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Kodak Posts Profit, Warns Of Job Cuts

10/30/2008 02:38:00 PM Eastern

Rochester, N.Y. — Kodak enjoyed third-quarter earnings of $101 million, up from of $32 million in the year-ago quarter, the company said today.

Despite the profitable quarter, Kodak’s CEO Antonio Perez warned in a statement of further job cuts due to a “challenging economic climate.”

Kodak posted sales of $2.4 billion for the quarter, down 5 percent from the third quarter of 2007. Digital business revenue (which includes the firm’s consumer imaging products and graphics communications department) grew 2 percent to $1.64 billion, while traditional business revenue dropped 18 percent to $764 million.

The company’s consumer digital imaging group improved its profitability. Sales jumped 7 percent to $820 million, with $23 million in profits vs. $18 million in the year-ago quarter.