KODAK’S FIFTH STRAIGHT Q. LOSS

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KODAK’S FIFTH STRAIGHT Q. LOSS

 user 2006-01-31 at 11:20:00 am Views: 59
  • #13916

    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.