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.
May 2, 1985
Eastman Kodak announced that the Justice Department has given it the go-ahead to bid for Verbatim, a Silicon Valley manufacturer of floppy disks for computers. The deal for the Sunnyvale, Calif., company, valued at $175 million or more, was held up while the Justice Department asked for more information. Verbatim is the world's largest producer of floppy disks, a market into which Kodak is expanding.
May 2, 1986
A company spokesman said that Eastman Kodak's offer to do contract manufacturing of biotech products for companies that can't afford the high costs themselves was not a normal Kodak procedure, "but biotechnology is an unusual field." The company had solicited customers during a trade exposition in Boston. Biotechnology uses genetic engineering to create compounds for use in medicine, agriculture and industry.
April 7, 2005 |
Eastman Kodak Co. restated its profit lower for the last two years because of errors in accounting for income taxes, pensions and retirement benefits. Net income for 2004 was reduced by 14% to $556 million, or $1.94 a share, Rochester, N.Y.-based Kodak said. It cut net income for 2003 by 4.5% to $253 million, or 88 cents.
October 7, 1986
The ruling leaves Kodak open to billions of dollars in damages. Last year, after a five-month trial in Boston, federal judge Rya Zobel ruled that Kodak's line of instant cameras and self-developing film infringed on patents owned by Polaroid, which pioneered instant cameras. The finding was upheld by a federal appeals court in January. Still to be determined are the amount of damages to be awarded to Polaroid, which filed the suit in 1976 after Kodak entered the market.
June 10, 1999 |
George Fisher, the onetime darling of Wall Street who struggled to pull Eastman Kodak Co. into the Digital Age, will step down as chief executive of the giant photography company, effective Jan. 1. In a move long expected, the company's board said that Fisher will be succeeded by his handpicked successor, Kodak veteran Daniel Carp. The switch comes at a time when Kodak is groping its way toward a digital future.
September 27, 1991 |
Fuji Photo Film Co. has applied for a license to use rival Eastman Kodak Co.'s Photo CD technology in Japanese photo labs, Kodak officials said. Spokesman Paul Allen said Kodak plans to issue Fuji a license for the technology, which allows the transfer of pictures from film to compact discs. Fuji would pay royalties to Kodak and NV Philips, which together developed the Photo CD system. Kodak plans to start selling the system next summer, said Stephen S.
December 13, 1988 |
Eastman Kodak Co. has developed a blood analyzer that works in zero gravity conditions for use aboard the U.S. space station scheduled to go into orbit in 1995. Company officials said the analyzer uses no liquid chemicals and will allow medical personnel on the ground to evaluate illness and other conditions of the crew.
May 3, 2001 |
Eastman Kodak Co., the largest photograph company, will introduce digital imaging services and products such as lower-priced cameras and discontinue a Kodachrome film line to increase profit. Film sales have dropped as Kodak tries to make a profit on a $5-billion investment in digital imaging. Digital photography, which doesn't use film, is expected by analysts to become the main method of photography as technology improves and costs drop.
March 3, 2001 |
Eastman Kodak Co. suspended its $2-billion stock buyback program to accelerate debt-reduction efforts and give it the financial flexibility to pursue acquisitions. Kodak, which has struggled with lower sales and profits in an intensely competitive market and slowing economic environment, said the move was not an indication of lower-than-expected cash flows. It said first-quarter cash flow is in line with expectations and is consistent with normal seasonal patterns.