Walking the beat…

September 9, 2003

Before Enron, the SEC never used to pay much attention to large companies, figuring the fuzzy math was something that only small companies resorted to. Not anymore! The SEC recently reviewed Dow 30 component Eastman Kodak (EK) and asked the company to be a bit more forthcoming with some of its numbers, according to Kodak’s ammended 10-K. Among the changes was an additional sentence that helped to clarify why Kodak’s commerical imaging sales had gone up by 175% — one of the most bullish numbers in the entire 10-K. The sales surge was almost entirely due to the January 2002 acquisition of Encad, something Kodak left out of its 2002 K the first (and second) time around. The revised filing also dumped some of the non-GAAP numbers — adjusted net earnings, anyone? — that found their way into Kodak’s two earlier filings.

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