Kodak Announces Earnings Expectations Jun 18, 2003

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Eastman Kodak Company today reported that its second-quarter reported net income, in accordance with Generally Accepted Accounting Principles (GAAP) in the U.S., is expected to be in the range of U.S. $0.05 to $0.25 per share. The company also said that operational earnings from continuing operations are expected to be from $0.25 to $0.35 per share. Guidance provided by the company on April 23, 2003 estimated operational earnings to range from $0.60 to $0.80 per share.

According to the company, its reported net income for the second quarter is expected to be affected by charges associated with exiting the company’s joint venture with Phogenix, the execution of previously announced restructuring actions, and agreements reached in connection with intellectual property licenses. The company expects these charges to be in the range of $0.10 to $0.20 per share. Kodak also cites lower-than-expected sales of consumer film and photographic paper in Asia due to SARS.

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