Eastman Kodak Health Imaging reported net worldwide sales of $549 million in its first quarter, up 5% compared with the $521 million posted in the same period last year. Excluding a 6% favorable currency exchange, however, Kodak would have posted a 1% dip in net sales.
For the quarter (end-March 31), the Rochester, NY-based firm had earnings from operations on an operational and generally accepted accounting principles (GAAP) basis of $109 million, up from $76 million last year. Quarterly earnings gains reflected the combined efforts of gross profit margin improvements and decreases in selling, general, and administrative expenses (SG&A), Kodak said.
Among quarterly highlights, sales of digital products (laser printers, digital media, digital image capture equipment, services, and PACS) climbed 11%. The increase was driven primarily by higher volumes of digital media, digital capture equipment, and equipment services. Kodak also reported stronger-than-expected sales of its DirectView computed radiography long-length imaging system.
Increases in digital equipment service contracts led to service revenue gains. Net worldwide sales of traditional products (analog film, equipment, chemistry, and services) declined 2%, due largely to lower specialty film volumes, according to the vendor.
By AuntMinnie.com staff writersApril 23, 2003
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