Good day and thank you for standing by. Welcome to the Eastman Kodak Quarter 1 Earnings Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your first speaker today, Anthony Redding. Anthony, you may now begin.

Thank you and good afternoon everyone. I am Anthony Redding, Eastman Kodak Company’s Chief Compliance Officer. Welcome to Kodak’s first quarter 2025 earnings call. At 4:15 p.m. this afternoon, Kodak filed its Form 10-Q and issued its release on financial results for the first quarter of 2025. 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. We intend for these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements are based upon Kodak’s expectations and various assumptions. Future events or results may differ from those anticipated or those 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 Kodak’s filings with the U.S. Securities and Exchange Commission from time to time. There may be other factors that may cause Kodak’s actual results to differ materially from the forward-looking statements. All forward-looking statements attributable to Kodak or persons acting on its behalf only apply 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 contains certain measures that are deemed non-GAAP measures. Reconciliations to the most directly comparable GAAP measures have been provided with the release within the presentation on our website in our Investor Center at investor.kodak.com. Speakers on today’s call are Jim Continenza, Kodak’s Executive Chairman and Chief Executive Officer; and David Bullwinkle, Kodak’s Chief Financial Officer and Senior Vice President. We will not be holding a formal Q&A during today’s call. As always, the Investor Relations team is available for follow-up. I will now turn the call over to Jim. Thank you, and have a great day.

Welcome, everyone, and thank you for joining the first quarter 2025 investor call for Eastman Kodak. We continue to execute our long-term plan despite global economic uncertainty. Kodak also stays committed to being a primarily U.S.-based manufacturer. We have expanded our U.S. operations in pharma. We’ve expanded in battery. We continue to invest in innovation across the board. We focused heavily on operational efficiencies, trying to drive our cost down. We have shed unprofitable businesses, allowing us to focus on growth businesses, and we will continue to focus on our gross profit. And I’m sure this is on a lot of people’s mind, the tariffs. We will continue to work through them. They’re changing and changing environment. We need to take the short-term pain to get the long-term gain. We’ve got a staff of people that are well versed on the tariffs. We will comply with all of them and continue to work to better serve our customers as the administration finalizes the tariffs globally. Our core business continues to perform as expected. Highlights from the first quarter include revenue of $247 million compared with $249 million for the first quarter 2024, roughly flat year-over-year. The rate of decline has slowed, which is in line with expectations. Gross profit percentage of 19% compared with 20% for first quarter 2024 was roughly flat year-over-year. Here are some highlights. Our Advanced Materials and Chemical Group, AM&C, is key to Kodak’s future. Ongoing investments in AM&C growth initiatives include our new CGMP pharma manufacturing facility to be online later this year, expanding our current pharma business into manufacturing FDA-regulated diagnostic test reagents. I am pleased to say demand for various types of film, still motion picture, NDT and others continue to grow. We’ve invested in expanding our capacity in the film facility. Moving…

Thanks, Jim, and good afternoon. This afternoon, the company filed its Form 10-Q for the quarter ending March 31, 2025, with the SEC. As I always do, I recommend you read this filing in its entirety. Before I get into the details for the quarter, I would like to provide a brief status update on the termination process for the U.S. Kodak Retirement Income Plan or KRIP, and on an amendment to our term loan credit agreement. On January 21, 2025, Kodak’s Board of Directors approved the termination of KRIP effective March 31, 2025. The KRIP termination and settlement process is proceeding as planned with election mailings being sent to participants in the early summer and the purchase of annuities planned for the fourth quarter of 2025. We estimate it will take 7 to 11 more months to receive any pension reversion proceeds from the settlement of KRIP after required debt prepayments. Please be reminded, as previously disclosed, this time frame is subject to factors beyond Kodak’s control, including, but not limited to, the regulatory review and approval of various aspects of the terms of KRIP, KRIP’s activities and the termination and liquidation process. Additionally, the company entered into the second amendment to the amended and restated credit agreement for the term loan that provides the company the option to make the next six quarterly interest payments following the amendment in the form of payments-in-kind or PIK. In addition, term debt prepayment requirements associated with certain transactions have been revised within the amendment. For further details on both of these topics, please refer to the Form 10-Q filed with the SEC today. I will now share details on the full company results, operational EBITDA and cash flow for the first quarter of 2025. In the face of an extremely difficult…

Thank you, Dave. In summary, as a long-time manufacturer for over 100 years, Kodak remains committed to maintaining and expanding our manufacturing in the U.S. across all of our businesses. I am pleased to say our AM&C business continues to deliver profitable growth and return on our investments. Accessing the excess pension fund asset will help pay down debt and reduce interest costs, allowing Kodak to continue to invest in profitable growth businesses. I’d like to thank our employees for their hard work, our customers for their loyalty and our shareholders for their support. Have a good evening.

Thank you for your participation in today’s conference. This does conclude the program. You may now disconnect.