P.M. BRIEFING : Kodak 2nd-Quarter Profits Fall 85%
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ROCHESTER, N.Y. — Eastman Kodak Co. today said its second-quarter earnings fell 85%, weighed down by the cost of its ongoing restructuring program.
But sales for the quarter, which ended June 11, rose 9% to a record $4.5 billion.
The decline in second-quarter earnings to $60 million from the record $390 million Kodak earned in last year’s second quarter was also due to high interest costs associated with its $5.1-billion takeover of Sterling Drug Inc. last year.
On a per share basis, earnings for the Rochester, N.Y.-based company fell to 18 cents from $1.20.
Kodak, which derives about 45% of its sales overseas, said profits were also hurt by the dollar’s strength over last year.
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