Kodak 2003 Annual Report Download - page 6

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FINANCIALS
6
(in millions, except per share data, shareholders and employees) 2003 2002
Stock price per share at year end $ 25.67 $ 35.04
Net sales $ 13,317 $ 12,835
Earnings from continuing operations before interest, other charges, net, and income taxes $ 371 $ 1,220
Earnings from continuing operations $ 238 $ 793
Earnings (loss) from discontinued operations $ 27 $ (23)
Net earnings $ 265(1) $ 770(2)
Basic and diluted net earnings (loss) per share:
Continuing operations $ .83 $ 2.72
Discontinued operations $ .09 $ (.08)
Total $ .92 $ 2.64
Cash dividends declared and paid $ 330 $ 525
—per common share $ 1.15 $ 1.80
Average number of common shares outstanding 286.5 291.5
Shareholders at year end 85,712 89,988
Total shareholders’ equity $ 3,264 $ 2,777
Additions to properties $ 506 $ 577
Depreciation $ 830 $ 818
Wages, salaries and employee benefits $ 4,090 $ 3,991
Employees at year end:
—in the U.S. 35,400 39,000
—worldwide 63,900 70,000
(1) Results for the year included $557 million of restructuring charges; $31 million of purchased R&D; $7 million for a charge related to asset impairments and other
asset write-offs; a $12 million charge related to an intellectual property settlement; $14 million for a charge connected with the settlement of a patent infringement
claim; $14 million for a charge connected with a prior-year acquisition; $9 million for a charge to write down certain assets held for sale following the acquisition of
Burrell Companies; $8 million for a donation to a technology enterprise; $8 million for legal settlements; a $9 million reversal for an environmental reserve; $32 million
of earnings from discontinued operations related to environmental and tax reserve reversals; and a $13 million tax benefit related to patent donations. The after-tax
impact of these items was $396 million.
(2) 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 mil-
lion 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.
FINANCIALS
Financial Highlights