| FINANCIALS: FINANCIAL HIGHLIGHTS |
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  |
 |
(in millions, except per share data,
shareholders and employees) |
 |
|
2003 |
|
|
2002 |
 |
| Stock price per share at year end |
|
$ |
25.67 |
|
$ |
35.04 |
|
| Net sales |
|
$ |
13,317 |
|
$ |
12,835 |
|
| Earnings from continuing operations before interest, other charges, net, and income taxes |
|
$ |
371 |
|
$ |
1,220 |
| Earnings from continuing operations |
$ |
238 |
|
$ |
793 |
| Earnings (loss) from discontinued operations |
$ |
27 |
|
$ |
(23) |
| Net earnings |
$ |
265(1) |
|
$ |
770(2) |
| Basic and diluted net earnings (loss) per share: |
|
|
Continuing operations |
$ |
.83 |
|
$ |
2.72 |
|
Discontinued operations |
$ |
.09 |
|
$ |
(.08) |
|
| Total |
|
$ |
.92 |
|
$ |
2.64 |
|
| Cash dividends declared and paid |
|
$ |
330 |
|
$ |
525 |
|
—per common share |
$ |
1.15 |
|
$ |
1.80 |
| Average number of common shares outstanding |
|
286.5 |
|
|
291.5 |
| Shareholders at year end |
|
85,712 |
|
|
89,988 |
|
| Total shareholders' equity |
|
$ |
3,264 |
|
$ |
2,777 |
|
| Additions to properties |
|
$ |
506 |
|
$ |
577 |
| Depreciation |
$ |
830 |
|
$ |
818 |
|
| Wages, salaries and employee benefits |
|
$ |
4,090 |
|
$ |
3,991 |
| Employees at year end: |
|
|
—in the U.S. |
|
35,400 |
|
|
39,000 |
|
—worldwide |
|
63,900 |
|
|
70,000 |
|
|
|
|
| (1) |
Results for the year included $557 million of restructuring charges; $31 million of purchased R&D; $7 million for a charge related to asset impairments and other
asset write-offs; a $12 million charge related to an intellectual property settlement; $14 million for a charge connected with the settlement of a patent infringement
claim; $14 million for a charge connected with a prior-year acquisition; $9 million for a charge to write down certain assets held for sale following the acquisition of
Burrell Companies; $8 million for a donation to a technology enterprise; $8 million for legal settlements; a $9 million reversal for an environmental reserve; $32 million
of earnings from discontinued operations related to environmental and tax reserve reversals; and a $13 million tax benefit related to patent donations. The after-tax
impact of these items was $396 million.
|
|
| (2) |
Results for the year included $143 million of restructuring charges; $29 million reversal of restructuring charges; $50 million for a charge related to asset impairments
and other asset write-offs; $38 million of losses related to the discontinued operations of Kodak Global Imaging, Inc. (KGII) and Sterling Winthrop Inc.; and a $121 million
tax benefit relating to the closure of the Company's PictureVision subsidiary, the consolidation of the Company's photofinishing operations in Japan, asset writeoffs
and a change in the corporate tax rate. The after-tax impact of these items was $17 million.
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