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Old January 24th, 2004, 06:27 AM   #1
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Kodak to cut over 20% of workforce

Kodak announced on Thursday that over 15,000 jobs will be cut worldwide. The announcement also contained sales figures for the fourth quarter, and they were not good for film. Pro films, disposable cameras and consumer films were down 15% worldwide over the same period last year. In the US the same categories were down 23% over last year. Kodak's plans are to cut costs in it's film business faster than sales decline.

Digital sales account for 30% of Kodak's revenues and are expected to jump to 60% by 2006. Kodak's stock rallied on this news with a jump of $3.49. Fourth quarter profit fell 83% to $17 million, or $.07 a share. Sales rose 10%, as digital products sales more than made up for the decline of film.

The complete article is here, at the NY Times, registration may be required.

One of the products cut last week that received little attention, was the Kodak DCS medium format digital backs. Existing stock will be sold off and warranties will be honored. The memo, cited the number of DSLR's that rival medium format, as the reason for their decision to discontinue the MF products.
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Old January 24th, 2004, 04:28 PM   #2
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On the news (3 networks), I heard 25%.
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Old January 24th, 2004, 05:20 PM   #3
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Bigger numbers always sound worse. Worldwide employees is 64,000 and the layoff may be up to 15,000 or 23.4%
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Old January 24th, 2004, 07:15 PM   #4
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I hope they recover with a better model of the DCS 14N- perhaps with a Foveon sensor.......such a great cam with promise that somehow never delivered- available now with an instant $1000 rebate at time of purchase .....sad for Kodak- they make some awesome cameras (DSLR's)......like I said I hope they bounce back with some good ole American engineering!

Kodak I'm crossing my fingers for you!
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Old January 24th, 2004, 09:49 PM   #5
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I hope they bounce back with some good ole American engineering!
Some of their old cameras were made in Germany.
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Old January 24th, 2004, 09:57 PM   #6
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The Retina's were made in Germany and many had Schnieder lenses. They are fun cameras to play.
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Old January 27th, 2004, 01:21 PM   #7
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Dear Photographer,

Because you are a valued partner, I am writing to explain the facts behind the announcements Kodak made on January 22nd. I want to avoid any potential misunderstanding about Kodak's commitment to traditional film photography as we experienced after a similar meeting last September.

Kodak remains committed to film, photographic paper, and traditional photography now and in the future. In fact, we will aggressively defend our leadership positions in film and paper.

True, we will accelerate growth of our digital products and services. However, our goal is to grow the total photography category for our mutual benefit.

At the upcoming Photographic Marketing Association meeting in Las Vegas next month, we will introduce four exciting new consumer films and one-time-use cameras and four new films and papers for professional photographers and professional labs. We will introduce a number of new digital products and services as well. These products, and more like them in our product roadmaps, underscore our commitment to photography.

In our meeting with investors and the news media, we outlined the fact that management is already delivering on our digitally-oriented growth strategy. Our new business environment requires a much lower cost structure and you will read about some of the plans we are developing to become more competitive. Our focus now is to take the operational steps to accelerate success.

Our intent in doing so is to make Kodak a stronger, more capable company. A company that is better able to meet your needs today and well into the future.
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Old January 27th, 2004, 04:40 PM   #8
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Rob,
Are you representing that post as correspondence you received from Kodak?
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Old January 27th, 2004, 05:55 PM   #9
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Yes. It was sent to me from Kodak signed by the VP or President of imaging or something.
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