Friday, February 3, 2006
Kodak's Digital Sales Overtake Film
Posted by Suhit Gupta in "NEWS" @ 10:00 AM
"Eastman Kodak Company today reported that revenue rose 12% in the fourth quarter, led by a 45% increase in the sale of digital products and services. The performance includes strong demand for the market-leading offerings from the company’s consumer digital portfolio and the successful completion of the company’s acquisition program to support its Graphic Communications business. For all of 2005, digital sales represented 54% of total revenue, marking the first time in the company’s history that digital revenue exceeded traditional. On the basis of generally accepted accounting principles in the U.S. (GAAP), the company reported a fourth-quarter loss of $52 million, or $0.18 per share. This largely stems from $283 million in after-tax restructuring charges, partially offset by the previously announced tax audit settlement between the company and the Internal Revenue Service that resulted in the reversal of certain tax accruals totaling $243 million."
Hmm, is this still news? It seems like most camera companies have already had this happen and now it looks like Kodak is among them. What is interesting is that the news came on the same day that Kodak reported that total losses for this year could top $1 billion, after the fifth consecutive quarter of losses - due mainly to the restructuring that the shift to digital required.
Hmm, is this still news? It seems like most camera companies have already had this happen and now it looks like Kodak is among them. What is interesting is that the news came on the same day that Kodak reported that total losses for this year could top $1 billion, after the fifth consecutive quarter of losses - due mainly to the restructuring that the shift to digital required.
