Kodak Finds Errors

    January 26, 2005

Eastman Kodak experienced a rather unexpected loss in the fourth-quarter amounting to $12 million.

The company claims that they found some accounting errors.

According to a Bloomberg article,

“The net loss, equal to 4 cents a share, compares with net income of $19 million, or 7 cents, a year earlier. Results are preliminary because the errors discovered may affect after-tax income, Chief Executive Daniel Carp said in an interview today.

The errors related to the complexity of overseas tax calculations’ involving plants being closed, Carp said. There are no signs of ‘misconduct,’ the company said in a statement. “

“We don’t see any (accounting) irregularity in here. These are just errors, and we will get them fixed,” Kodak CFO Bob Brust said.

Kodak said sales of its digital products, such as cameras and printing services, rose 40 percent during the quarter, offsetting a 16 percent decline in its traditional business.”

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