Kodak Warns of Lower Earnings: Eastman Kodak...

Kodak Warns of Lower Earnings: Eastman Kodak said a previously announced restructuring plan would reduce its net profit by about $225 million in the second quarter. Kodak also said its operating results, apart from the restructuring, were hurt by the “artificially high value of the U.S. dollar” and the absence of expected efficiencies in manufacturing. After announcing a 23% slide in first-quarter profit, Kodak said it would consolidate its photo finishing and consumer photography operations, steps that could cost hundreds of jobs. The $225-million charge will cover the cost of special separation payments to outgoing employees as well as the expense of writing off the book value of equipment, materials and goodwill.