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Kodak Reduces 4Q Loss by $9 Million

Friday, March 03, 2006

Press release from the issuing company

ROCHESTER, N.Y.--March 2, 2006-- Eastman Kodak Company today reported fourth quarter and full-year 2005 results in its Form 10-K, which was filed with the U.S. Securities and Exchange Commission. In today's filing, the company has reduced its previously announced fourth quarter and full year 2005 loss, on the basis of generally accepted accounting principles in the U.S. (GAAP) and has reported significant progress in remediating previously disclosed material weaknesses. For the fourth quarter of 2005, the previously reported GAAP loss of $52 million, or $0.18 per share, was reduced to $43 million, or $0.15 per share. For full year 2005, the company's previously reported loss of $1.371 billion, or $4.76 per share, was reduced to $1.362 billion, or $4.73 per share. The company first disclosed its fourth quarter and full year 2005 results on January 30. Since then, as a consequence of the customary procedures performed to finalize its fourth quarter and full year results, the company identified adjustments. These adjustments were primarily driven by an increase in tax benefits and a reduction in restructuring charges for the fourth quarter of 2005, partially offset by legal charges that were accrued between the time that the company closed its books for 2005 and filed its Form 10-K. Kodak's independent registered public accounting firm has issued an unqualified opinion on the consolidated financial statements included in the company's Form 10-K. The company also reported that it has fully remediated two of the three previously disclosed material weaknesses, namely, the material weakness relating to the company's internal controls surrounding the accounting for pension and other post-retirement benefit plans and the material weakness relating to the preparation and review of spreadsheets that include new or changed formulas. The company also reported significant progress in remediating the previously disclosed material weakness surrounding the accounting for income taxes. The company continues to focus on improving its internal controls in this area and will continue to report a material weakness until it is fully remediated.




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