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 user 2005-11-24 at 10:11:00 am Views: 76
  • #13339

    Kodak Shares Jump After IRS Settlement
    N.Y.Nov 05 – Shares of Eastman Kodak Co. jumped more than 8 percent
    Wednesday, a day after the photography-equipment maker reached an
    income tax-refund settlement with the Internal Revenue Service that
    will boost its fourth-quarter earnings.
    Kodak’s shares, which hit a
    two-year low last month as it battles through a digital transformation,
    rose $1.87, or 8.4 percent, to close at $24.02 in trading. They rose
    another 8 cents in after-hours trading. The company was among the top
    percentage gainers on the New York Stock Exchange.
    The stock climbed as much as 13 percent at one point on more than double its average daily volume.
    a regulatory filing Tuesday, Kodak said it settled a tax dispute that
    will result in a fourth-quarter gain of $230 million to $260 million,
    or 80 cents to 90 cents a share. The company expects to obtain the
    refund either in December or early next year.
    Kodak said it also
    expects the IRS to reverse certain accruals related to an audit
    covering its taxes from 1993 to 1998. The accruals were established in
    1994 in connection with the sale of its pharmaceutical, consumer health
    and household products businesses, it said.
    On Oct. 19, Kodak posted
    its fourth quarterly loss in a row – which included $900 million in
    non-cash charges related to its huge overhaul – and its shares tumbled
    briefly to their lowest level since September 2003. They remains close
    to the lower end of a 52-week range of $20.77 to $35.19.
    surveyed by Thomson Financial expect on average that Kodak will earn 39
    cents a share in the fourth quarter on $4.15 billion in sales.
    this month, in a restatement to correct accounting errors, Kodak
    widened its third-quarter loss by $9 million to $3.61 a share from a
    previously reported loss of $3.58 a share.
    Kodak acknowledged in
    fall 2003 that its film-based businesses were in irreversible decline
    and outlined a strategy to become a digital front-runner in
    photography, health imaging and commercial printing by 2007.
    embarked on an almost $3 billion shopping spree but also began shutting
    film, paper and other raw-materials factories around the world. By
    2007, its work force could plummet to World War II levels of under
    50,000, down from 75,100 in 2001 and a peak of 145,300 in 1988.
    2008, Kodak expects 80 percent of revenue will come from digital, and
    overall sales will top $17 billion, up from $13.52 billion last year.

    Kodak’s IRS settlement to boost Q4

    2005 – Rochester (NY): Eastman Kodak has announced a settlement with
    the Internal Revenue Service that will lift its Q4 earnings by 80 to 90
    cents a share.
    The agreement concerns the audit of tax from 1993 to
    1998 and will provide a boost to Q4 earnings of between $230 million
    and $260 million, the company said in a US Securities and Exchange
    Commission filing.
    Kodak will also receive a refund of income taxes and interest of approximately $15 million to $25 million.