Ladies and gentlemen, thank you for standing by. Welcome to the Eastman Kodak Second Quarter 2020 Conference Call. At this time all participants are in a listen-only mode. [Operator Instructions] It is now my pleasure to introduce Paul Dils.

Thank you and good afternoon everyone. I am Paul Dils, Eastman Kodak Company's Chief Tax Officer and Director of Investor Relations. Welcome to Kodak's second quarter 2020 earnings call. At 4:15 P.M. this afternoon Kodak filed its second quarter 2020 Form 10-Q and issued its release on financial results for the second 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 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 the 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 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 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. Before handling the call over to Jim, I would like to acknowledge our announcement last week regarding the appointment of a special committee of independent directors to conduct an internal review of Kodak’s activity in connection with the letter of interest from the U.S. International Development Finance Corporation. In light of this internal review we cannot discuss the potential loan or the related matters beyond the details provided on this call. 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.

Welcome everyone and thank you for joining the second quarter investor call for Kodak. Beginning on slide 4 second quarter results were impacted by COVID-19 as the pandemic continued to present challenges for the company around the world. Dave will provide more details on the second quarter results and year-to-date shortly. As an essential business we have remained operational. We put health and safety of our employees first by enforcing social distancing, measures requiring masks and providing hand sanitizers to all essential workers. I am grateful for the dedication and flexibility of the whole organization has shown at these unprecedented conditions. In addition, as a company with experience in applied materials and chemicals we have challenged ourselves to flex our manufacturing capabilities in order to serve our country and all of the essential workers on the front line of the pandemic. We will continue to produce our traditional Kodak products. We have also leveraged our facilities to manufacture face shield, IPA, and film for printed circuit board that are used in ventilators. We have continued to see the benefit of the new organizational structure that we implemented in 2019; the One Kodak customer first model and the way we go to market, the way our customers have reacted with us we are more nimble, we are functional, accountable and measurable, which ultimately results in being a more reliable partner for our customers. In addition, the steps we took in 2019 to strengthen our balance sheet have provided us with financial flexibility to navigate throughout the pandemic. Recent conversion of the $95 million in convertible notes further strengthens the balance sheet. Next I want to take a moment to discuss the potential loan from the U.S. government. Please keep in mind that the announcement two weeks ago was only a letter…

Thanks Jim and good afternoon. Today the company filed its form 10-Q for the quarter-ended June 30, 2020 with the Securities and Exchange Commission. As always I recommend you read this filing in its entirety. Before I get into the details for the quarter, I would like to highlight an important transaction which occurred subsequent to the second quarter. On July 29, 2020 the company received conversion notices from holders of the company's 5% secured convertible notes due 2021 exercising their rights to convert an aggregate of $95 million of principal amount of the notes into shares of the company's common stock. The company's delivery of the conversion shares and its payment of the accrued interest satisfies the company's obligations under the notes. The remaining outstanding principal amounts of the notes is $5 million. Additionally I would like to make a few comments regarding the COVID-19 pandemic impacts. The COVID-19 pandemic did have a negative impact on our second quarter sales volumes and collections of accounts receivable. The conversion of accounts receivable to cash is taking longer and collection risk has increased since before the pandemic. The percentage of past due amounts in accounts receivable has doubled when compared to the prior year. The company has been able to maintain our operations to serve our customers and adapt to the changes in their businesses. We anticipate that sales volumes will improve in the third quarter as global recovery continues. I will now share further details on the full company results, operational EBITDA and cash flow for the second quarter and first half of 2020. On slide 6, for the second quarter of 2020 we reported revenues of $213 million compared to $307 million in the prior year quarter for decline of $94 million. On a U.S. GAAP basis we reported…

I am extremely proud of Kodak and our ability to navigate the past few months. Despite the challenges from the pandemic we continue to innovate and move our business forward. The six recent products announced the most products introduced by Kodak in several years highlights our commitment to R&D and represents important steps towards restoring Kodak to its rightful place at the forefront of print. By doubling down on digital and inkjet Kodak is well-positioned to capture the opportunity with accelerated shift to digital print that the world is now experiencing. Thank you for your time today. We look forward to speaking with you again next quarter.

Ladies and gentlemen this concludes today's conference call. Thank you for participating and you may now disconnect. End of Q&A: