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Kodak Reports 1st-Quarter Sales of $2.119 Billion5/4/2007
ROCHESTER, N.Y.,-- Eastman Kodak Company today reported a $172 million year-over-year improvement in results from continuing operations on lower year-over-year revenue, reflecting significant cost reduction efforts and lower restructuring charges. The company achieved a $48 million improvement in digital earnings for the quarter, driven by reduced selling, general and administrative expenses and improved profit margins in its Consumer Digital business.
Kodak also plans to expand its inkjet investment in 2007 in direct response to the strong demand created by its revolutionary inkjet product line announced in February.
On the basis of generally accepted accounting principles in the U.S. (GAAP), the company reported a first-quarter loss from continuing operations of $174 million, or $0.61 per share, compared with a loss of $346 million, or $1.21 per share in the year-ago period. Items that impacted comparability in the first quarter of 2007 totaled $76 million after tax, or $0.26 per share. The most significant items included a restructuring charge of $0.49 per share after tax, income of $0.20 per share after tax for the reversal of a foreign tax reserve, and income of $0.03 per share after tax from a property sale. In the first quarter of 2006, items that impacted comparability totaled $189 million after tax, or $0.66 per share, primarily reflecting restructuring costs.
For the first quarter of 2007:
Sales totaled $2.119 billion, a decrease of 8% from $2.292 billion in the first quarter of 2006. Digital revenue totaled $1.210 billion, a 3% decrease from $1.250 billion. Traditional revenue totaled $896 million, a 13% decline from $1.026 billion in the year-ago quarter. New Technologies revenue was $13 million in the first quarter, compared with $16 million in the year-ago period.
The company’s first-quarter loss from continuing operations, before interest, other income (charges), net, and income taxes was $188 million, compared with a loss of $324 million in the year-ago quarter.