* Eastman Kodak Co. reported a fourth-quarter...

* Eastman Kodak Co. reported a fourth-quarter loss and a 98% drop in 1991 earnings because of a huge restructuring charge.

Even without the $1-billion charge, earnings slumped sharply as the recession continued to slow film sales.

The Rochester, N.Y.-based photographic giant said it lost $400 million, or $1.23 per share, in the quarter ended Dec. 31, contrasted with a profit of $326 million, or $1.01 per share, in the fourth quarter of 1990. Sales for the quarter were $5.08 billion, down slightly from $5.15 billion in 1990.

For all of 1991, the company earned $17 million, or 5 cents per share, down from $703 million, or $2.17 per share, in 1990. Sales were up 3% to $19.4 billion.

Without the restructuring charge, fourth-quarter earnings would have been $197 million, or 61 cents per share, down 40% from the same period a year earlier, and 1991 earnings would have been $1.05 billion, or $3.23 per share.

Without a Polaroid litigation judgment in 1990, Kodak earnings for that year would have been $1.27 billion, or $3.91 per share.