November 12, 1997 |
Eastman Kodak Co. said Tuesday that it will cut 10,000 jobs, almost 11% of its work force, and take a $1-billion pretax charge in the fourth quarter, the latest in a string of restructurings that have yet to boost the company's profit. Kodak also expects to lose $400 million this year in its digital-imaging business, which Chairman George Fisher championed as key to maintaining the company's dominance. Another new effort, the advanced photo system, will report additional losses.
November 6, 1997 |
Rochester, N.Y.-based Eastman Kodak Co., the embattled photography and imaging giant, will unveil a long-awaited restructuring that could cut 14,000 jobs, slash costs by $1 billion, consolidate several businesses and expand joint ventures, analysts said. "It's going to have to be a rather large restructuring in order to have sufficient impact and give them the flexibility to compete with firms like Fuji [Photo Film Co.]," said Robert Curran, an analyst at Merrill Lynch.
November 3, 1997 |
Eastman Kodak Co. is discontinuing its Cineon hardware product line, including scanners and recorders used to add digital special effects to film. Kodak's Hollywood-based Professional Motion Imaging division produced Cineon's Genesis scanners (which digitize images on film) and Cineon's Lightning recorders (which convert the images back onto film). Last month, company officials decided that the hardware business just isn't profitable.
October 15, 1997 |
General Motors Corp. on Tuesday said its third-quarter earnings fell 16% from a year ago, but a strong performance by its North American operations helped it beat Wall Street's expectations. The nation's biggest auto maker earned $1.07 billion, or $1.35 a share, in the July-September period, compared with $1.27 billion, or $1.57, a year ago. The average estimate of analysts was $1.21. GM's sales were $37.1 billion, up 7% from $34.6 billion in the same quarter a year ago.
October 3, 1997 |
Eastman Kodak Co. replaced the head of its consumer business as Chairman George Fisher began an overhaul designed to boost profit at the struggling photography company. Kodak said Senior Vice President David Biehn, 54, will retire early next year, making him the last of the top three officials of the consumer unit to depart recently. He will be replaced Oct. 13 by Robert Keegan, 50, who runs Kodak's professional unit. The move comes a week after the Rochester, N.Y.
September 23, 1997 |
Eastman Kodak Co. is expected to take $1 billion in charges this year to cut at least 10,000 jobs as the photography company struggles with stiffer competition, sluggish sales and declining profit. The firings will be just part of Chairman George Fisher's response to the worst crisis in his four-year tenure, Kodak investors and stock analysts said Monday. He also will hire other companies to make more of Kodak's equipment, they said, to help cut costs.
August 28, 1997 |
Eastman Kodak Co. on Wednesday won a contract worth at least $25 million from Wal-Mart Stores Inc. to install 1,400 self-serve machines that let customers embellish photo reprints, replacing machines from Fuji Photo Film Co. Kodak's victory against Fuji comes at a time when the two companies are embroiled in a long-running trade dispute, in which Kodak contends that Fuji unfairly prevents the U.S. company from competing in Japan.
July 19, 1997 |
Eastman Kodak Co. Chairman and Chief Executive George Fisher said he plans to stay at the Rochester, N.Y.-based photography company at least through 2000 and denied speculation that he might seek the top job at AT&T Corp. Fisher said in a statement that he wanted to make it clear "in the strongest terms" that he won't leave until his work at Kodak is complete.
June 12, 1997 |
Eastman Kodak Co. said it will buy Applied Network Solutions Inc., a digital photography services company, for an undisclosed amount, boosting its products for the entertainment market. Closely held ANSI will be dissolved, and its top executives will join Kodak's Themed Entertainment unit, which provides digital-based images at theme parks, sporting events and other locations.
April 14, 1997 |
The days of film rolls and darkroom photography may be fast fading. Eastman Kodak Co. today will introduce a digital camera for under $1,000 that produces unusually sharp photographs for the price, an advance that could give an important boost to the filmless gizmos. The price of Rochester, N.Y.