Imation acquisition drives Kodak results

By AuntMinnie.com staff writers

January 25, 2000 -- The Health Imaging division of Rochester, NY-based film giant Eastman Kodak recorded strong growth in fourth-quarter and full-year financial results for 1999, thanks to its acquisition of Imation’s medical imaging business in 1998.

For the year, the Health Imaging division posted sales of $2.12 billion, up 39% compared with revenues of $1.526 billion in 1998. The unit’s net earnings last year were $315 million, up 54% over net earnings (excluding special charges) reported in the previous year.

Health Imaging’s growth continued through the fourth quarter. The division recorded sales of $571 million, up 29% compared with revenues of $442 million the previous year. The segment’s net earnings for the quarter were $85 million, up 204% compared with net earnings in the same period the year before, excluding special charges. The fourth quarter of 1998 included one-time charges related to the Imation deal.

Kodak said that most of the growth was due to the addition of revenues from Imation’s businesses. In particular, Kodak reported that it shipped a record number of DryView dry-process laser printers during the quarter. Kodak acquired the product line in the Imation deal.

By AuntMinnie.com staff writers
January 25, 2000

Copyright © 2000 AuntMinnie.com

 

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