NEW YORK (MarketWatch) -- Eastman Kodak (EK : Eastman Kodak Co.
10:35am 02/08/2007
EK26.43, -0.26, -1.0%) Thursday outlined further details of its digital
business strategy, saying
it now plans to cut a total of 28,000 to 30,000 jobs, up from a prior
projection for the layoff of
25,000 to 27,000 employees. The company said it eliminated 1,200 jobs in the
fourth quarter,
bringing the total-to-date reductions to 23,400 positions. Kodak sees charges
of between $3.6
billion and $3.8 billion related to the restructuring program, up from a
previous view for charges
totaling $3 billion to $3.4 billion. The company is looking to complete the
restructuring program
by the end of 2007. Kodak also said it expects earnings from operations to
equal between 8% and 9%
of revenue in 2009 with its target business model yielding gross profit margins
of 28% to 29%. For
2007, the company expects net cash generation of $100 million to $200 million
on a continuing
operations basis following restructuring disbursements of about $600 million
and an aggressive
introduction plan for inkjet products
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