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Eastman Kodak Cuts Projected 2006 Losses

Eastman Kodak Co. said Tuesday it may lose up to $850 million this year instead of $900 million to $1.1 billion, a forecast it mistakenly reported a day earlier as it released its fourth-quarter earnings results.

Kodak, which is navigating a tough transition from film to digital photography, said it expects to post an overall operating loss of $500 million to $850 million in 2006. Because of financial errors, the company said it wrongly calculated in its quarterly release Monday a projected loss of $900 million to $1.1 billion.

Kodak is in the midst of cutting up to 25,000 jobs and attributed its projected losses mainly to restructuring costs and a sharp decline in demand for film.

Its stock fell 65 cents, or 2.5 percent, to close at $25.10 Tuesday on the New York Stock Exchange.


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