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Kodak’s Fifth Straight Q Loss
ROCHESTER, N.Y. Jan. 06 – Eastman Kodak Co., undergoing a bumpy transition to digital photography, reported its fifth consecutive quarterly loss on Monday but said that for the first time it generated more annual sales from digital imaging than from film-based photography.
Largely because of restructuring costs, Kodak lost $52 million, or 18 cents a share, in the October-December quarter, compared with a loss of $59 million, or 20 cents a share, a year ago.
Sales rose 12 percent to $4.197 billion, up from $3.76 billion in last year’s fourth quarter.
The company’s fourth-quarter loss from continuing operations, before interest, other income or charges and taxes was $162 million, compared with a loss of $236 million in the year-ago quarter.
Kodak reached an income tax-refund settlement with the Internal Revenue Service in November that boosted its fourth-quarter profit by $243 million, but it also racked up $283 million in after-tax restructuring charges.}
While stung once more by the rapid slide in film sales, Kodak found solace in its steady drive into the digital era. Its overall digital sales in the quarter surged 45 percent to $2.67 billion, while revenues from film, paper and other traditional, chemical-based businesses slumped 21 percent to $1.51 billion.
For all of 2005, digital sales accounted for 54 percent of total revenue, marking the first time in the company’s history that digital exceeded traditional sales.
In July, the 125-year-old company disclosed plans to lay off 10,000 employees on top of 12,000 to 15,000 job cuts targeted in January 2004.
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