Kodak announces “best digital earnings performance ever”

On the basis of U.S. generally accepted accounting principles, the company reported a loss from continuing operations of US-$ 58 million (Euro 42.41 million) for 2010, a US-$ 174 million (Euro 127.2 million) improvement on 2009.

The company’s digital businesses delivered US-$ 301 million (Euro 220.1 million) in earnings, US-$ 308 million (Euro 225.2 million) improvement from the previous year.

“In a year with significant external headwinds affecting a number of industries in which we participate, I am very encouraged by the performance of our key digital growth businesses, which will form the basis of Kodak’s digital future,” said Antonio M. Perez, Chairman and Chief Executive Officer of Eastman Kodak Company. “This was our best digital earnings performance ever, and in line with our segment earnings forcast for the year.”

Kodak’s Digital Imaging Group recorded sales of US-$ 2.74 billion (Euro 2.0 billion) in 2010, a plus of 5 percent. Full-year earnings from operations for the segment reached US-$ 330 million (Euro 241.3 million), US-$ 295 million (Euro 215.7 million) more than in the previous year. This improvement was driven by intellectual property licensing transactions and improving profitability in Consumer Inkjet, partially offset by declines in Retail System Solutions. In line with the market development, sales of Kodak’s Film, Photofinishing and Entertainment Group fell 22 percent to US-$ 1.767 billion (Euro 1.29 billion) with earnings from operations of US-$ 62 million (Euro 45.3 million), compared with US-$ 159 million (Euro 116.3 million) in 2009.