Kodak 2001 Annual Report Download - page 25

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23
Financial Highlights
(Dollar amounts and shares in millions, except per share data) 2001(1) 2000(2)
Stock price per share at year end $29.43 $39.38
Sales $13,234 $13,994
Earnings from operations $345 $2,214
Net earnings $76 $1,407
Basic earnings per share $.26 $4.62
Diluted earnings per share $.26 $4.59
Cash dividends paid $643 $545
—per common share $2.21 $1.76
Average number of common shares outstanding 290.6 304.9
Shareholders at year end 91,893 113,308
Total shareholders’ equity $2,894 $3,428
Additions to properties $743 $945
Depreciation $765 $738
Wages, salaries and employee benefits $3,824 $3,726
Employees at year end
—in the U.S. 42,000 43,200
—worldwide 75,100 78,400
(1) Results for the year included $678 million of restructuring charges; a $42 million charge related to asset impairments associated with certain of the Company’s photofinishing operations;
a $15 million charge for asset impairments related to venture investments; a $41 million charge for environmental reserves; a $77 million charge for the Wolf bankruptcy; a $20 million
charge for the Kmart bankruptcy; $18 million of relocation charges related to the sale and exit of a manufacturing facility in 2000 (see note 2 below); an $11 million tax benefit related to
a favorable tax settlement; and a $20 million tax benefit representing a decline in the year-over-year effective tax rate. The after-tax impact of these items was $594 million. Excluding
these items, net earnings were $670 million. Basic and diluted earnings per share were $2.30.
(2) Results for the year included accelerated depreciation and relocation charges related to the sale and exit of a manufacturing facility of $50 million. The after-tax impact of this item was
$33 million. Excluding this item, net earnings were $1,440 million. Basic and diluted earnings per share were $4.73 and $4.70, respectively.