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Kodak Posts $114M Loss

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ROCHESTER, N.Y., May 1, 2008 -- Eastman Kodak Co. today reported a first-quarter loss of $114 million, or 40 cents a share, on sales of $2.09 billion. Total sales were up slightly -- one percent -- from the first quarter of 2007, and losses improved from the $175 million, or 61 cents a share, posted one year ago.

Kodak said its digital revenue was up 10 percent to $1.36 billion, while its traditional film-based revenues continued to decline, down 13 percent to $724 million, compared to $830 million a year ago. The company has posted profits in four of the last six quarters as it continues to make the transition from film to digital photography (See: Kodak Q4 Profits Rise). 

"Our first-quarter results are very much in line with our expectations, which included forecasted seasonality, and provide an early indication that Kodak is on a growth track," said Antonio M. Perez, chairman and CEO, Eastman Kodak. "We delivered strong performance across our major digital businesses, reinforcing our confidence in achieving our revenue, earnings and cash goals for the year."

The company's gross profit margin decreased from 20.6 percent a year ago to 20.3 percent, primarily due to increases in silver, aluminum and other raw material costs, as well as continued investment in its consumer ink-jet business, Kodak said.

Digital cameras and picture frames increased Consumer Digital Imaging Group sales for the quarter by 20 percent, to $554 million, over a year ago, but losses for the segment increased from $75 million in 2007 to $111 million. Kodak said the increased loss was driven by planned investment in the ink-jet business.

Sales in the Graphic Communications Group were $812 million, up four percent from a year ago, but the segment posted a loss of $1 million, compared to earnings of $9 million in 2007, primarily because of increased raw material costs and research and development costs for its ink-jet printing business, Kodak said.

The company said it expects total revenue for 2008 will be up as much as 2 percent, digital revenues to increase by seven to 10 percent and earnings from continuing operations in the range of $250 million to $275 million.

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May 2008
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