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KODAK ANNOUNCES THIRD QUARTER CHARGES; ACCOUNTING CHANGE FOR YEAR-TO-DATE

 KODAK ANNOUNCES THIRD QUARTER CHARGES;
 ACCOUNTING CHANGE FOR YEAR-TO-DATE
 ROCHESTER, N.Y., Oct. 16 /PRNewswire/ -- Eastman Kodak Company (NYSE: EK) today announced that it will incur an after-tax restructuring charge in the third quarter of about $140 million, or approximately $.43 per share. The company's third quarter sales and earnings results will be announced Oct. 27.
 The company also announced that its 1992 earnings will benefit by approximately $150 million, or about $.46 per share, as a result of adopting a new accounting standard for deferredincome taxes. The change will be recognized as of the beginning of 1992.
 The third quarter restructuring charge is composed of three major parts:
 -- About one-half of the charges relate to the company's
 planned divestitures and pending exit from several non-
 strategic businesses. (Kodak announced earlier that it
 is pursuing divestiture of ten businesses in its
 Information segment.)
 -- About one-fourth reflects costs beyond that accrued in
 1991 for more than 600 employees leaving under the
 company's Resource Redeployment and Retirement Plan.
 Kodak announced earlier that more than 1,600 people
 signed up for this plan in 1992.
 -- About one-fourth of the charges are costs applicable to
 the rationalization of operations outside the United
 States, primarily Imaging business consolidations in
 France, Japan and Brazil.
 In commenting on the restructuring charges, Kay R. Whitmore, chairman, president and chief executive officer, said, "We are focusing directly on the strategic core of our business. These charges are aimed at improving operations, reducing costs, and closing unprofitable and non-strategic businesses. No one, inside or outside this company, enjoys additional writeoffs, but it is important that we recognize the need to rework unsatisfactory operations so we can achieve profitable growth as quickly as possible."
 -0- 10/16/92
 /CONTACT: Paul C. Allen of Eastman Kodak Company, 716-724-5802/
 (EK) CO: Eastman Kodak Company ST: New York IN: CHM SU:


KK -- CL002 -- 0789 10/16/92 08:31 EDT
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Publication:PR Newswire
Date:Oct 16, 1992
Words:316
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