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.