( dpa ) - US photography giant Eastman Kodak Co reported its first yearly profit Wednesday after a four-year restructuring effort that ushered the company into the digital age.
"Our corporate restructuring is now over and Kodak is revitalized and ready to grow," chief executive Antonio M Perez said in a statement.
Net income for the year was reported at 676 million dollars after a loss of 601 million dollars in 2006. Revenue fell 2.5 per cent to 10.3 billion dollars. Perez said the 2007 results were "powerful evidence that a new Kodak has emerged."
The Rochester, New York-based company reported a 215-million- dollar profit for the fourth quarter - its third straight profitable quarter - compared to only 16 million dollars in the year-earlier period. Revenue rose 4 per cent to 3.2 billion dollars.
Kodak, the world's largest photography company, spent four years undergoing a painful restructuring process, shifting its focus from traditional to digital photography. Some investors believe the shift has not gone far enough - Kodak's shares have fallen 22 per cent over the last 12 months.