Eastman Kodak ( EK) said in a filing with the Securities and Exchange Commission that it will incur a $32 million asset impairment charge due to the cuts in consumer film capacity at its Rochester, N.Y., plant. The company cites the declining market demand in consumer film products and said there will be no impact to employment levels related to this action. The stock was unchanged at $27.77. Chesapeake Corp. ( CSK) announced it has filed a shelf registration of $300 million with the Securities and Exchange Commission allowing the company to sell debt, common stock, preferred stock, warrants and other securities. The registration carries forward $68.5 million of securities unissued from the company's December 2003 registration statement. Chesapeake intends to use the proceeds for general purposes. The stock was unchanged at $21.60. Casella Waste Systems ( CWST) reported a fourth-quarter loss of $364,000, or 5 cents a share, compared with a loss of $5.3 million, or 25 cents a share a year earlier. The waste services company said revenue for the quarter was $115.8 million. For full-year 2006, the company said it expects revenue of $500 million to $520 million with earnings before items of $122 million to $116 million. The stock was up 37 cents, or 3.32%, to $11.50 in after-hours trading. Cardinal Health ( CAH) announced that it has signed a five-year, $200 million supply agreement with Lahey Clinical Medical Center that will help improve efficiency at the nonprofit group practice and hospital. Cardinal Health will establish a system to automate and improve the ordering, management and replenishment of supplies at the hospital. "The strategic decision to partner with Cardinal Health for our supply-chain solution was reached following careful analysis, and it positions Lahey Clinic for future growth," said Lynn Malloy Stofer, senior vice president of clinical services at Lahey Clinical. The stock was unchanged at $60.50.
Covalent Group ( CVGR) announced that it has been awarded a $9.2 million research contract in cardiovascular disease. The contract is a follow-up to previous phase II work that was performed relating to the same drug for an unnamed client. The new contract will cover clinical trial design and consultative services; a multinational phase III study; and a long-term extension study focused to patient safety. Covalent said it expects to recognize revenues from the $9.2 million over the next 24 to 36 months on a proportional performance basis. The contract is subject to positive results from the phase II trial, which is currently being completed. The stock was up 23 cents, or 9.9%, to $2.55.