"Film and Photofinishing Group earnings from operations were $77 million, compared with $51 million a year ago, on sales of $1.013 billion, which were down 16% from the prior-year quarter. During the fourth quarter of 2006, the group achieved an 8% operating margin, double the rate of the year-ago quarter and in line with company expectations."

from http://www.kodak.com/eknec/PageQueri...00688a80669169

This is just the Fourth Quarter, and an easier to understand breakdown than some journalists summary interpretation. With traditional products earnings going from $51M to $77M, seems to me that despite decreasing revenues, the numbers got better. Also higher up in that linked Pres Release from Kodak:

"Traditional revenue totaled $1.357 billion, a 15% decline from $1.592 billion in the fourth quarter of 2005."

With that being one fourth (1/4) of their fiscal year, that still means around $4 billion in traditional revenues. Some of that is photofinishing and paper, but that stills sounds like a hell of a lot of film.

Please note: I still think it is better to read through several years of SEC reports, especially the Annual Reports, but those who do not have the time should at least read through the official releases from Kodak. SEC regulations require honesty in reporting, and would heavily fine EK for any false or misleading statements.


Gordon Moat
A G Studio