NEW YORK (Standard&Poor's) April 24, 2003--Standard&Poor's Ratings Services said today that Eastman Kodak Co.'s (BBB+/Negative/A-2) announcement that its first quarter net income decline of 69% will not affect the company's ratings or outlook. The lower net profit was heavily influenced by restructuring and other charges. EBITDA, adjusted for these items, was in line with Standard&Poor's expectations, and flat on a year-over-year basis. Weakness in its key consumer segment was offset by good entertainment and health imaging results. However, Kodak stated that difficult market conditions are likely to keep full year earnings at the low end of its previous guidance. Earnings at this level should enable the company to continue to generate solid discretionary cash
