Kodak Reports Q1 Results Improved Significantly Year-Over-Year
• Film, Photofinishing and Entertainment Group first-quarter sales were $431 million, a 14% decline from the year-ago quarter, consistent with continuing secular declines. First-quarter earnings from operations for the segment were $16 million, compared with earnings of $8 million in the year-ago period. The increase in earnings was driven by cost reductions across the segment and favorable foreign exchange, partially offset by increased raw material costs and industry-related declines in volumes.
For 2010, on a continuing operations basis, Kodak is targeting the following financial results:
• Segment earnings from operations of $350 million to $450 million on total company revenue of between $7.5 billion to $7.7 billion. This equates to GAAP earnings from continuing operations before interest expense, other income (charges), net and income taxes of $275 million to $375 million;
• 2010 GAAP earnings from continuing operations in the range of negative $150 million to negative $50 million, including the impact of the $102 million net charge for early extinguishment of debt, related to the company’s recent financing transactions;
• Digital revenue growth of 5% to 9%, and overall revenue growth of 0% to 1%;
• Positive cash generation before restructuring payments, and, on a GAAP basis, net cash provided by continuing operations from operating activities of $50 million to $150 million;
• A year-end cash balance of $1.8 billion to $2.0 billion, after taking into account all cash actions, including modest debt payments due during 2010.
Form 10-Q and Conference Call Information
The Management Discussion & Analysis document is included as part of the company's Form 10-Q filing. You may access this document one of two ways:
1. Visit Kodak's Investor Center page at: www.kodak.com/go/invest and click on SEC filings
2. Visit the U.S. Securities and Exchange Commission EDGAR website at: www.sec.gov/edgar.shtml and access Eastman Kodak under Company Filings