Kodak 2004 Annual Report Download - page 57

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Financials
55
2 0 0 4 ฀ S U M M A R Y ฀ A N N U A L ฀ R E P O R T
฀ For฀the฀Year฀Ended฀December฀31,฀2003
฀ As฀Previously฀
฀ Reported฀ Restated฀
Consolidated฀Statement฀of฀Earnings:
Net฀sales฀ $฀12,893฀ $฀12,909
Cost฀of฀goods฀sold฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ 8,715฀ ฀ 8,734
฀ Gross฀profit฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ 4,178฀ ฀ 4,175฀
Selling,฀general฀and฀administrative฀
฀ expenses฀ ฀ 2,612฀ ฀ 2,618
Research฀and฀development฀costs฀฀฀฀ ฀ 775฀ ฀ 776
Restructuring฀costs฀and฀other฀฀฀฀฀฀฀฀ ฀ 484฀ ฀ 479
Earnings฀from฀continuing฀operations,฀
฀ before฀interest,฀other฀income฀(charges),฀
฀ net฀and฀income฀taxes฀฀฀฀฀฀฀฀฀ ฀ 307฀ ฀ 302
Interest฀expense฀฀฀฀฀฀฀ ฀ 147฀ ฀ 147
Other฀income฀(charges),฀net฀฀฀฀฀฀฀฀ ฀ (51)฀ ฀ (51)
Earnings฀from฀continuing฀operations฀
฀ before฀income฀taxes฀฀฀฀฀฀฀฀ ฀ 109฀ ฀ 104
(Benefit)฀provision฀from฀income฀taxes฀ ฀ (90)฀ ฀ (85)
Earnings฀from฀continuing฀operations฀ $฀ 199฀ $฀ 189
Earnings฀from฀discontinued฀operations,฀
฀ net฀of฀income฀taxes฀฀฀฀฀฀฀฀฀฀฀฀ $฀ 66฀ $฀ 64
Net฀Earnings฀฀฀฀฀฀ $฀ 265฀ $฀ 253฀฀
Basic฀net฀earnings฀per฀share:฀
฀ Continuing฀฀฀฀฀ $฀ .69฀ $฀ .66
฀ Discontinued฀฀฀฀฀฀฀฀฀฀฀ ฀ .23฀ ฀ .22
฀฀฀ Total฀฀฀฀฀฀฀฀฀฀฀฀ $฀฀฀฀฀฀.92฀ $฀฀฀฀฀฀.88
Diluted฀net฀earnings฀per฀share:฀฀
฀฀฀ Continuing฀฀฀฀฀ $฀฀฀฀฀฀.69฀ $฀ .66
฀฀฀ Discontinued฀฀฀฀ ฀ .23฀ ฀ .22
฀ Total฀฀฀฀ $฀฀฀฀฀฀.92฀ $฀฀฀฀฀฀.88
(in฀millions)฀ Income/(Loss)
Income฀Tax฀ $฀ 35.6
Pension฀and฀other฀postretirement฀benefits฀฀฀฀฀฀฀ ฀ (34.6)
Translation฀of฀depreciation฀expense฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 27.5
Exclusivity฀asset฀write-off฀฀฀฀ ฀ (21.4)
Other,฀miscellaneous฀฀ ฀฀฀ (8.3)฀
฀ Net฀adjustment฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀$฀ 1.2
The฀Company฀has฀assessed฀the฀impact฀of฀the฀above฀items฀on฀each฀
annual฀period฀prior฀to฀January฀1,฀2003฀and฀determined฀that฀the฀impact฀of฀
such฀errors฀is฀immaterial฀to฀each฀prior฀period.฀In฀addition,฀the฀Company฀
has฀concluded฀that฀the฀net฀$1.2฀million฀adjustment฀is฀immaterial฀to฀the฀
net฀income,฀as฀adjusted,฀for฀the฀first฀quarter฀of฀and฀for฀the฀full฀year฀ended฀
December฀31,฀2003.฀Accordingly,฀the฀Company฀has฀recorded฀this฀net฀
adjustment฀of฀$1.2฀million฀as฀a฀reduction฀in฀Selling,฀general฀and฀adminis-
trative฀expenses฀for฀the฀quarter฀ended฀March฀31,฀2003.
฀The฀impact฀on฀the฀Consolidated฀Statement฀of฀Earnings฀is฀presented฀
below฀(in฀millions,฀except฀per฀share฀data).฀The฀impact฀of฀the฀above฀
adjustments฀on฀the฀Consolidated฀Statement฀of฀Financial฀Position฀and฀
Consolidated฀Statement฀of฀Cash฀Flows฀is฀not฀presented฀as฀it฀is฀immate-
rial.฀