Rochester Photo News

[Ken Nadvornick]

Two resign from Kodak board; represented KKR
Reuters, via Yahoo! News, December 27, 2011

Ken

 

[lensman_nh]

With one of the major US political parties believing that we still have too much regulation, even after 30 years of eliminating and/or not enforcing what we had, expect it to get much, much worse before it gets better. The game is rigged. The modern corporate culture is such that upper management gets rich and everything else be damned.

Ed

Lets keep the poltics out of this. But as a parting note read this http://www.politifact.com/virginia/...rbes-says-federal-registration-containing-re/

This is just the list of changes, not the laws themselves. If you run a business you need to keep up with these changes. It is not limited to any one party and it is killing the country.

 

[Ken Nadvornick]

Third Kodak director resigns in a week
Reuters, via Yahoo! News, December 30, 2011

Ken

 

[Gim]

Lets keep the poltics out of this. But as a parting note read this http://www.politifact.com/virginia/...rbes-says-federal-registration-containing-re/

This is just the list of changes, not the laws themselves. If you run a business you need to keep up with these changes. It is not limited to any one party and it is killing the country.

25 years or so ago I subscribed to the Federal Register and from what I have read from the above, not much has changed. It documents every change. or whim, as the wind blows and most just check the section that pertains to their business interest. In my spare time I would check other areas and get completely lost in what the hell is going on. Every section has it's expertise and to look at the whole can be very confusing.

Reminds me of my first trip to DC and on the cab ride in from National (before Regan National) I looked at the beautiful old buildings and remarked that this is the biggest bureaucracy in the world...and it was impressive.

I guess my point is...the bureaucracy will keep rolling on, regardless of which party is in power, and there is not much we can do about it. Keep a sense of humor and vote your best.

P.S. Don't drink and type

Best,
Jim

 

[Ken Nadvornick]

Kodak in danger of shares being delisted from NYSE
Associated Press, via Yahoo! News, January 3, 2012

Ken

 

[BradleyK]

Re above: I believe I hear the fat lady warming up offstage...

 

[zsas]

Stock is down 27% as of now...


WSJ "Kodak Preparing for Chapter 11 Filing"

http://online.wsj.com/article/SB10001424052970203471004577140841495542810.html?ru=yahoo&mod=yahoo_hs

 

[PKM-25]

Wow, closed at 47¢ a share, this is going from bad to worse....fast...

Just ordered enough Tmax developer to cover my film needs. It's anyone's guess if the film part of Kodak will survive this or not...

 

[Uncle Bill]

Actually the film part of the business might survive in some form as it's pretty much been paid for in terms of R&D and has a steady cash flow. It may just not be called Kodak in the future if the business unit survives.

 

[zsas]

I don't believe the recent quarterly report shows much revenue in the film lines:

"Film, Photofinishing and Entertainment Group third-quarter sales were $389 million, a 10% decline from the year-ago quarter, driven by continuing industry-related volume declines. Third-quarter earnings from operations for the segment were $15 million, compared with earnings of $28 million in the year-ago period. This decrease in earnings was primarily driven by significantly increased raw material costs, particularly silver, and industry-related declines in volumes, largely offset by cost reductions and price actions across the segment."

I believe it will be first to be divested...

Their own quarterly rpt, almost goes out of its way to ostracize film:

"Eastman Kodak Company (NYSE:EK) today reported steady progress toward becoming a profitable and sustainable digital company as third-quarter digital earnings improved, excluding non-recurring patent licensing revenue in the prior-year period, and sales increased in its core digital growth businesses."

http://www.kodak.com/ek/US/en/Kodak_Reports_3rd_Quarter_2011_Results_Steady_Progress_in_Transformation.htm

 

[Photo Engineer]

Yeah, and all the profit went into digital! If it was plowed back into film, film would be healthier! My opinion!

PE

 

[Klainmeister]

Linky no worky

 

[MDR]

The question I keep asking myself is how much of Kodak's misery is Perez 'fault and how much the rest of the Kodak board is responsible for Kodaks downfall. Perez tried to make Kodak a digital/printer company, Perez constantly badmouthed film and I think it's about time that CEOs (not only Kodaks) were held responsible for their actions and not give a golden parachute. I also believe when a CEO sees that one of his ideas (in this case turing Kodak into a digital company) doesn't work out and only costs money thus actively hurting the profitable parts of the business he should change his ideas or cut the non profitable businesses. Perez did the opposite by selling the gelatine business and screwing the film division.

Dominik

 

[tomalophicon]

At least he sold the sensor division too.

 

[MDR]

Instead of selling parts of Kodaks he should have sold himself to some rich slavetrader and work off the damage he's done to the company. Unfortunately it's more likely that he will receive the golden parachute and a lot of Kodak employees the blue letter all because of his incompetence.

Dominik

 

[Photo Engineer]

Kodak has a long history of making high level errors. I am working on a summary of these that I may let come out sometime. I saw them all from the bottom looking up. Even from there they were pretty bad.

The most glaring was the kickoff. They turned down Chester Carlson citing the fact that Verifax was a superior document duplicating system compared to Xerography. "That huge machine will never match the simplicity and excellence of the Verifax system." That is an approximate quote from the 5 star report I read. BTW, my spell checker recognizes Xerography but not Verifax. (Isn't that amazing?)

PE

 

[clayne]

They need to spin off the FMPEG division to a separate company or get rid of the digital crap entirely.

 

[toro_mike]

Another bit of note. From the Denver Post: http://www.denverpost.com/search/ci_19669279

Headline: Kodak sells 320 acres of Windsor campus

 

[arpinum]

According to Kodak ads, the Verifax could sit on your secretary's desk so it would save you all the expense of her travel time.

I'd see that argument working quite well in the Mad Men days.

 

[Aristophanes]

http://www.christiansandstrom.org/kodak.php

 

[cmacd123]

It gets worse

http://www.reuters.com/article/2012...+Technology)&utm_content=Google+International

And even more worse...

http://www.theglobeandmail.com/glob...source=Report On Business&utm_content=2291387

 

[Nicholas Lindan]

wasn't that long that Ilford went through bankruptcy and restructuring. I'd say bankruptcy is preferable to an IP fire sale. Death and rebirth ... if there is a rebirth.

 

[j-dogg]

Their film business is still very profitable. They will re-emerge just fine. I've been shooting Kodak all year to do my part for the company. I love Tmax 400 and Ektachrome too much to see it all go away.

 

[Aristophanes]

Their film business is still very profitable. They will re-emerge just fine. I've been shooting Kodak all year to do my part for the company. I love Tmax 400 and Ektachrome too much to see it all go away.

"Film, Photofinishing and Entertainment Group third-quarter sales were $389 million, a 10% decline from the year-ago quarter, driven by continuing industry-related volume declines. Third-quarter earnings from operations for the segment were $15 million, compared with earnings of $28 million in the year-ago period. This decrease in earnings was primarily driven by significantly increased raw material costs, particularly silver, and industry-related declines in volumes, largely offset by cost reductions and price actions across the segment."

It's not the margins that are the concern. It's the rapid and far-from-done decline of gross revenues.

There are virtually no new film caress manufactured in any volume. The same now for motion picture equipment. Film sales will follow that dynamic, existing off old stock and inventory in decline. eBay and the Classifieds here cannot keep emulsion plants capitalized. Kodak, Ilford, will not have credit extended for anything under that outcome.

 

[tomalophicon]

But Ilford's profits are rising...