Kodak withdraws forecasts
from times wire services
Eastman Kodak Co. said it had withdrawn its full-year 2008 operating profit and sales forecasts because of a weak economy and stronger dollar, and said executives would not receive a salary increase next year.
The Rochester, N.Y., photographic products company said consumer spending had slowed dramatically, and tight credit markets were making it hard for shoppers to secure financing for equipment purchases.
“There is an unprecedented amount of uncertainty surrounding the economic environment, and most signs indicate that we may be facing a prolonged global recession,” Chief Executive Antonio M. Perez said.
Shares declined 61 cents, or 8.5%, to close at $6.59.
