected million to reduce year. Entering These for from the toward operating cash XXXX, flow into expenses $XX provide operations progress
However, actions the second of COVID-XX given in were have the situation, the in annualized revised implemented have of cost million and their over taken incremental Incremental we early $XX cost expectations now reductions. to actions cost quarter XXXX. uncertainty
expect these in second results. We be quarter our visible to start to impacts
Moving cash driven other million. on in million of $XX The primarily the in equivalents, liabilities in in to decrease $X company Slide a of million, ended $XXX of capital decrease the company working first was a performance million, change used presented million activities XX, on XXXX. a X. and from December Cash cash and cash $XX by quarter operating $XX with
and inventory million, December accounts compared $X increased by by increased receivable million, decreased XXXX. million to by $XX payable XX, $XX Accounts
accounts I compared inventory to and mentioned receivable elevated collections have levels our are earlier, slowed expectations. As
with We suppliers are working customers the situation. manage our and to closely
includes restructuring for addition, pension for payments, cash payments income severance and accrued used other tax actions, payments the and liabilities reduction In interest. VAT of
where First payments, a accrued income payments interest. in quarter and offset have XXXX increased, reduction taxes by restructuring
quarter million compared financing first million in Cash by of $X in activities the to the Cash of year a use used prior compared $X provided the to prior as in million was activities year was quarter, cash period. financing $X in period. used investing in in activities million the $X
was the company continued our end activities. the and cash was the included first in cash reduced ABL of which facility during million. the fund indicated restricted Restricted on operations in of reducing the by I due efforts, restricted at order $XX our XXXX, to was call, the $XX first focused million last quarter our our On XXXX, of quarter to quarter. cash In restructuring amendment
reduce restrictions We will continue to to focus alternatives on cash. on
listeners in please XX-Q, in remind to covenants are Finally, with as our compliance agreements. Jim disclosed Jimmy, questions. our our under financial form remain take your of instructions. and credit now we I happy
