P. M. BRIEFING : Eastman Kodak Earnings Off 6%
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ROCHESTER, N.Y. — Eastman Kodak Co. said today its first-quarter earnings fell 6% in the first quarter.
Net income for the quarter was $199 million, or 61 cents per share, compared to $212 million, or 65 cents per share, in the first quarter of 1989.
Sales for the first quarter dipped 2% to $4.11 billion from $4.21 billion in the same period last year.
The Rochester-based photographic giant began a major restructuring in 1989, at a cost of $549 million. The company sold or consolidated about 20 businesses and eliminated 7,500 jobs. Chairman Colby Chandler has said he expects to see the restructuring translate into better earnings and improved cash flows in the second half of 1990.
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