RPT-Kodak posts quarterly profit falls

NEW YORK, July 31 (Reuters) - Photography company Eastman Kodak Co EK.N said on Thursday net income fell and sees its 2008 earnings at the lower end of its previous forecast.

Kodak, which has completed major elements of an expensive transformation into a smaller company that focuses on digital photography products and services, posted a first-quarter profit of $495 million, or $1.62 cents a share. That compares with a profit of $575 million, or $2.00 a year-earlier.

Revenue rose slightly to $2.485 billion, up from $2.468 billion.

Kodak shares have dropped 27 percent so far this year amid worries that investors will have to wait longer to see sustained profits after years of restructuring. (Reporting by Franklin Paul; Editing by Derek Caney)