Kodak Takes Hit in Q4, Full-Year Gross Profit Improves

For the fourth quarter, the company reported earnings from continuing operations of $33 million, compared with earnings on the same basis of $430 million in the year-ago period, primarily reflecting lower intellectual property licensing revenues in the fourth quarter of 2010.

“In a year with significant external headwinds affecting a number of industries in which we participate, I am very encouraged by the performance of our key digital growth businesses, which will form the basis of Kodak’s digital future,” said Antonio M. Perez, chairman and CEO, Eastman Kodak. “During 2010, these new businesses grew by a combined 18 percent, and all of our digital businesses as a group delivered more than $300 million in earnings for the year. This was our best digital earnings performance ever, and in line with our segment earnings forecast for the year. We also delivered positive cash generation in the fourth quarter and ended the year with more than $1.6 billion in cash on our balance sheet.