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Kodak Announces Second Quarter Results; Sales Down 7 Percent

Eastman Kodak Company yesterday announced its second quarter results for 2007.

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August 6, 2007 – Eastman Kodak Company yesterday announced its second quarter results for 2007. Kodak reported second quarter net earnings of $592 million and a 7 percent drop in sales to $2.51 billion year over year. Digital revenue increased 3 percent, while traditional revenue dropped 17 percent to $1.044 billion.

'Revenues during the second quarter were in line with our expectations. Earnings improved across all of our major business units, reflecting our strong focus on cost reduction and operational efficiencies," said Antonio M. Perez, chairman and chief executive officer of Eastman Kodak Company, in a press release. "We continue to expect a strong second half, with double-digit sales growth in both of our major digital businesses … I’m pleased with our first-half results, and I remain confident in our ability to achieve our 2007 key strategic objectives."

Revenues for the Consumer Digital Imaging Group totaled $1 billion, down from $1.105 billion in the year-ago quarter, while digital revenue totaled $1.46 billion, a 3 percent increase over second quarter 2006.

Kodak’s second quarter loss before interest and taxes was $163 million, compared with $257 million in losses in last year’s second quarter.

According to the press release, Kodak hopes for this year's digital earnings from operations to total $150 to $250 million, and forecasts a 3 to 5 percent digital revenue growth this year, with total revenue in 2007 expected to fall 4 to 7 percent.

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