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May-01-2008Eastman Kodak narrows first-quarter loss(topic overview)
CONTENTS:
- Net worldwide sales for Entertainment Imaging decreased 10%, reflecting the effects of the writers' strike. (More...)
- After accumulating more than $2 billion in net losses over three years, Kodak has posted net profits in four of the last six quarters. (More...)
- Tokyo-based Canon Inc. (NYSE: CAJ ) also has a venerable history, founded in 1937 as a camera maker. (More...)
- ROCHESTER, N.Y. (AP) - The company whose name is synonomous with photography says it narrowed its first-quarter loss to $115 million as it goes after a bigger share of the digital photography market. (More...)
- The share price has fallen 17.88% in the past year, 10.97% since the beginning of the year. (More...)
- Kodak used $764 million in cash, or $311 million more than in the year-earlier quarter. (More...)
- In the third quarter of 2007, the company revised the employment reduction plan to a range of 27,000-28,000 positions, expecting total charges between $3.4 billion and $3.6 billion. (More...)
- Debt rose to $1.61 billion as of March 31 from $1.6 billion at the end of 2007. (More...)
- The company's stock is currently down more than 3% in Thursday's pre-market trading. (More...)
- Demand slowed as film and television production was halted by the Writers Guild of America strike, and higher material costs cut into earnings. (More...)
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Net worldwide sales for Entertainment Imaging decreased 10%, reflecting the effects of the writers' strike. Earnings from operations for the segment declined to $26 million from $30 million in the year-ago period, reflecting impacts from increased silver and other raw material costs, decreased sales volume of photographic film and paper, and the effects of the Hollywood writers' strike, offset by lower SG&A; costs as well as lower depreciation expenses related to the company's change in useful life assumptions regarding its traditional manufacturing assets. For fiscal year 2008, Kodak maintained its forecast for GAAP earnings from continuing operations in a range of $250 million-$275 million, including pre-tax charges in a range of $60 million-$80 million for rationalization and carryover restructuring costs. The company reiterated its outlook for revenue growth in a range of 0-2% and digital revenue growth in a range of 7% to 10%. [1] Sales reached $2.09 billion, up 1 percent from the first quarter in 2007. Kodak's digital sales grew 10 percent vs. the year-ago quarter to $1.37 billion, while revenue from its traditional business declined by 13 percent to $724 million. The company's gross profit margin slipped from 20.6 percent in Q1 2007 to 20.3 percent in Q1 2008 thanks to higher materials costs and investment in its consumer inkjet business, Kodak said.[2] Revenues for the digital side of the business grew by 10 percent, to $1.37 billion. Kodak said sales of digital cameras and digital picture frames were up, while its commercial digital printing business has been hit with higher aluminum costs and sizable research and development expenses. The traditional film side of the business continued its long slide, with revenues of $724 million, a 13 percent drop. Aside from the ongoing erosion of photo film and paper sales, Kodak said increased materials costs and the Hollywood writers' strike also hurt sales.[3]
Digital sales rose 10 percent to $1.366 billion from $1.245 billion a year earlier, while traditional film-based revenue slumped 13 percent to $724 million from $830 million. "They're obviously investing heavily in some of their growth initiatives like inkjet, but they're not able to squeeze enough costs out of the business to offset that," cautioned analyst Shannon Cross of Cross Research in Short Hills, N.J. "I think there will need to be more restructurings at some point — presumably smaller (ones) because they've had such massive ones."[4]
The first quarter is typically slow for Kodak post-Christmas. Overall, earnings were down 40 cents per share, but sales were up one percent compared to the first quarter of 2007, and in digital business, which Kodak is really focusing on, revenue totaled $1.3 billion, a ten percent increase over last year at this time.[5] The photography products maker said it earned the equivalent of 40 cents a share in the quarter, compared with a loss of $151 million, or 53 cents a share, a year earlier. Its sales rose one per cent to $2.093 billion from $2.08 billion.[6] NEW YORK (Reuters) - Photography company Eastman Kodak Co (EK.N: Quote, Profile, Research ) on Thursday said its quarterly loss narrowed as improved digital cameras sales helped offset higher costs for raw materials and the roll-out of it printer strategy. Kodak said its loss was $114 million, or 40 cents a share, compared with a year-earlier loss of $175 million, or 61 cents a share.[7] While sales of some key products, such as digital cameras, are up, so too are raw material costs and the money Eastman Kodak Co. has to spend on its new consumer inkjet printers. Those reasons were cited today by Chief Executive Antonio Perez for why the company inched closer to ' but still remained short of ' profitability for the first three months of 2008.[3]
"The consumer is going to be a little tapped out of money for discretionary spending.'' Revenue from consumer digital products, including cameras, printers and picture frames, rose 20 percent to $544 million, even as the unit's loss widened to $111 million from $75 million a year earlier. Kodak is investing in its inkjet printers, which cost more than similar devices yet use cheaper toner cartridges, and announced a new model and retail partnerships last month.[8] Analyst Shannon Cross called the margins "the lowest level seen historically" and noted that commodity prices played a large part, particularly at Kodak's commercial printing unit, which reported an operating loss of $1 million even as sales rose 4 percent. "Their commercial print business. has never had a loss -- that was supposed to be one of the crown jewels," she said. "Its commodities (that hurt it) and investment in their new inkjet business, and they weren't able to offset it." The raw materials are used in the making of such Kodak products as traditional film and plates for commercial printers.[9] Kodak's consumer digital imaging group sales rose 20 percent vs. the previous year's quarter to $554 million, but lost $111 million vs. a year-ago loss of $75 million. Kodak attributed the loss to its "planned investment in the consumer inkjet business."[2] Loss from operations for the segment widened to $111 million from $75 million in the year-ago period, on account of the planned investment by the company in the consumer inkjet business, partially offset by continued earnings improvement in digital cameras and digital picture frames. The company's GCG segment posted a 4% increase in its quarterly sales to $812 million from $783 million in the same quarter last year.[1] 'The increased loss was driven by planned investment in the consumer inkjet business, partially offset by continued earnings improvement in digital cameras and digital picture frames,' said the company in a statement. The firm more than halved its overall first quarter loss from continuing operations, cutting it from $186m in 2007 to $81m this year, before interest and taxes.[10]
Sales in consumer digital imaging jumped 20 percent to $554 million, propelled by digital cameras and picture frames. The division recorded an operating loss of $111 million, versus a loss of $75 million a year earlier, as it invested in its fledgling consumer inkjet printer business.[4]
The CDG segment generated quarterly sales of $554 million, up 20% from $462 million in the prior-year quarter, due primarily to increases in Digital Capture and Devices as well as Consumer Inkjet systems.[1] Analysts expected revenues of $2.03 billion for the quarter. The company attributed the increase in net sales for the quarter to foreign exchange and volume increases in both its Consumer Digital Imaging segment, or CDG, and Graphics Communications Group segment, or GCG, partly offset by industry-related volume declines within Film, Photofinishing and Entertainment Group, or FPEG, and unfavorable price/mix within CDG and GCG.[1] The photo and imaging company saw a net loss of $115 million, or 40 cents a share, for the quarter, a $36 million improvement over a $151 million loss, or 61 cents a share, it posted in the first quarter of 2007. Perez said one of the biggest drivers of that improvement was lower restructuring costs ' the billions the company has spent on severance packages and other expenses related to its transition from a film to a digital company.[3] Hit by carry-over restructuring charges after navigating a four-year digital overhaul, the photography products maker lost the equivalent of 40 cents a share in the January-March quarter, compared with a loss of $151 million, or 53 cents a share, a year earlier.[4] Kodak, the top maker of photographic film, has completed the major elements of an expensive transformation into a smaller company that focuses on digital photography products and services. It reported a first-quarter loss of $114 million, or 40 cents a share, compared with a loss of $175 million, or 61 cents a share, a year earlier.[9]
The company reported a first-quarter loss from continuing operations of $114 million, or 40 cents per share, compared with a loss of $175 million, or 61 cents per share, for the same time last year.[11] Loss from discontinued operations for the quarter, net of income tax, was $1 million, compared to earnings from discontinued operations of $24 million, or $0.08 per share, a year ago.[1]
The Rochester, New York-based company's net loss for the first quarter narrowed to $115 million, or $0.40 per share, from $151 million, or $0.53 per share in the previous-year quarter.[1] Net income in 2008 and 2007 includes gains from the dissolution of cable partnerships. Excluding these one-time gains in both periods, adjusted net income for the first quarter of 2008 increased to $588 million, or $0.19 per share from $537 million or $0.17 per share in the first quarter of 2007.[12]
On average, 20 analysts polled by First Call/Thomson Financial expected earnings of $0.19 per share for the first quarter.[12] On average, seven analysts polled by First Call/Thomson Financial expected the company to report a loss of $0.04 per share for the quarter.[1]
Analysts polled by Thomson Financial expected, on average, a loss of three cents per share on $2.037 billion in revenue.[6] Analysts polled by Thomson Financial expected, on average, a loss of 3 cents a share on $2.037 billion in revenue. Its shares fell 94 cents, or 5.2 percent, to $16.95 in morning trading.[4]
BOSTON (Thomson Financial) - Eastman Kodak Co. Thursday reported a first-quarter loss from continuing operations of $114 million, or 40 cents a share, wider than the mean estimate of analysts polled by Thomson Reuters for a loss of 4 cents a share.[13] Rochester, New York-based Eastman Kodak says it lost the equivalent of 40 cents a share, compared with a loss of $151 million, or 53 cents a share, during the same time a year ago.[14] The net loss narrowed to $115 million, or 40 cents a share, from $151 million, or 53 cents, a year earlier, the Rochester, New York-based company said today in a statement.[8]
In the same period a year ago, the company posted a loss from continuing operations of $175 million, or 61 cents a share.[13]
For the first quarter, the Rochester region's third-largest employer and largest manufacturer reported revenues of $2.09 billion, up $13 million from the same span a year ago. If operations that Kodak has sold in the past year ' such as its medical imaging operation, which now is Carestream Health ' are factored out, the company's overall revenues went up $61 million.[3] Revenue from digital businesses improved 10 percent from last year'''s first quarter to total almost $1.4 billion. Watch 13WHAM News at Midday, 5, 6, and 11 or check back at this Web site for more information on this story.[11] Total sales of just over $2 billion for the first quarter of 2008 show a 1 percent increase than in the same time last year.[11]
Eastman Kodak's digital business sales revenue jumped 10% during the first three months of 2008, compared to the same quarter last year, according to figures released today.[10] Total digital revenue generated to 31 March was $1.366 billion, while traditional sales totalled $724m ' a drop of 13%. Though Kodak's Consumer Digital lmaging Group sales grew 20% to $554m, losses from this group's operations rose 48% to $111m. A year ago they stood at $75m.[10] Digital sales rose 10% year over year to 1.366 billion, while traditional film-based revenue slumped 13% to $724 million.[14]
Kodak fell $1.07, or 6 percent, to $16.82 at 9:57 a.m. in New York Stock Exchange composite trading, the biggest decline since Jan. 15. It lost 28 percent in the 12 months before today. The company reaffirmed its full-year forecast for sales growth of as much as 2 percent, or about $10.5 billion, with digital revenue gaining 7 percent to 10 percent.[8] The world's top maker of photographic film, which says it has completed the major elements of a lengthy and expensive transformation into a smaller company that focuses on digital photography products and services, said total revenue rose 1 percent to $2.09 billion.[7] Helped by currency translation gains, sales rose 1% to $2.09 billion as growing digital businesses overcame the continuing decline in film during the quarter, when consumer photography sales are seasonally weak. Kodak chief executive Antonio Perez said that the results were "very much in line with our expectations," and said they suggest.[15] Sales rose less than 1 percent to $2.09 billion, meeting analysts' estimates. "It was not a particularly good quarter,'' said Shannon Cross, an analyst with Cross Research in Livingston, New Jersey. She has a "sell'' rating on the stock.[8]
Kodak said revenue rose 1 percent to $2.09 billion, while gross profit margin slipped to 20.3 percent from 20.6 percent in the year-ago period, on significant increases in silver, aluminum and other raw materials costs.[9] Kodak attributed the decline mainly to higher aluminum costs and inkjet research costs. Late this month, the company is aiming to shake up the commercial market with a 2,000-page-a-minute, highly customizable inkjet machine that delivers offset-print quality. Sales in its film and photofinishing unit fell 13 percent to $724 million, partly reflecting higher prices for silver and other raw material costs and the impact of the Hollywood writers' strike.[4]
The company's margins for the quarter were negatively impacted by an increase in silver, aluminum and other raw material costs, and continued investment in the consumer inkjet business. For fiscal year 2008, the company reiterated its outlook for earnings and revenue growth.[1] Gross profit margin for the quarter declined to 20.3% from 20.6% in the year-ago period, due to year-over-year increase in silver, aluminum and other raw material costs, and continued investment in the consumer inkjet business.[1]
After accumulating more than $2 billion in net losses over three years, Kodak has posted net profits in four of the last six quarters. Converting the bulk of its business from high-profit film to more highly competitive digital technology cost Kodak $3.4 billion from 2004 through 2007. It chopped its work force from 64,000 to 26,900, eliminating 4,275 jobs in 2007 alone and selling a health-imaging unit that employed 8,100 people. [4] Perez concluded a $3.4 billion plan in December to transform Kodak into a digital imaging company. He has said restructuring costs may reach $150 million this year.[8] Eastman Kodak Inc. reported a narrowed first quarter loss without major restructuring charges for the first time in years, but results trailed expectations due to rising costs of silver and aluminum used in the company's film and printing-plate operations.[15] Eastman Kodak expects earnings from continuing operations of $250 million to $275 million, including pretax charges of $60 million to $80 million for rationalization and carryover restructuring costs.[13]
Eastman Kodak Co. said Thursday its loss narrowed to $115 million U.S. in the first quarter as it chased a bigger stake in digital photography.[6] ROCHESTER, N.Y. (AP) — Eastman Kodak Co. said Thursday its first-quarter loss narrowed to $115 million as it battles for a bigger slice of digital photography. Its stock fell more than 5 percent.[4]
May 1 (Bloomberg) -- Eastman Kodak Co., the world's largest photography company, posted a first-quarter loss that trailed analysts' estimates as its push into digital cameras and inkjet printers added to research and material costs.[8] NEW YORK (Reuters) - Eastman Kodak Co (EK.N: Quote, Profile, Research ) posted a bigger-than-expected quarterly loss on Thursday as higher silver and aluminum costs and increased spending on its inkjet printer business weighed on margins.[9]
Analysts, on average, had estimated revenue of $2.03 billion. Eastman Kodak (nyse: EK - news - people ) said revenue from its digital businesses rose 10% to $1.37 billion, driven by strong year-over-year increases in most of its digital businesses. Eastman Kodak affirmed its 2008 guidance of total revenue as flat to 2% higher.[13] Kodak's digital revenue totaled $1.37 billion, a 10% increase from $1.25 billion in the prior-year quarter, driven by strong year-over-year increases in all key digital businesses.[1]
Analysts expect the company to report earnings of $0.88 per share on revenues of $10.24 billion for the year.[1] In January Kodak said it entered technology cross-license agreements with Matsushita Electric Industrial Co., parent of the Panasonic brand, and Victor Co. of Japan Ltd., which is also known as JVC. ANALYST TAKE: In a recent investor note, Lehman Brothers analyst Caroline Sabbagha predicted Kodak will report an adjusted loss of 6 cents per share and a 5 percent decline in revenue due to weakness in its film, photofinishing and entertainment group.[16]
Loss from continuing operations for the latest quarter narrowed to $114 million, or $0.40 per share, from $175 million, or $0.61 per share in the year-ago quarter.[1] Items of net expense that impacted comparability in the year-ago quarter totaled $95 million after tax, or $0.33 per share, primarily due to restructuring charges, partially offset by a foreign tax reversal.[1] Excluding special items, adjusted net income for the quarter was $62.1 million or $0.55 per share, up from $37.3 million or $0.34 per share in last year quarter.[12] Items of net expense that impacted comparability in the latest quarter totaled $2 million after tax, or $0.01 per share.[1]
The most significant items included curtailment gains resulting from previous restructuring actions of $0.03 per share, and gains on asset sales of $0.03 per share, offset by discrete tax provision items and a legal settlement charge, together totaling $0.07 per share.[1] Excluding restructuring charges and a gain from a legal settlement, Kodak's loss of 39 cents a share compared with 28 cents a year earlier.[8]
During the first quarter of fiscal year 2008, Kodak made cash payments of approximately $60 million related to restructuring. Of this amount, $50 million was paid out of restructuring reserves, while $10 million was paid out of reserves for pension and other postretirement liabilities.[1] Net revenue for the first quarter was $626.9 million, lower than $671.6 million in the year-ago period.[12] The company's traditional revenue fell 13% to $724 million from $830 million in the prior-year period. Other revenue for the quarter totaled $3 million, compared to $5 million a year ago.[1] Loss from operations for the segment was $1 million for the quarter, compared to income from operations of $9 million in the same period last year.[1] The loss from operations was $1 million, compared with a profit of $9 million a year earlier, as silver and aluminum costs rose.[8] Graphic communications sales rose 4 percent to $812 million but operating losses came to $1 million, compared with a profit of $9 million a year earlier.[4] Sales in the traditional film business fell 13 percent to $724 million, and profit declined by the same percentage, to $26 million.[8]
The FPEG segment reported a 13% decline in sales for the quarter to $724 million from $830 million in the year-ago quarter.[1] Quarterly sales declined to $41.09 million from $42.88 million in the same quarter a year ago.[12] Sales for the period were $2.093 billion, up from $2.080 billion in the prior year quarter.[12] Kodak's quarterly net sales improved 1% to $2.09 billion from $2.08 billion in the prior-year quarter.[1] OVERVIEW: The quarter was Kodak's first since it completed a major multiyear overhaul that included cutting more than 27,000 jobs, letting go of major operations and investing billions in becoming competitive in electronic imaging. During the quarter, Kodak said it plans to put increasing pressure on printer market behemoth Hewlett-Packard in the home inkjet-printer market, possibly tripling sales of its photo printers _ which use inexpensive ink cartridges _ this year.[16]
Through 2011, Kodak has said it expects revenues to rise 5 percent a year, driven by a 10 percent to 12 percent annual rise in digital sales.[4] The analyst expects the company's digital revenue will rise 6 percent in the quarter due to growth in digital capture and digital printing revenue.[16] For 2008, the company is continuing to forecast revenue growth of no more than 2 percent, and digital revenue growth of 7 percent to 10 percent.[3] Looking forward, for the full-year 2008, the company said it still expects total revenue growth in the range of 0% to 2% and digital revenue growth in the range of 7% to 10%.[12]
Sales of Enterprise Solutions increased 10% on revenue growth from portal and production workflow software products.[1]
Net sales of Digital products surged 30% in the quarter, reflecting higher digital camera volumes, sales of digital picture frames and favorable exchange, partially offset by negative price/mix.[1] Net worldwide sales of Consumer inkjet systems increased, reflecting the launch of a product line at the end of the year-ago quarter.[1]
Tokyo-based Canon Inc. (NYSE: CAJ ) also has a venerable history, founded in 1937 as a camera maker. These days, the company has a high profile in the consumer market for cameras and computer printers, but most of the company's revenue comes from the office products division, especially for analog and digital copiers, fax machines, and scanners. [17] The biggest problem with Kodak, and many former giant of America, is that they only invest for short term profit. Canon, Nikon, have their hands in many different industry like semiconductor lithography, photo copiers, printers, and have invested heavily in the latest R&D.; Kodak on the other hand, started late on the digital camera game because they don't want to reduce the film and photo development revenue. The same for Fuji and as a result, both of them are now at the bottom of digital camera technologies.[17]
Total revenue for the Rochester, N.Y. -based film and camera manufacturer rose 1% to $2.09 billion from $2.08 billion a year earlier.[13] Canon reported $38.2 billion revenue last year and has a market cap of 67 billion.[17]
Quarterly revenues grew to $56.38 million from $15.79 million in the same quarter a year ago.[12] On a pro forma basis, consolidated Revenue increased 10% to $8.4 billion in the first quarter of 2008.[12] Kodak, on the other hand, reported revenue of $10.3 billion and has a market cap of $5.6 billion.[17] Seventeen Wall Street analysts' consensus revenue estimate came in at $8.17 billion.[12] Analysts, on average, project revenue of $10.4 billion. "I don't think they'll be able to pull out any magic,'' Rusty Robinson, president of Brentwood, Tennessee-based Robinson Investment Group, said before the report.[8]
ROCHESTER, N.Y. (AP) - The company whose name is synonomous with photography says it narrowed its first-quarter loss to $115 million as it goes after a bigger share of the digital photography market. [14] Rochester, N.Y. -- Kodak reported a first-quarter loss of $114 million today. The imaging firm narrowed its loss from the year-ago quarter when it posted a $175 million loss.[2] Selling, general and administrative expenses for the quarter declined to $385 million from $394 million in the year-ago quarter, reflecting the company's continued focus on controlling costs.[1] Curtailment gains in the quarter were $10 million compared to restructuring costs of $85 million in the prior-year period.[1]
Research and development costs declined to $140 million from $141 million a year ago.[1]
Excluding one-time items totaling $2 million, or 1 cent a share, operating losses came to $112 million, or 39 cents a share.[4] Excluding special items, the company's lost 39 cents a share, far more than the loss of 6 cents a share expected by Wall Street analysts, according to Reuters Estimates.[9] Excluding special items, the loss was 39 cents a share, wider than the 4- cent average of eight estimates in a Bloomberg analyst survey.[8]
The share price has fallen 17.88% in the past year, 10.97% since the beginning of the year. What do consumers prefer? Well, in a recent list of the top ten most popular digital cameras, four of them were Canon PowerShot cameras, but just one was a Kodak EasyShare. [17] The original camera business makes digital cameras, camcorders, liquid-crystal display projectors, lenses, and binoculars. One significant difference between these two imaging giants: while Kodak has been called one of the worst corporate polluters in the United States, Canon once topped a list climate friendly companies. Another difference is that in surveys by Thomson Financial, analysts recommend buying Canon, but holding Kodak (leaning toward sell).[17] Some of the results of that effort include the Kodak Smart Picture Frame, into which digital files are downloadable via a network connection. The Kodak Gallery is a website where users can upload photos into albums, print them out, and create mouse pads, calendars, and the like. In 2006 Kodak announced that Flextronics (NASDAQ: FLEX ) would manufacture and help design its digital cameras.[17]
In 2004, Kodak announced it would stop producing traditional film cameras, beginning a multiyear struggle to refocus on digital photography and printing.[17] Chief Executive Officer Antonio Perez, fresh from a four- year program that cut 28,000 jobs, wants to offer 50 percent more digital products than last year as customers spurn traditional film.[8] Let us know which brand you prefer, and check out other Battle of the Brands posts. Rochester, New York-based Eastman Kodak Co. (NYSE: EK ) was founded in 1892, and is well known for its wide range of photographic film products ; it remains to this day the largest supplier of photographic films in the world.[17] NEW YORK -- Eastman Kodak Co., which is the world's largest film manufacturer, reports earnings for the first quarter on Thursday.[16] No big surprises from Kodak as the company puts out its earnings report for the first quarter.[5]
Kodak used $764 million in cash, or $311 million more than in the year-earlier quarter. [8] The stock has traded in a 52-week range of $16.31 to $30.20. Kodak blamed the shortfall on higher-than-expected tax provisions and increased inkjet printer investments in both its consumer photography and commercial graphic communications businesses.[4] In 1999, Kodak entered into the consumer inkjet photo printers market in a joint venture with manufacturer Lexmark (NYSE: LXK ).[17]
Kodak increased spending to develop inkjet printers, and silver and aluminum costs climbed in the quarter.[8] The loss in the latest quarter was driven by higher aluminum costs and planned R&D; investment in the commercial inkjet printing business in advance of the industry's major show, DRUPA, slated for May 29-June 11.[1]
The loss followed three straight quarters of profit, Kodak's longest run since 2004.[8]
In the third quarter of 2007, the company revised the employment reduction plan to a range of 27,000-28,000 positions, expecting total charges between $3.4 billion and $3.6 billion. [1] The program, initially announced in January 2004, was expected to result in total charges of $1.3 billion-$1.7 billion over a three-year period ending in 2006. Subsequently, the company extended the program into 2007 and increased its expected employment reductions to 28,000 to 30,000 positions, with total charges projected in a range of $3.6 billion-$3.8 billion.[1]
Debt rose to $1.61 billion as of March 31 from $1.6 billion at the end of 2007. [8]
The graphic communications group, which makes equipment and supplies for professional print shops, posted sales of $812 million, up 4 percent.[8]
The company's stock is currently down more than 3% in Thursday's pre-market trading. The company completed its four-year restructuring program last year. [1] I have a Canon film camera that is 18 years old and takes wonderful pictures still. I will buy a Canon to replace this piece of junk Kodak.[17] Commenting on the results, Antonio Perez, Chairman and Chief Executive Officer of Eastman Kodak said, '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.[1]
Demand slowed as film and television production was halted by the Writers Guild of America strike, and higher material costs cut into earnings. [8]
SOURCES
1. Eastman Kodak Q1 Net Loss Narrows; Backs FY08 Outlook - Update [EK] - RTTNews, Today's Top Stories, Global Newswires, ToDay's Top News,Global Business news .
2. Kodak Reports Q1 Loss - 5/1/2008 7:52:00 AM - TWICE
3. Revenues up but Kodak still sees loss | democratandchronicle.com | Democrat and Chronicle
4. The Associated Press: Kodak posts narrower 1Q loss, sales edge up
5. www.whec.com - Kodak releases first quarter earnings
6. Kodak cuts loss as digital sales grow
7. Kodak quarterly loss narrows | Reuters
8. Bloomberg.com: Worldwide
9. Kodak posts wider-than-expected quarterly loss | Reuters
10. Kodak's digital sales jump 10% news - Amateur Photographer - news, camera reviews, lens reviews, camera equipment guides, photography courses, competitions, photography forums
11. Kodak Reports 1st Q Loss, But Much Improved from 2007 - 13WHAM.com
12. RTTNews - Quick facts Articles, Positive EPS Surprises, News Analysis, Earnings, Audio News.
13. Eastman Kodak reports narrower loss of 40c a share; affirms 2008 outlook - Forbes.com
14. KJCT8.com - Grand Junction, Montrose - Weather, News, Sports | Kodak posts narrower 1Q loss, sales edge up
15. Free Preview - WSJ.com
16. Earnings Preview: Eastman Kodak | Chron.com - Houston Chronicle
17. Battle of the Brands: Canon vs. Kodak - BloggingStocks
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