Eastman Kodak has announced its fourth quarter earnings and it has seen a 45 percent increase over profits in the third quarter and a six percent improvement over the same quarter in the year previous.
“Despite a difficult economic environment, we delivered in 2009,” said Antonio M. Perez, Chairman and Chief Executive Officer, Eastman Kodak Company. “Our momentum is returning and our strategy is paying off. During 2009, we generated significant traction with our key digital businesses, we achieved sustainable operational improvements across the company, our earnings improved substantially, and we ended the year with more than $2.0 billion in cash on our balance sheet.”
The company, however, still incurred a net loss of US$232 million in 2009, compared to a US$727-million loss in 2008. Full-year revenue fell 19 percent, totaling US$7.606 billion.
Kodak achieved the results via a series of cost-cutting measures, including cutting R&D by 25 percent and Selling, General and Administrative expenses by 15 percent. Gross Profit margin was 34.4 percent of sales, an increase from 20.4 percent in the year-ago period. At the start of 2009, Kodak announced job cuts of 3,500 to 4,500 jobs, representing up to 18 percent of its payroll.
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