Eastman Kodak (EK)

Eastman Kodak (EK)

Postby iam802 » Tue Sep 27, 2011 12:13 am

Soon, you won't see this company anymore. Lehlong price.


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Kodak Shares Plunge On Unexplained Friday Borrowing

http://online.wsj.com/article/BT-CO-201 ... 09088.html
NEW YORK (Dow Jones)--Eastman Kodak Co.'s (EK) stock flirted with its all-time low Monday morning as shareholders digested the struggling imaging company's announcement late Friday that it had borrowed against its credit line.

Kodak said it drew $160 million from its credit line but didn't describe a specific use of the proceeds. Monday, Kodak shares recently fell 25%, to $1.78, near its all-time low of $1.75.

"There's no explanation from the company other than, 'Oh, it's the normal course of business'? The communication from this company is abysmal," said Ken Luskin, chief executive of Intrinsic Value Asset Management Inc., which owns 3.8 million Kodak shares.

A Kodak spokesman was unavailable for comment Monday. On Friday, he said in an e-mailed statement that the credit facility "has been a part of Kodak's cash-management tool kit for some time" and is used to manage seasonal differences in the company's cash flows. He declined to elaborate on the specific use of proceeds in this case.

Luskin said shareholders are awaiting an update on the progress of Kodak's potential sale of a valuable trove of digital imaging patents. An intellectual property deal could help Kodak's multiyear effort to refocus its business on commercial and consumer business as its legacy film operations continue to decline.

The patents the company is considering selling may be worth $2.4 billion, according to Rafferty Capital analyst Mark Kaufman.

Kodak has been burning through cash as it tries to refocus its efforts on commercial and consumer printing. Chief Executive Antonio Perez said in July that Kodak expects to finish the year with $1.6 billion to $1.7 billion in cash, up from the roughly $1 billion it had at the end of the second quarter.

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2. The trend will END but I don't know WHEN.

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Re: Eastman Kodak (EK)

Postby kennynah » Tue Sep 27, 2011 1:00 am

they couldnt reinvent themselves...and so.... how to survive..
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Re: Eastman Kodak (EK)

Postby winston » Sat Oct 01, 2011 9:07 am

Down 54%.

I thought there are circuit breakers, that would put a daily limit to any plunge.
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Re: Eastman Kodak (EK)

Postby iam802 » Tue Oct 25, 2011 12:09 pm

We can say goodbye to Kodak.

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Kodak In Talks for $900 Million In Rescue Financing


http://blogs.wsj.com/deals/2011/10/24/k ... od=WSJBlog
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Re: Eastman Kodak (EK)

Postby iam802 » Thu Nov 03, 2011 10:23 pm

Kodak’s Cash Balance Falls 9.9% to $862 Million

http://www.bloomberg.com/news/2011-11-0 ... pment.html

Eastman Kodak Co. (EK), the 131-year-old camera maker, ended the third quarter with 9.9 percent less cash than three months earlier and said it would use more than anticipated this year as it works to build its digital printing- equipment business.

Cash and equivalents dropped to $862 million from $957 million in the second quarter, the Rochester, New York-based company said today in a filing. Kodak also said its cash balance at the end of the year would be $1.3 billion to $1.4 billion, down from an earlier projection of $1.6 billion to $1.7 billion.

Chief Executive Officer Antonio Perez is trying to sell an estimated $3 billion worth of patents to fund Kodak’s transformation into a profitable maker of inkjet printers. The consumer digital-imaging unit had a $90 million loss in the quarter, compared with profit of $67 million a year earlier, when it benefited from licensing revenue that won’t recur.

(802: inkjet?? what kind?)

“We want to see those businesses become profitable so they can stand on their own in terms of cash generation,” Jody Lurie, a credit analyst at Janney Montgomery Scott LLC in Philadelphia, said today by telephone. “They’re spending to build up these businesses.”

The shares sank 1.7 percent to $1.18 at 9:22 a.m. in New York and had tumbled 78 percent this year before today.

Kodak said today in a filing that it would pursue licensing opportunities for the digital-imaging patents if it’s unable to sell them at “an appropriate price.” The company said it’s “pleased with the progress and level of interest” in the patents.

Liquidity Needs

Kodak also said it may slow investments in its consumer and commercial inkjet units or sell some of its cash-generating businesses “if liquidity needs require.” It didn’t disclose which units may be sold.

Kodak plunged in September after drawing down $160 million from a line of credit to fund operations. The company has hired Lazard Ltd. (LAZ) to help it sell the patents and retained Jones Day among advisers helping on strategic options. The company also said today it is exploring supplementing or replacing first-lien financing to boost liquidity by as much as $500 million.
The company’s digital cameras and devices business is being squeezed by the popularity of smartphone cameras and may be a candidate for divestiture, said Mark Kaufman, an analyst at Rafferty Capital Markets LLC in New York.

Kaufman, who recommends buying the shares, had estimated Kodak ended the third quarter with cash of $890 million. Cross Research’s Shannon Cross and Deutsche Bank AG’s Chris Whitmore had estimated cash of $850 million, including the $160 million in borrowing from its credit line in September.

Kodak’s third-quarter net loss widened to $222 million, or 83 cents a share, from $43 million, or 16 cents, a year earlier. Revenue fell 17 percent to $1.46 billion. The average estimate of three analysts surveyed by Bloomberg was for sales of $1.65 billion.

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Re: Eastman Kodak (EK)

Postby iam802 » Thu Nov 03, 2011 10:24 pm

Answering my own question on inkjet:

http://www.kodak-printers.com/kodak-ink ... nters.html
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Re: Eastman Kodak (EK)

Postby kennynah » Thu Nov 03, 2011 10:59 pm

inkjet printers... hahaha....

its ceo is definitely not a "steve jobs" calibre...
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Re: Eastman Kodak (EK)

Postby iam802 » Thu Nov 03, 2011 11:05 pm

I think the whole management team is 'screwed'.

How can a SWOT analysis and a survey of opportunities lead them to inkjet printers as the next market?

I am sure it is not difficult to see that inkjet market is cornered by a few major players whose cashcow on the cartridge is already under threats. In other words, diminishing margins.
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2. The trend will END but I don't know WHEN.

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Re: Eastman Kodak (EK)

Postby iam802 » Thu Jan 05, 2012 12:47 pm

Drop to 47 cents!

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Kodak Drops After Report About Bankruptcy Filing

http://www.bloomberg.com/news/2012-01-0 ... iling.html
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Re: Eastman Kodak (EK)

Postby iam802 » Wed Jan 11, 2012 5:14 pm

The strategy is called "Sue as you go"

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Kodak Pushes Patent Value With Apple, HTC Lawsuits as It Seeks Turnaround

http://www.bloomberg.com/news/2012-01-1 ... tents.html
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2. The trend will END but I don't know WHEN.

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