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Ilse Jurriën : May 6th 2006 - 23:40 CET

Eastman Kodak Company reports 1st quarter sales

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KodakEastman Kodak Company repors 1st quarter sales : Eastman Kodak Company reported that revenue rose 2% in the first quarter, led by a 29% increase in the sale of digital products and services. On the basis of generally accepted accounting principles in the US (GAAP), the company reported a first-quarter loss of $298 million, or $1.04 per share, largely stemming from restructuring charges ($197 million after taxes) and rising silver and oil costs. "Our first quarter results continue to show the expected strong seasonality of our business. Our results are essentially on plan, with some units ahead and some behind," said Antonio M. Perez, Chairman and Chief Executive Officer, Eastman Kodak Company.
Eastman Kodak Company reports 1st  quarter salesKodak digital revenue growth
"My expectations for Kodak's financial performance this year are essentially unchanged. We expect to achieve our 2006 performance targets in the areas of digital earnings growth, digital revenue growth, and cash generation. We ended the quarter with more than $1 billion in cash on our balance sheet, and our cash consumption was essentially on plan," said Perez. "Digital earnings improved, compared to the same period last year, and that improvement accelerated during March, which increases our confidence for a solid full-year performance. We now expect to achieve profitability in our entire digital portfolio during the third quarter, a full quarter sooner than last year."

Easyman Kodak Company - Digital markets
In separate announcements, the company also said that it is exploring strategic alternatives for its Health Group and unveiled organizational changes aimed at improving its ability to compete in digital markets. "These are all important steps toward completing the creation of the new Kodak," Perez said. "These planned actions are part of our broader digital transformation and will help us to better manage our digital and traditional businesses, achieve our digital business model, and reduce administrative costs company-wide for sustained success."

Kodak - 1st Quarter sales 2006
• Sales totaled $2.889 billion, an increase of 2% from $2.832 billion in the first quarter of 2005. This includes a negative foreign exchange impact of 2 percentage points. Digital revenue totaled $1.616 billion, a 29% increase from $1.250 billion. Traditional revenue totaled $1.257 billion, a 20% decline from $1.573 billion. New Technologies contributed an additional $16 million in the first quarter , compared with $9 million in the year-ago quarter.
• The company's loss from continuing operations in the quarter, before income taxes, interest, and net of other income and charges, was $259 million - loss of $201 million in the year-ago quarter.
• The GAAP net loss was $298 million, or $1.04 per share, compared with a GAAP net loss of $146 million, or $0.51 per share, in the year-ago period.
• Digital earnings were a negative $37 million - negative $51 million in the year-ago quarter.

Kodak sales - Outlook for 2006
Kodak continues to expect that it will increase digital earnings to a range of $350 million to $450 million, with digital revenue growth expected to be between 16% and 22%. The company also expects investable cash flow to be between $400 million and $600 million, with net cash provided by operating activities from continued operations of $800 million to $1.0 billion.

Easyman Kodak Company - Health Group
"The success of our digital products in the marketplace is more evidence of Kodak's digital prowess," said Perez. "At the recent worldwide IPEX printing tradeshow in England, our Graphic Communications Group showcased numerous well-received products and services aimed at helping print providers drive greater revenue and operational efficiencies. Our sales at the show were twice what we expected. Our Health Group is driving improved performance in the areas of healthcare information systems, computed radiography, and medical and dental digital radiography. On the consumer side, our EasyShare system just marked its fifth anniversary and continues to set the standard for ease of use and imaging innovation. In January, we brought to market the world's first dual-lens digital camera, which has been very positively received by technology experts and consumers worldwide."

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