Eastman Kodak the Last Several Research Paper

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S/G/a expenses were 19.6% of sales in 2005 and 17.1% of sales in 2009. It would take a further 16% reduction in the S/G/a expense just to break even at 2009 sales, so a cut of 20% or more in 2010 is needed to allow the company to break even in the face of steadily declining sales. One piece of goods news, however, is that the company's revenues improved quarter over quarter for Q4 2009 (MSN Moneycentral, 2010).

For the problem with the unfunded pension liabilities, Eastman Kodak has restructured its pension plans and expects to gain $18 million from that move. However, it also expects that its pension liability will increase by $30 million in 2010 (2009 Form 10-K). The company seems unable to make the necessary changes to reduce this expense.

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As such, Eastman Kodak is having a difficult time finding profitability. The company was having difficulty with its pensions when it was making money, and now Kodak has negative cash flow from operations, making the pension an even more difficult proposition.

Overall, Eastman Kodak has a difficult financial position. The company is faced with two significant problems in a massive pension liability and rapidly declining revenues. Although management has undertaken strategies to address each of these issues, those strategies do not appear to be sufficient in scope or intensity to adequately address either issue. As such, Eastman Kodak remains subject to deteriorating financial position. The company needs to continue to find ways to cut costs and simultaneously get out from under its pension liabilities in order to.....

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