http://www.msnbc.msn.com/id/8639976
QUOTE
Kodak posts quarterly loss, sets more job cuts
Photographic firm to cut up to 10,000 more jobs than previously reported
The Associated Press
Updated: 7:33 a.m. ET July 20, 2005
ROCHESTER, N.Y. - Eastman Kodak Co. said Wednesday it will cut as many as 10,000 jobs in addition to the 15,000 already announced as the photographic products company announced it swung to a loss in the second quarter from a year-ago profit.
Eastman Kodak’s quarterly loss totaled $146 million, or 51 cents per share, compared with earnings of $136 million, or 46 cents per share, a year ago. Revenue grew 6 percent to $3.69 billion from $3.46 billion last year.
Excluding restructuring charges, research and development costs and an asset impairment charge from an investment in Lucky Film, Kodak would have posted earnings from continuing operations of 53 cents per share in the latest quarter.
As part of the effort to accelerate its digital transformation and to respond to a faster-than-expected decline in consumer film sales, Kodak said it will extend the restructuring activity originally announced in January 2004, in which the company set plans to reduce employment worldwide by as many as 15,000 positions.
Kodak now plans to cut 22,500 to 25,000 jobs, and reduce its traditional manufacturing infrastructure to about $1 billion, compared with $2.9 billion in January 2004. The restructuring is expected to be largely completed by the middle of 2007.
Photographic firm to cut up to 10,000 more jobs than previously reported
The Associated Press
Updated: 7:33 a.m. ET July 20, 2005
ROCHESTER, N.Y. - Eastman Kodak Co. said Wednesday it will cut as many as 10,000 jobs in addition to the 15,000 already announced as the photographic products company announced it swung to a loss in the second quarter from a year-ago profit.
Eastman Kodak’s quarterly loss totaled $146 million, or 51 cents per share, compared with earnings of $136 million, or 46 cents per share, a year ago. Revenue grew 6 percent to $3.69 billion from $3.46 billion last year.
Excluding restructuring charges, research and development costs and an asset impairment charge from an investment in Lucky Film, Kodak would have posted earnings from continuing operations of 53 cents per share in the latest quarter.
As part of the effort to accelerate its digital transformation and to respond to a faster-than-expected decline in consumer film sales, Kodak said it will extend the restructuring activity originally announced in January 2004, in which the company set plans to reduce employment worldwide by as many as 15,000 positions.
Kodak now plans to cut 22,500 to 25,000 jobs, and reduce its traditional manufacturing infrastructure to about $1 billion, compared with $2.9 billion in January 2004. The restructuring is expected to be largely completed by the middle of 2007.