Kodak Announces That Lower-Than-Planned September Sales Will Reduce Third
Quarter Earnings
ROCHESTER, N.Y., Sep 26, 2000 (BUSINESS WIRE) -- Eastman Kodak Company stated
today that September sales are likely to fall short of planned levels, resulting
in anticipated third quarter earnings that will be lower than the previous
earnings guidance range of $1.56 to $1.66 per share.
"Our third quarter business plans required strong September sales growth to
enable us to successfully offset the earnings pressures of a rising dollar,
increased raw material costs and higher levels of digital investment," said Bob
Brust, Chief Financial Officer. "As a result of the lower than expected sales we
are experiencing in September, our third quarter earnings are likely to fall
approximately $.20 to $.25 per share below our previous guidance range."
The company will provide an updated view of the fourth quarter when it announces
third quarter results on Wednesday, October 18. However, if current sales trends
persist and worldwide economic growth continues to slow, a downward revision to
fourth quarter earnings expectations may be necessary.
Mr. Brust will host a conference call this morning at 9 a.m. eastern time. The
phone number to participate in the call is 913-981-5507. The access code is
986034 (Eastman Kodak Company). The call will be recorded and available for
playback by noon, eastern time, by dialing 719-457-0820 (access code 986034).
The playback will be active until 5 p.m. eastern time on October 3.
Certain statements in this press release may be forward looking in nature, or
"forward-looking statements" as defined in the United States Private Securities
Litigation Reform Act of 1995. For example, the references to the Company's
earnings expectations are forward-looking statements.
Actual results may differ from those expressed or implied in forward-looking
statements. The forward-looking statements contained in this press release are
subject to a number of risk factors, including: the Company's ability to
implement its product strategies (including its category expansion and
digitization strategies and its plans for digital products and Advantix
products), to develop its business in emerging markets like China, to develop
its e-commerce strategies, and to complete information systems upgrades; the
successful completion of various portfolio actions; the inherent
unpredictability of currency fluctuations and raw material costs; competitive
actions, including pricing; the ability to realize cost reductions and operating
efficiencies, including the ability to implement headcount reduction programs
and facility closings timely and in a manner that does not unduly disrupt
business operations, and the ability to identify and to realize other
cost-reduction opportunities; the nature and pace of technology substitution;
and general economic and business conditions.
Any forward-looking statements in this press release should be evaluated in
light of these important risk factors.
Editor's Note: For additional information about Kodak, visit our Web site on the
Internet at: www.kodak.com
CONTACT: Eastman Kodak Company
Gerard Meuchner, 716/724-4513
Fax: 716/724-0964
gerard.meuchner@kodak.com
or
Paul Allen, 716/724-5802
Fax: 716/724-0964
paul.allen@kodak.com
kodak.com
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