Kodak 2002 Annual Report Download - page 6

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Financials
6
(Dollar amounts and shares in millions, except per share data) 2002(1) 2001(2)
Stock price per share at year end $ 35.04 $ 29.43
Net sales from continuing operations $ 12,835 $ 13,229
Earnings from continuing operations before interest, other charges and income taxes $ 1,220 $ 352
Earnings from continuing operations $ 793 $81
Loss from discontinued operations $ (23) $ (5)
Net earnings $ 770 $76
Basic and diluted net earnings (loss) per share
Continuing operations $ 2.72 $ .28
Discontinued operations $ (.08) $ (.02)
Total $ 2.64 $ .26
Cash dividends paid $ 525 $ 643
— per common share $ 1.80 $ 2.21
Average number of common shares outstanding 291.5 290.6
Shareholders at year end 89,988 91,893
Total shareholders’ equity $ 2,777 $ 2,894
Additions to properties $ 577 $ 743
Depreciation $ 818 $ 765
Wages, salaries and employee benefits $ 3,991 $ 3,824
Employees at year end
— in the U.S. 39,000 42,000
— worldwide 70,000 75,100
(1) Results for the year included $143 million of restructuring charges; $29 million reversal of restructuring charges; $50 million for a charge related to asset
impairments and other asset write-offs; $38 million of losses related to the discontinued operations of Kodak Global Imaging, Inc. (KGII) and Sterling Winthrop Inc.;
and a $121 million tax benefit relating to the closure of the Company's PictureVision subsidiary, the consolidation of the Company's photofinishing operations in
Japan, asset write-offs and a change in the corporate tax rate. The after-tax impact of these items was $17 million. Excluding these items, net earnings were $787
million. Basic and diluted earnings per share were $2.70.
(2) 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; $7 million of losses related to the discontinued operations of KGII; 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 $599 million. Excluding these items, net
earnings were $675 million. Basic and diluted earnings per share were $2.32.
FINANCIALS
Financial Highlights