Eastman Kodak Company reported second-quarter earnings from continuing operations of $200 million, or $0.66 per share, on sales of $2.485 billion. Kodak’s revenue from digital businesses rose 10% to $1.636 billion, driven by strong year-over-year increases in most of its digital businesses.
For the second quarter of 2008:
•Sales totaled $2.485 billion, an increase of 1% from $2.468 billion in the second quarter of 2007. Revenue from digital businesses totaled $1.636 billion, a 10% increase from $1.487 billion in the prior-year quarter. Film, Photofinishing, and Entertainment Group revenue totaled $847 million, a 14% decline from $980 million in the second quarter of 2007.
•The company’s second-quarter earnings from continuing
operations, before interest expense, other income, net, and income taxes improved by $207 million to $18 million, compared with a loss on the same basis of $189 million in the year-ago quarter.
On the basis of U.S. generally accepted accounting principles, the company reported second-quarter earnings from continuing operations of $200 million, or $0.66 per share, compared with a loss on the same basis of $154 million, or $0.53 per share, in the year-ago period. Items of net benefit that impacted comparability in the second quarter of 2008 totaled $245 million after tax, or $0.79 per share.
The most significant item included a $270 million gain, or $0.88 per share, from interest earned on a tax settlement with the U.S. Internal Revenue Service, partially offset by other items of net expense totaling $0.09 per share. Items of net expense that impacted comparability in the prior-year quarter totaled $266 million after tax, or $0.92 per share, primarily due to restructuring charges, partially offset by gains on sales of assets and businesses.
Satinder /ITvoir Network