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Kodak Reports Q4 Profit, Higher Sales

1/28/2010 11:01:45 AM Eastern

Rochester, N.Y. - Eastman Kodak reported reversed a
loss of the previous year and reported higher sales for its fourth quarter,
ended Dec. 31, 2009.

Fourth-quarter sales were $2.582 billion, an increase of 6
percent from the year-ago quarter, including 4 percent of favorable foreign
exchange impact. Fourth-quarter earnings from continuing operations were $430
million, compared with a loss of $914 million for the fourth quarter of the
prior year, the company said.

"Despite a difficult economic environment, we delivered in 2009,"
said Antonio M. Perez, chairman/CEO, Eastman Kodak. "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."

The company's fourth-quarter results demonstrate the success of
the focused investments that Kodak is making in new products and growth
businesses, including consumer and commercial inkjet and digital plates; the
successful conclusion of intellectual property licensing agreements; improved
profit margins; and a lean cost structure, the company said.

Consumer digital imaging group fourth-quarter sales were $1.212
billion, a 27 percent increase from the prior-year quarter. Fourth-quarter
earnings from operations for the segment were $380 million, compared with a
loss of $41 million in the year-ago quarter. The year-over-year improvement was
driven by a combination of higher non-recurring intellectual property licensing
revenue; improved profitability in consumer inkjet systems, including an 81
percent revenue increase in consumer inkjet printer hardware and ink; and improved
operating performance in digital capture and devices, and retail systems solutions.

For full-year 2009, Kodak reported a loss from continuing
operations of $232 million. This compares with a loss of $727 million in 2008.
Full-year revenue totaled $7.606 billion, a 19 percent decline from 2008.

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