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Eastman Kodak Q1 Net Loss Narrows On Lower Expenses, Charges; Revenues Decline; Revises FY07 Outlook; Reveals Plans To Expand Inkjet Investment In FY07 - Update
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4 May 2007, 10:00am ET
(RTTNews) - Friday morning, photographic equipment maker Eastman Kodak Co. (EK) revealed its financial results for the first quarter, reporting a net loss that narrowed on lower expenses and restructuring charges that offset a decline in revenues. Revenues for the quarter declined 8% on lower volumes and unfavorable price/mix. Further, the company said that it intends to expand its inkjet investment in 2007 in response to the demand created by its inkjet product line announced in February. Kodak lowered its forecast for digital earnings from operations for fiscal year 2007, but maintained its forecast for digital revenues. The company is in the final leg of its restructuring plan that commenced four years ago in order to emerge as a major player in digital imagery.
First Quarter Results
For the first quarter, the Rochester, New York-based company's net loss narrowed to $151 million or $0.53 per share from $298 million or $1.04 per share in the prior-year quarter.
Loss from continuing operations for the quarter narrowed to $174 million or $0.61 per share from $346 million or $1.21 per share a year ago. On average, five analysts polled by First Call/Thomson Financial expected the company to report a loss of $0.02 per share for the quarter.
Items that impacted comparability in the quarter totaled $76 million after tax, or $0.26 per share. The significant items include a restructuring charge of $0.49 per share after tax, income of $0.20 per share after tax for the reversal of a foreign tax reserve and income for $0.03 per share after tax from a property sale. The items that impacted comparability in the prior-year quarter totaled $189 million after tax, or $0.66 per share, primarily reflecting restructuring costs.
Loss from continuing operations before interest, other income, net, and taxes narrowed to $188 million from $324 million in the prior-year period.
Net sales declined 8% to $2.12 billion from $2.29 billion in the year-ago quarter. Wall Street analysts estimated revenues of $2.11 billion for the period.
The company attributed the decline in net sales to declines in volumes and unfavorable price/mix. The decrease in volumes was primarily driven by Consumer Film Capture within Film Products Group or FPG, Digital Capture and Devices and the traditional portion of Retail Printing, both within Consumer Digital Imaging Group or CDG, and the traditional portion of Prepress Solutions within Graphics Communications Group or GCG. The negative price/mix was primarily driven by Digital Capture and Devices within CDG.
Digital revenues declined 3% to $1.21 billion from $1.25 billion in the prior-year period. Traditional revenue dropped 13% to $896 million from $1.03 billion in the year-ago quarter. New Technologies revenue was lower at $13 million in the quarter, compared to $16 million in the comparable period of the prior year.
Selling, general and administrative expenses were recorded at $395 million, down 22% from $507 million in the previous-year quarter, reflecting the company's cost reduction activities. Research and development costs declined to $137 million from $148 million in the similar period of last year, driven by the continuing realignment of resources as well as the timing of development of new products. Restructuring costs and other dropped to $85 million from $138 million in the comparable period of the prior year, primarily due toe the timing of specific restructuring actions.
Earnings from discontinued operations were $23 million for the quarter, compared to $48 million in the year-ago period.
Consumer Digital Imaging Group
The segment's revenues for the quarter declined 14% to $778 million from $902 million a year ago, largely reflecting expected declines in digital capture revenue on account of the company's strategy to reduce its digital camera portfolio in the low-end price range, decreases in photofinishing services at retail and an industry-wide decline in snapshot printing. Loss from operations for the segment narrowed to $114 million from $167 million a year ago, driven by significantly lower SG&A expenses. The company attributed the $48 million improvement in digital earnings for the quarter on reduced selling, general and administrative expenses in addition to improved profit margins in its Consumer Digital business. The company introduced its new inkjet printer line in the quarter and began shipments in March.
Film Products Group
Mentioned Last Change
INDU 13262.02 20.64dollars or (0.15%)
EK 24.36 1.61dollars or (6.19%)
SNE 53.95 0.29dollars or (0.54%)
The segment reported revenues of $458 million, down 8% from $500 million in the comparable period of last year. However, the company recorded high single-digit year-over-year growth in the entertainment film business. Earnings from operations improved to $74 million from $51 million in the previous-year quarter.
Graphic Communications Group
The segment's revenues declined to $864 million from $870 million in the previous-year quarter. Earnings from operations declined to $16 million from $24 million a year ago on higher aluminum and silver costs, partially offset by lower SG&A expenses.
All Other
Revenues were $19 million for the quarter, compared to $20 million in the prior-year quarter. Loss from operations for the segment narrowed to $13 million from $16 million in the previous-year quarter, primarily due to lower R&D spending related to the display business.
Kodak said that it held $1.026 billion in cash and equivalents as of March 31, 2007, consistent with its goal of maintaining at least $1.0 billion in cash on its balance sheet.
The company also said that it now fully repaid approximately $1.15 billion of secured term debt with the completion of the sale of its Health Group to an affiliate of Onex Corp. (OCX.TO). As of March 31, 2007, the company's debt level was $2.754 billion.
Outlook
Looking ahead to fiscal year 2007, Kodak lowered its forecast for digital earnings from operations to a range of $150-$250 million from the prior forecast in a range of $200-$300 million.
The revised forecast for digital earnings corresponds to a forecast for GAAP loss from continuing operations before interest, other income, net and income taxes for the full year in a range of $550-$650 million, compared to the prior forecast in a range of $500-$600 million.
Kodak maintained its forecast for digital revenue growth for the year in a range of 3-5%, while total revenue is forecast to decline between 4-7%.
Analysts expect the company to report earnings of $0.66 per share for the year on revenues of $10.42 billion.
Kodak said that its goal remains to sell at least 500 thousand units of inkjet printers in the year. Further, the company said that it plans to increase its inkjet investment by as much as $50 million in the year to accelerate its ramp up, boost new product development and cater to current as well as future demand. The company noted that the decision would impact its full-year results by lowering its expected cash flow and digital earnings.
Other Developments
On April 30, 2007, the company completed the sale of its Health Group to an affiliate of Onex Corp. for up to $2.55 billion. At closing, the company said that it received $2.35 billion in cash with the potential to receive up to $200 million in additional future payments if Onex achieves certain returns with respect to its investment.
Kodak said that it entered into an agreement last month to sell its manufacturing site in Xiamen, China and added that the sale is expected to close in the second quarter of 2007. The company noted that the sale will result in a non-cash charge of approximately $220 million and would mark the last significant step in its manufacturing restructuring. Last month, the company along with Rohm and Haas Co. (ROH) announced that they have entered into an agreement for Rohm and Haas to acquire Kodak's Light Management Films business. Eastman Kodak stated that the business produces advanced films that improve the brightness and efficiency of liquid crystal displays. Financial terms of the agreement were not disclosed. As part of the agreement, Rohm and Haas said it will acquire the intellectual property associated with Kodak's light management films, including patent and trademarks, know-how, trade secrets, the business's portfolio of current and future products, and a license to additional IP.
Q4 Results
In January, Kodak reported a net income for its fourth quarter of $16 million or $0.06 per share compared to a net loss of $137 million or $0.48 per share in the prior-year period. Earnings from continuing operations was $17 million or $0.06 per share compared to a loss from continuing operations of $137 million or $0.48 per share in the previous-year quarter. Sales declined 9% to $3.82 billion from $4.2 billion in the year-ago quarter.
Peer Performance
Among the company's peers, Japan-based Canon Inc. (CAJ) reported a 21% increase in net income for the first quarter on higher revenues. Quarterly net income rose to Yen 131.25 billion from Yen 108.269 billion last year. Diluted earnings per share increased 22.1% to Yen 99.25 from Yen 81.28 in the prior year. Net sales for the quarter increased 12.6% to Yen 1,039.793 billion from Yen 923.272 billion in the same quarter last year.
Another company in the industry, Sony Corp. (SNE), also based in Japan, is scheduled to report its financial results for the fourth quarter on May 16, 2007. Wall Street analysts expect the company to report a loss of $0.64 per share on revenues of $17.77 billion for the quarter.
Stock Movements
E-mail or Print this story
4 May 2007, 10:00am ET
(RTTNews) - Friday morning, photographic equipment maker Eastman Kodak Co. (EK) revealed its financial results for the first quarter, reporting a net loss that narrowed on lower expenses and restructuring charges that offset a decline in revenues. Revenues for the quarter declined 8% on lower volumes and unfavorable price/mix. Further, the company said that it intends to expand its inkjet investment in 2007 in response to the demand created by its inkjet product line announced in February. Kodak lowered its forecast for digital earnings from operations for fiscal year 2007, but maintained its forecast for digital revenues. The company is in the final leg of its restructuring plan that commenced four years ago in order to emerge as a major player in digital imagery.
First Quarter Results
For the first quarter, the Rochester, New York-based company's net loss narrowed to $151 million or $0.53 per share from $298 million or $1.04 per share in the prior-year quarter.
Loss from continuing operations for the quarter narrowed to $174 million or $0.61 per share from $346 million or $1.21 per share a year ago. On average, five analysts polled by First Call/Thomson Financial expected the company to report a loss of $0.02 per share for the quarter.
Items that impacted comparability in the quarter totaled $76 million after tax, or $0.26 per share. The significant items include a restructuring charge of $0.49 per share after tax, income of $0.20 per share after tax for the reversal of a foreign tax reserve and income for $0.03 per share after tax from a property sale. The items that impacted comparability in the prior-year quarter totaled $189 million after tax, or $0.66 per share, primarily reflecting restructuring costs.
Loss from continuing operations before interest, other income, net, and taxes narrowed to $188 million from $324 million in the prior-year period.
Net sales declined 8% to $2.12 billion from $2.29 billion in the year-ago quarter. Wall Street analysts estimated revenues of $2.11 billion for the period.
The company attributed the decline in net sales to declines in volumes and unfavorable price/mix. The decrease in volumes was primarily driven by Consumer Film Capture within Film Products Group or FPG, Digital Capture and Devices and the traditional portion of Retail Printing, both within Consumer Digital Imaging Group or CDG, and the traditional portion of Prepress Solutions within Graphics Communications Group or GCG. The negative price/mix was primarily driven by Digital Capture and Devices within CDG.
Digital revenues declined 3% to $1.21 billion from $1.25 billion in the prior-year period. Traditional revenue dropped 13% to $896 million from $1.03 billion in the year-ago quarter. New Technologies revenue was lower at $13 million in the quarter, compared to $16 million in the comparable period of the prior year.
Selling, general and administrative expenses were recorded at $395 million, down 22% from $507 million in the previous-year quarter, reflecting the company's cost reduction activities. Research and development costs declined to $137 million from $148 million in the similar period of last year, driven by the continuing realignment of resources as well as the timing of development of new products. Restructuring costs and other dropped to $85 million from $138 million in the comparable period of the prior year, primarily due toe the timing of specific restructuring actions.
Earnings from discontinued operations were $23 million for the quarter, compared to $48 million in the year-ago period.
Consumer Digital Imaging Group
The segment's revenues for the quarter declined 14% to $778 million from $902 million a year ago, largely reflecting expected declines in digital capture revenue on account of the company's strategy to reduce its digital camera portfolio in the low-end price range, decreases in photofinishing services at retail and an industry-wide decline in snapshot printing. Loss from operations for the segment narrowed to $114 million from $167 million a year ago, driven by significantly lower SG&A expenses. The company attributed the $48 million improvement in digital earnings for the quarter on reduced selling, general and administrative expenses in addition to improved profit margins in its Consumer Digital business. The company introduced its new inkjet printer line in the quarter and began shipments in March.
Film Products Group
Mentioned Last Change
INDU 13262.02 20.64dollars or (0.15%)
EK 24.36 1.61dollars or (6.19%)
SNE 53.95 0.29dollars or (0.54%)
The segment reported revenues of $458 million, down 8% from $500 million in the comparable period of last year. However, the company recorded high single-digit year-over-year growth in the entertainment film business. Earnings from operations improved to $74 million from $51 million in the previous-year quarter.
Graphic Communications Group
The segment's revenues declined to $864 million from $870 million in the previous-year quarter. Earnings from operations declined to $16 million from $24 million a year ago on higher aluminum and silver costs, partially offset by lower SG&A expenses.
All Other
Revenues were $19 million for the quarter, compared to $20 million in the prior-year quarter. Loss from operations for the segment narrowed to $13 million from $16 million in the previous-year quarter, primarily due to lower R&D spending related to the display business.
Kodak said that it held $1.026 billion in cash and equivalents as of March 31, 2007, consistent with its goal of maintaining at least $1.0 billion in cash on its balance sheet.
The company also said that it now fully repaid approximately $1.15 billion of secured term debt with the completion of the sale of its Health Group to an affiliate of Onex Corp. (OCX.TO). As of March 31, 2007, the company's debt level was $2.754 billion.
Outlook
Looking ahead to fiscal year 2007, Kodak lowered its forecast for digital earnings from operations to a range of $150-$250 million from the prior forecast in a range of $200-$300 million.
The revised forecast for digital earnings corresponds to a forecast for GAAP loss from continuing operations before interest, other income, net and income taxes for the full year in a range of $550-$650 million, compared to the prior forecast in a range of $500-$600 million.
Kodak maintained its forecast for digital revenue growth for the year in a range of 3-5%, while total revenue is forecast to decline between 4-7%.
Analysts expect the company to report earnings of $0.66 per share for the year on revenues of $10.42 billion.
Kodak said that its goal remains to sell at least 500 thousand units of inkjet printers in the year. Further, the company said that it plans to increase its inkjet investment by as much as $50 million in the year to accelerate its ramp up, boost new product development and cater to current as well as future demand. The company noted that the decision would impact its full-year results by lowering its expected cash flow and digital earnings.
Other Developments
On April 30, 2007, the company completed the sale of its Health Group to an affiliate of Onex Corp. for up to $2.55 billion. At closing, the company said that it received $2.35 billion in cash with the potential to receive up to $200 million in additional future payments if Onex achieves certain returns with respect to its investment.
Kodak said that it entered into an agreement last month to sell its manufacturing site in Xiamen, China and added that the sale is expected to close in the second quarter of 2007. The company noted that the sale will result in a non-cash charge of approximately $220 million and would mark the last significant step in its manufacturing restructuring. Last month, the company along with Rohm and Haas Co. (ROH) announced that they have entered into an agreement for Rohm and Haas to acquire Kodak's Light Management Films business. Eastman Kodak stated that the business produces advanced films that improve the brightness and efficiency of liquid crystal displays. Financial terms of the agreement were not disclosed. As part of the agreement, Rohm and Haas said it will acquire the intellectual property associated with Kodak's light management films, including patent and trademarks, know-how, trade secrets, the business's portfolio of current and future products, and a license to additional IP.
Q4 Results
In January, Kodak reported a net income for its fourth quarter of $16 million or $0.06 per share compared to a net loss of $137 million or $0.48 per share in the prior-year period. Earnings from continuing operations was $17 million or $0.06 per share compared to a loss from continuing operations of $137 million or $0.48 per share in the previous-year quarter. Sales declined 9% to $3.82 billion from $4.2 billion in the year-ago quarter.
Peer Performance
Among the company's peers, Japan-based Canon Inc. (CAJ) reported a 21% increase in net income for the first quarter on higher revenues. Quarterly net income rose to Yen 131.25 billion from Yen 108.269 billion last year. Diluted earnings per share increased 22.1% to Yen 99.25 from Yen 81.28 in the prior year. Net sales for the quarter increased 12.6% to Yen 1,039.793 billion from Yen 923.272 billion in the same quarter last year.
Another company in the industry, Sony Corp. (SNE), also based in Japan, is scheduled to report its financial results for the fourth quarter on May 16, 2007. Wall Street analysts expect the company to report a loss of $0.64 per share on revenues of $17.77 billion for the quarter.
Stock Movements
osinod2 ha scritto:
se arriva a 44 usd....sarebbe un bel colpo per me
ma credo ci vorrà tempo...a meno che il nuovo sensore di luce sviluppato dall'azienda non sia davvero così importante da provocare una rivoluzione sul mkt...ma in quel caso...altro che 44
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jim06 ha scritto:se arriva a 44 usd....sarebbe un bel colpo per me
ma credo ci vorrà tempo...a meno che il nuovo sensore di luce sviluppato dall'azienda non sia davvero così importante da provocare una rivoluzione sul mkt...ma in quel caso...altro che 44
chiaramente i miei tp sono solo motivati a grafico e tecnicamente
nulla ho visto su news e fondamentali
di nuovo dentro a 17,01. Va in controtendenza rispetto agli indici
