Posts Tagged ‘Kodak’

Kodak CEO Antonio Perez “Prioritizes His Compensation Even Amid Bankruptcy”

Respected stock market analysis website Seeking Alpha doesn’t think too highly of the way Kodak CEO Antonio M. Perez is leading the beleaguered photo company:

It would not be the first time that Mr. Perez, who became CEO of Kodak in 2005, has attempted to receive a large payment for his services to the detriment of his company. We had concerns about Kodak’s compensation policies in May 2010, when we noted practices such as Mr. Perez’s having amended (for the fourth time) his initial employment agreement and received an ad hoc award of 500,000 stock options at a low exercise price of $4.54 in October 2009 for “retention purposes.” Although Mr. Perez’s compensation decreased by around 55% year over year to $5.7 million in 2010, it remained grossly disproportionate compared to those of his subordinates, given that the median pay for Kodak’s other named executive officers was only $1.1 million. This suggests that Mr. Perez’s board – which he also chairs – allowed him so much freedom that he was able to prioritize his own interest ahead of his staff, customers and investors.

Earlier this month, Kodak was given permission to stop providing health and welfare benefits to tens of thousands of retirees. The move came just months after the company asked for permission to hand out $13.5 million in bonuses to 300 executives and employees.

Kodak’s CEO Prioritizes His Compensation Even Amid Bankruptcy [Seeking Alpha]

A Mirror Self-Portrait Captured in 1917

Snapping mirror self-portraits may have gotten a huge boost from the introduction of digital photography and smartphoneography, but it is by no means a new activity limited to our era. The photograph above was created back in 1917 — nearly 100 years ago! It was snapped by an Australian flying ace named Thomas Baker when he was 20 years old.
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Kodak Snags Loan of $793M to Climb Out of Bankruptcy, With One Condition

Kodak has finally been thrown a lifeline. Yesterday, the beleaguered photography company announced that it had convinced banks to loan it $793 million in order to climb out of bankruptcy by the first half of 2013. The loan agreement comes with one big catch: Kodak must be able to sell its extensive collection of patents for at least half a billion dollars.
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Photographs Documenting the Demise of Camera Film Companies

Since 2005, photographer and photography lecturer Robert Burley has been documenting the demise of film photography through film photographs. He has traveled around the world with his 4×5 field camera in tow, capturing the demolition of buildings, the equipment that once powered a giant industry, and the desolation of factories that were once teeming with workers.

The photograph above shows a crowd watching the implosions of buildings 65 and 69 at Kodak Park in Rochester, New York on October 6, 2007.
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The Bleeding Continues: Kodak Reports Loss of $312 Million

It seems like Kodak is having a hard time figuring out how to getting its finances back in the black. Kodak has announced its 3rd quarter financial results, and the numbers aren’t pretty — they’re downright ugly, actually. Despite raking in $1 billion over the three-month period ending in September (down 19% from the same period last year), the company still posted a net loss of $312 million (up from a loss of $222M during the same period last year).
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Polaroid Once Won an Epic Courtroom Battle with Kodak

Here’s an interesting piece of photo trivia for today: did you know that Apple’s similarities with Kodak don’t end with Steve Jobs modeling his career and his company after Polaroid? The ongoing dispute between Apple and Samsung is strikingly similar to the battle Polaroid had with Kodak many decades ago.
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Kodak Pulls the Plug on T-MAX P3200

Kodak may be planning to sell its film division, but for the time being the business is still under the company’s control. The company announced yesterday that T-MAX P3200 is the latest in its lineup to be discontinued, citing the plummeting demand for ultra-high speed black-and-white film.
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Another One Bites the Dust: Kodak to Scratch Consumer Printers From Roster

Kodak divisions are falling left and right as the company struggles to claw its way out of bankruptcy protection. After killing off its camera business and selling off its film business earlier this year, Kodak announced today that it will shortly be pulling out of the consumer printing business in order to focus on commercial printing.
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Are Cheap Shares in Bankrupt Kodak a Good Investment?

Bankruptcy has not been friendly to Kodak. The once-important camera company — now a printing company — is worth less than 20 cents a share today, a completely different picture than its glory days in the mid-1990s, when the price briefly surged beyond $90. Now that the share price is so low, would it be wise to invest in the company in hopes that it emerges from bankruptcy protection? Matt Krantz over at USA Today says no, and writes,

Some investors figure that companies that were as large and powerful as Eastman Kodak can’t just vanish. And because of that, they think that when they see the shares trading for just 22 cents that they can’t miss. But investors who assume this are missing a few key points that wind up resulting in huge losses and disappointment.

When companies undergo bankruptcy restructuring, common stockholders are last in line for what’s left of the remaining company. It’s pretty common for the common shares to be delisted from a stock exchange and ultimately be moved to a lightly regulated marketplace. That’s what’s happened with Kodak shares. Some shareholders find getting out of these positions can be costly or troublesome.

He says that while it’s possible that Kodak will succeed in its plans of emerging from bankruptcy next year, it’s unlikely that anyone still holding on to shares in the company will see their wallets getting fatter.

Ask Matt: Are Eastman Kodak shares a bankrupt bargain? [USA Today]


Image credit: Illustration based on Kodak Building in Rochester, NY by Viktor Nagornyy

This is What Camera Shops Looked Like a Century Ago

Check out this photo showing the inside of a camera shop (and pharmacy) from 1910. It’s the image on a postcard that’s currently being auctioned over on eBay (with a starting bid of $100) by a seller named 2raccoons. Here’s the description:

Up for auction is this extraordinary photograph of a woman in standard Gibson dress standing at a store counter purchasing a Kodak folding camera. The store employee is wearing a jacket and bow-tie which adds charm to the photograph. It is uncertain if the woman is actually buying the Kodak camera, or if the scene here is “staged,” but $25 is about what one would have paid for the Kodak folding camera at that time, which can be seen on the cash register.

$25 for a top-of-the-line camera. Not bad. Add a couple zeros to that price and you’ll get what many DSLRs are selling for these days.
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