Eastman Kodak Co. weathered last year well, despite hefty restructuring charges, by posting higher earnings and sales for the fourth quarter.
The company reported net income of $ 299 million (92 cents per share), vs. a $ 400 million ($ 1.23) net loss in the same quarter last year.
Last year’s performance includes a $ 597 million ($ 1.84) restructuring charge.
Revenues for the period were up slightly to $ 5.6 billion, from $ 5.2 billion for the comparable quarter.
Annual earnings were $ 1.15 billion ($ 3.53), vs. $ 17 million (5 cents) last year. This year’s performance includes a $ 152 million (47 cents) one-time gain from an accounting change. It also offset a $ 142 million (43 cents) after-tax restructuring charge.
Sales for the year were a record $ 20.2 billion, up 4% from $ 19.4 billion in 1991.
Kodak said its Imaging segment, which includes motion pictures, reported higher sales and earnings in 1992, but these results fell short of expectations.
Worldwide imaging sales were $ 7.42 billion, up 5% over 1991. Earnings were $ 1.2 billion, compared to $ 489 million in the comparable period.
The stock closed down 75 cents to $ 48.875.