“Eastman Kodak Co. said Wednesday its fourth-quarter net income tumbled 95 percent as results were undermined by weaker camera revenue, sharply lower royalties from digital-imaging inventions and a large gain a year earlier,” Ben Dobbin reports for The Associated Press.
“The photography and printing company missed Wall Street expectations, earning $22 million, or 8 cents a share, in the October-December period. That compares with a profit of $443 million, or $1.40 a share, a year earlier when results were swelled by $421 million in licensing and royalty revenue,” Dobbin reports. “Sales sank 25 percent to $1.93 billion. Excluding items, Kodak says it lost $99 million, or 37 cents per share. Analysts polled by FactSet expected Kodak to earn 5 cents per share on higher sales of $2.09 billion.”
Dobbin reports, “Kodak is relying on leaner costs to see it through its transition into a digital imaging powerhouse. It has chopped almost 50,000 jobs since 2002 and its work force of 20,300 is its smallest since the 1930s. After a $3.4 billion turnaround from 2004 to 2007, its momentum was stalled by the recession.”
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