Ladies and gentlemen, thank you for standing by. Welcome to the Eastman Kodak Q1, 2020 Earnings Conference Call. At this time all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your speaker today, Mr. Paul Dils. Thank you. Please go ahead.

Thank you, Jimmy, and good afternoon everyone. I am Paul Dils, Eastman Kodak Company's Chief Tax Officer and Director of Investor Relations. Welcome to Kodak's first quarter 2020 earnings call. At 4:15 P.M. this afternoon Kodak filed its quarterly report on Form 10-Q and issued its release on financial results. 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 Kodak's 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 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 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 and 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 David Bullwinkle, Chief Financial Officer of Kodak. I will now turn the call over to Jim.

Thanks Paul. Good afternoon, everyone. First off, I hope everyone is healthy and safe through the COVID-19 pandemic that we've been going through, and no tragedy has come upon you and your friends or family or loved ones. We'd like to take the time to -- currently we're sitting on 2020. And 2019, just remember Kodak took drastic members, drastic measures in cleaning up its balance sheet. We also took great measures and focusing the business in three primary areas, print, advanced materials and chemistry and chemicals. In doing such, and making those moves, we're able to end 2020 with a strong balance sheet of $233 million in cash and cash equivalents. For the first time in many years not losing $100 million plus. In 2020, we're off to a great trajectory, building off with the 2019 accomplishments. Our new simplified organizational structure for 2020 better aligns us with our customer, as you keep hearing with One Kodak and customer first. And obviously, we love our employees and a part of this is taking care of the customer well in this together. We retain a functional, accountable, measurable, trackable business. In doing so, we're much better focused on cash generation and taking care of our customers. We're focused on profitable growth in revenue, reducing operating expenses, eliminating or delaying product development programs that don't yield the returns that we're looking for, deem appropriate, and introducing new products and capabilities, going back to our DNA, which is print, chemistry, chemicals, and advanced materials. We remain committed to these industries throughout this crisis. And we're going to continue to double down the digital even more so coming in the near-future. Where we continue to invest approximately $25 million a year in developing leading-edge technologies to serve our customers need, and thrive in…

Thanks Jim, and good afternoon. Today the company filed its form 10-Q for the quarter ended March 31, 2020 with the securities and exchange commission. As always, I recommend you read this filing in its entirety. Before we get into the details for the quarter, I would like to make a few comments regarding the COVID-19 pandemic impacts. The COVID-19 pandemic did not have a material impact on our first quarter sales. However, sales volumes in the second quarter of 2020 are expected to be negatively impacted, and collections of accounts receivable are expected to slow, based on the impacts we have seen to-date in collections. The company has been able to maintain our operations to serve our customers, but this may change in the future as government and other responses to COVID-19 evolve. We've worked closely with government officials in the jurisdictions, where we operate to keep manufacturing facilities open during the pandemic. Kodak has endeavored to address the recommended actions of government and health authorities to protect employees worldwide, with particular measures in place for those working in plants and distribution facilities. We intend to continue to work with government authorities and implement employee safety measures, so the manufacturing and distribution of products during the pandemic can continue. However, uncertainty resulting from the pandemic could result in an unforeseen disruption to Kodak's operations or supply chain. As such, we are reducing operating costs for the use of temporary furloughs and pay reductions for employees, as well as the deferral of spend. Our operations are negatively impacted by the COVID-19 pandemic. Additionally, late in the first quarter, governments across the world began to respond to the COVID-19 pandemic, with the introduction of economic relief programs. The vast majority of government relief packages are geared toward individuals, small businesses or…

Great. Well, thank you. First off again, I want to thank everyone for joining. And I want to thank the entire Kodak team, the amount of effort that they've put into this quarter. It has been unbelievable, the amount of work this pandemic has caused. In the late nights and everyone working from home, we are able to mobilize within a week, everyone's working from home using Microsoft teams, using WiFi cloud, doing virtual and still making the company run. And more importantly, I really want to thank our employees who show up every day, and keep the factories that keep the supply chain working. The courage it takes for them to do that and continue to help this company grow is just getting -- we can't say enough. Again and I want everyone to stay safe. But more importantly, I just want to make sure that we recognize those that have to go to work every day in this environment, and go home to their families. And we're doing everything we can to keep them safe. So, with that, thanks for joining the call.

Ladies and gentlemen, thank you for your participation on today's conference. This does conclude your program. You may now disconnect.