First Take on Kodak

Kodak has released its fourth-quarter and year-end earnings report. It's got enough details and data to keep finance MBAs busy for several hours, if not days. The offices of the analysts who cover Kodak are mighty busy at the moment.

Kodak's own take on the earnings is rather straightforward: We're delivering. Digital imaging now generates the majority of revenue for the company -- an estimated 54 percent. It's profitable revenue, as well: Kodak said it earned $161 million from digital in the fourth quarter. (The mostly widely stated worry about the company expressed on Wall Street is whether it could make money from digital.) Other positives, according to Kodak: A 95 percent increase in sales of snapshot printers for the home and 140 percent growth in commercial printing.

"We are now more than halfway through our transformation, and we have proven our ability to drive sales in digital markets and to generate the cash necessary to fund our growth," Chairman and CEO Antonio Perez said.

Still, there are challenges, according to analysts. Kodak's health business reported declines in revenue. Competition remains fierce. New technologies are still a drain on the bottom line. And are the profits large enough?

More as it develops. There is a lot of honking outside my hotel window, so apparently the day in the city that never sleeps has begun. Loudly.

Here are some stories on the earnings from Reuters and the Associated Press.