|
Eastman Kodak Company today reported a preliminary fourth-quarter net loss of 4 cents per share and a revenue increase of 3%. While charges for restructuring generated the loss, rising demand for the company's digital portfolio more than offset reduced sales of some traditional products and services. Kodak's reported net loss for the quarter included a loss from continuing operations of 6 cents per share, slightly offset by income from discontinued operations of 2 cents per share. The company recorded non-operational charges and gains in the quarter that reduced earnings from continuing operations, on a net basis, by 88 cents per share, primarily reflecting the focused cost reductions announced in January 2004. In addition, the adoption of new rules related to the effect of contingently convertible debt on diluted earnings per share reduced earnings from continuing operations by 4 cents in the quarter. By removing the charges and gains from the calculation of earnings from continuing operations, and adjusting for the new earnings per share rules as they relate to contingently convertible debt, Kodak had operational earnings per share of 78 cents in the fourth quarter.
Results are preliminary because, during the course of the year-end closing process, errors were discovered relating to the company's accounting for income taxes. Working in conjunction with its independent registered public accounting firm, PricewaterhouseCoopers, the company is in the process of determining the magnitude of these errors. Although they have no bearing on the company's revenue, cash flow or its earnings before taxes, the errors may affect the company's after-tax income.
|
|
|
