Kodak 2009 Annual Report Download - page 33

31
2009 COMPARED WITH 2008
Results of Operations – Continuing Operations
Consolidated
For the Year Ended
December 31,
(in millions) 2009
% of
Sales 2008
% of
Sales
Increase/
(Decrease)
%
Change
Net sales $ 7,606 $ 9,416 $ (1,810) -19%
Cost of goods sold 5,838 7,247 (1,409) -19%
Gross profit 1,768 23.2% 2,169 23.0% (401) -18%
Selling, general and administrative expenses 1,302 17% 1,606 17% (304) -19%
Research and development costs 356 5% 478 5% (122) -26%
Restructuring costs, rationalization and other 226 140 86 61%
Other operating (income) expenses, net (88) 766 (854) 111%
Loss from continuing operations before interest
expense, other income (charges), net and
income taxes (28) 0% (821) -9% 793 97%
Interest expense 119 108 11 10%
Other income (charges), net 30 55 (25) -45%
Loss from continuing operations before income taxes (117) (874) 757 87%
Provision (benefit) for income taxes 115 (147) 262 -178%
Loss from continuing operations (232) -3% (727) -8% 495 68%
Earnings from discontinued operations, net of
income taxes 17 285 (268) -94%
Extraordinary item, net of tax 6 - 6
NET LOSS (209) (442) 233
Less: Net earnings attributable to
noncontrolling interests (1) - (1)
NET LOSS ATTRIBUTABLE TO
EASTMAN KODAK COMPANY $ (210) $ (442) $ 232 52%
For the Year Ended
December 31, Change vs. 2008
2009
Amount
Change vs.
2008 Volume Price/Mix
Foreign
Exchange
Manufacturing
and Other Costs
Total net sales $ 7,606 -19.2% -14.5% -2.5% -2.2% n/a
Gross profit margin 23.2% 0.2pp n/a -3.6pp -1.3pp 5.1pp