Kodak 2008 Annual Report Download - page 38

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Net (Loss) Earnings
The Company’s consolidated net loss for 2008 was $442 million, or a loss of $1.57 per basic and diluted share, as compared with
net earnings for 2007 of $676 million, or earnings of $2.35 per basic and diluted share, representing a decrease of $1,118 million or
165%. This decrease is attributable to the reasons outlined above.
2007 COMPARED WITH 2006
Results of Operations - Continuing Operations
Consolidated
(in millions, except per share data) For the Year Ended
December 31,
2007
%of
Sales 2006
%of
Sales
Increase /
(Decrease)
%
Change
Net sales $10,301 $10,568 $ (267) -3%
Cost of goods sold 7,757 8,122 (365)-4%
Gross profit 2,544 24.7% 2,446
23.1%
98 4%
Selling, general and administrative expenses 1,778 17% 1,969
19%
(191) -10%
Research and development costs 549 5% 596
6%
(47) -8%
Restructuring costs and other 543 416 127 31%
Other operating expenses (income), net (96)(59)(37) 63%
Loss from continuing operations before interest
expense, other income (charges), net and
income taxes (230) -2% (476)
-5%
246 52%
Interest expense 113 172 (59) -34%
Other income (charges), net 87 65 22 34%
Loss from continuing operations before income
taxes (256) (583) 327 56%
(Benefit) provision for income taxes (51) 221 (272) 123%
Loss from continuing operations (205) -2% (804)
-8%
599 75%
Earnings from discontinued operations, net of
income taxes 881 203 678 334%
NET EARNINGS (LOSS) $ 676 $ (601) $ 1,277 212%
For the Year Ended
December 31, Change vs. 2006
2007
Amount
Change vs.
2006 Volume
Price/Mix
Foreign
Exchange
Manufacturing
and Other Costs
Total net sales $ 10,301 -2.5% -2.2%
-3.4%
3.1% n/a
Gross profit margin 24.7% 1.6pp n/a
-4.2pp
1.4pp 4.4pp