Eastman Kodak today reported a preliminary fourth-quarter net loss of $12 million due to restructuring charges. Overall, the company's revenue gained 3% as digital products more than offset lower profits of other products and services. Digital revenue rose 40% in the last quarter of 2004, which offset a 16% drop in tradional (film) revenue.
The results are "preliminary" due to some income tax accounting errors the company discovered while closing the books for last year. Eastman Kodak is working with its independent public accounting firm, PricewaterhouseCoopers, to analyze and correct the errors. Although the errors may hurt the company's net income, they shouldn't affect revenue, cash flow or earnings before taxes.
