Kodak lost a total of $206 million in the last quarter of 2001. This is a net loss of 71 cents per share for that period. Sales dropped 6% dragged down by a 10% drop in film sales. "Our strategy during this difficult economic year has been to strengthen our balance sheet so that the company will be in a better financial position once the recovery begins,'' said chief executive Dan Carp.
Kodak Loses $206M in 4th Quarter
ROCHESTER, N.Y. (AP) - Eastman Kodak Co., struggling to reverse a 15-month plunge in film sales, lost $206 million in the fourth quarter but still narrowly exceeded Wall Street forecasts.
The world's biggest photography company also warned Thursday that the weakened U.S. economy could depress its profits throughout this year.
The net loss of 71 cents a share for the October-December period compares with a profit of $194 million, or 66 cents a share, in the year-ago quarter.
Sales dropped 6 percent to $3.36 billion from $3.56 billion, dragged down by a 10 percent drop in film sales.
Excluding restructuring and other one-time charges of $262 million and a $20 million tax credit, earnings totaled $36 million, or 12 cents a share. That was a penny a share better than the 11 cents a share that analysts surveyed by Thomson Financial/First Call expected.
Kodak largely blamed its woes on a downturn in the U.S. economy.
"Our strategy during this difficult economic year has been to strengthen our balance sheet so that the company will be in a better financial position once the recovery begins,'' said chief executive Dan Carp.
The company warned in October that deepening economic conditions would push down fourth-quarter profits. It predicted earnings from operations would not exceed 15 cents a share, compared with $1.27 in last year's fourth quarter.
In this year's first quarter, Kodak expects profits to fall to 5 cents to 15 cents a share, compared with 54 cents in the first quarter of 2001. Projected second-quarter earnings were set at 60 cents to 70 cents and full-year profits expected to range from $2 to $2.60.
The consensus forecast by analysts surveyed by Thomson Financial/First Call was for earnings per share of 23 cents for the first quarter, 81 cents for the second quarter and $2.41 for the full year 2002.
In Kodak's remodeled photography division, which incorporates consumer film, cameras and photofinishing as well as professional and new-wave digital imaging, sales dropped 8 percent to $2.38 billion in the quarter.
Sales of film to dealers both in the United States and worldwide fell 10 percent, while industry sales of film in the United States dropped only 3 percent in the same period. However, Kodak said its U.S. market share for consumer film remained steady for the fourth straight year.
Kodak controls about two-third of the U.S. market, but falling prices have pinched profits.
Heightened competition pushed sales of X-ray film and other health imaging products down 3 percent to $570 million, while sales of inkjet printers and other commercial imaging goods rose 5 percent to $386 million.
Kodak targeted 7,200 job cuts in 2001, reducing its worldwide payroll to 75,100 at the end of the year.
For all of 2001, Kodak earned $76 million, or 26 cents a share, down sharply from $1.4 billion, or $4.59 a share. Sales totaled $13.23 billion, down 5 percent from $13.99 billion in 2000.
Employment at Kodak peaked at 145,300 in 1988 but the company began whittling itself down in the 1990s by casting off health-care and chemical businesses and renewing its focus on photography. In 1997, caught off-guard when Japanese archrival Fuji Photo Film Co. slashed film prices, Kodak cut nearly 20,000 jobs.
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