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Kodak Cutting Up to 6,000 Jobs

July 23, 2003

ROCHESTER, N.Y. (AP) _ Eastman Kodak Co. is cutting between 4,500 and 6,000 jobs, or up to 9 percent of its payroll, as it struggles to cope with a nearly three-year slump in film sales it blames largely on a sluggish economy and the rapid growth of filmless digital picture-taking.

The cuts were announced Wednesday as the world’s largest photography company posted sharply lower second-quarter earnings of $112 million, or 39 cents a share, down from $284 million, or 97 a share, a year ago.

Excluding one-time items, however, earnings were $172 million, or 60 cents a share, sharply higher than Kodak’s lowered forecast of 25 cents to 35 cents a share. That beat the consensus forecast of 29 cents a share among analysts surveyed by Thomson First Call.

Sales totaled $3.352 billion, unchanged from the second quarter of 2002.

The company eliminated 7,000 jobs last year, shrinking its work force to 70,000 people. In January, it said it is cutting another 1,800 to 2,200 jobs in trimming back photofinishing operations in the United States and Western Europe.


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