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The Everyday Sling might just be the perfect pack for not carrying too much gear, combining comfort with Peak Design's signature modern style.
Kodak will present to investors today a broader strategy for growth that will harness the power of digital technology to expand into a range of commercial businesses, resulting in a more diversified business portfolio with the potential to generate $16 billion in revenue by 2006and $20 billion by 2010. "We are acting with the knowledge that demand for traditional products is declining, especially in developed markets," Carp said. "Given this reality, we are moving fastas digital markets demandto transform our business portfolio, with an emphasis on digital commercial markets. The digital world is full of opportunity for Kodak, and we intend to lead it, as we have led innovation in the imaging industry for more than a century."
Revenue Targeted to Reach $16 Billion by 2006 and $20 Billion by 2010
NEW YORK CITY, Sept. 25Eastman Kodak Company will present to investors today a broader strategy for growth that will harness the power of digital technology to expand into a range of commercial businesses, resulting in a more diversified business portfolio with the potential to generate $16 billion in revenue by 2006and $20 billion by 2010.
At an investors meeting in New York City, Kodak's new leadership team will detail its plans to build on its foundation in consumer, medical and professional film imaging products and services to become a more balanced, diversified company that is a leader in the digital markets it serves. Those plans include leveraging its significant presence, and strong growth, in commercial markets and health imaging; refocusing research and development dollars on bigger, bolder ideas; accelerating investments in commercial markets; and acquiring other companies and technology to broaden Kodak's portfolio of digital products and services. Kodak anticipates spending as much as $3 billion on investments and acquisitions to achieve its 2006 revenue goal, including the transactions already announced this year.
Each of the company's key business areas is now headed by leaders with experience in digital products and services, knowledge of both consumer and commercial printing markets, and a history of creating successful businesses throughout their careers. Since the start of 2002, Kodak Chairman and Chief Executive Daniel A. Carp has recruited a team of leaders, including President Antonio Perez, whose digital experience will allow the company to thrive in a time of structural change in the imaging industry.
"We are acting with the knowledge that demand for traditional products is declining, especially in developed markets," Carp said. "Given this reality, we are moving fastas digital markets demandto transform our business portfolio, with an emphasis on digital commercial markets. The digital world is full of opportunity for Kodak, and we intend to lead it, as we have led innovation in the imaging industry for more than a century."
At sales of $16 billion by 2006, and in the absence of special charges that cannot be estimated currently, Kodak's earnings per share potentially could exceed $3.00 that year.
Kodak will center its growth efforts on three broad markets: Commercial, Consumer and Health.
The Commercial initiatives include developing commercial imaging services for business customers, such as on-demand digital color printing, led by James Langley, Kodak's new President for Commercial Printing. As with Perez, Langley formerly was an executive at Hewlett-Packard Company.
The Consumer initiatives include accelerating the growth of Kodak's successful EasyShare digital camera business and increasing the printing of pictures at home, from home or at retail. Bernard Masson, formerly an executive at Lexmark International, is leading this effort, supported by, among others, Yusuke Kojima, formerly of Olympus Optical Company, Ltd.
The Health initiatives involve gaining more market share in the digital capture of medical images and building an information services business that takes full advantage of the convergence of images and information technology. Dan Kerpelman, who joined Kodak last year from General Electric Co., will continue to lead this effort.
The path to Kodak's revenue goals features short-, medium- and long-term objectives. In the short termthe next 2 yearsthe company will reinforce its foundation by cutting costs and by managing the consumer film and paper businesses for cash and manufacturing share. In the medium term2 to 5 yearsKodak will use the cash generated by the traditional businesses to strengthen the three market segments: Commercial, Consumer and Health. In the long termafter 5 yearsKodak will expand its reach by using its brand and technology to build new businesses in such markets as commercial workflow management, mobile imaging and flat-panel and flexible film displays, among others. Willy Shih, who in the past five years has created a $1 billion business from Kodak's consumer digital assets, is leading the display effort.
"I am committed to ensuring that we execute on our growth strategy," Perez said. "We have the technology, the brand and the cash flow from our traditional business to help take advantage of these opportunities, and we intend to compete aggressively for market share."
Achieving the revenue goals requires that the company maintain financial flexibility while taking advantage of the cash-generation capability of its traditional businesses. To that end, Kodak's management has recommended to the board of directors that the dividend be reduced to a semi-annual payment of $0.25 per share ($0.50 annually) from the current semi-annual payment of $0.90 per share ($1.80 annually). Acting on this recommendation, the board voted yesterday to declare a cash dividend of $0.25 per share, payable Dec. 12, 2003, to shareholders of record as of the close of business on Nov. 3, 2003.
"Becoming a growth company demands that we invest money to harness the opportunities afforded by digital markets," said Robert Brust, Kodak's Chief Financial Officer. "As a result, we've reduced our dividend payout to a level that's about in line with the average payout of the companies in the S&P 500. This reallocation of cash will help us achieve our revenue targets while carrying an amount of debt that's appropriate for the goals we intend to pursue."
To complete the transformation to a digital-oriented growth company, Kodak will create new businesses through a mix of internal growth and acquisitions, which will be funded through aggressive cost and balance-sheet management.
"We have a goal of becoming a $20 billion company by 2010, reflecting a healthy mix of businesses that are commercial and consumer, traditional and digital, new and establishedand all of them taking advantage of the opportunities available in the $385 billion infoimaging market, Carp said.
"Today, we are experiencing a structural shift in our traditional film and paper business in developed markets," Carp said. "To address this shift, we've begun a transformation that is pragmatic and bold. We are determined to win in these new digital markets, and we are creating a Kodak that is geared for success."
Certain statements in this press release may be forward looking in nature, or "forward-looking statements" as defined in the United States Private Securities Litigation Reform Act of 1995. For example, references to the Company's revenue, earnings, cash flow expectations and future focused cost reductions are forward-looking statements.
Actual results may differ from those expressed or implied in forward-looking statements. In addition, any forward-looking statements represent our estimates only as of Sept. 25, 2003, and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change. The forward-looking statements contained in this press release are subject to a number of risk factors, including the successful:
The forward-looking statements contained in this press release are subject to the following additional risk factors:
Any forward-looking statements in this press release should be evaluated in light of these important risk factors.
The Everyday Sling might just be the perfect pack for not carrying too much gear, combining comfort with Peak Design's signature modern style.
When the Fujifilm X-T2 arrived, it was more than just a modest upgrade to the already impressive X-T1. While the new X-T3 hasn't changed the overall design of the camera, this model is way more than an upgrade; rather, it's a quantum leap.
The Movie Maker is a compact, motorized slider designed for phones, action cams and small mirrorless cameras. We think it's a fun little kit and a good value proposition for the cost, provided you can work around a few of its weak points.
Nikon's Z7 is the first camera to use the all-new Z-mount, the company's first new full-frame mount since 1959. We've put together our first impressions based on quality shooting time with a pre-production camera - check out what we've found.
What's the best camera for a parent? The best cameras for shooting kids and family must have fast autofocus, good low-light image quality and great video. In this buying guide we've rounded-up several great cameras for parents, and recommended the best.
What's the best camera for shooting landscapes? High resolution, weather-sealed bodies and wide dynamic range are all important. In this buying guide we've rounded-up several great cameras for shooting landscapes, and recommended the best.
What’s the best camera costing over $2000? The best high-end camera costing more than $2000 should have plenty of resolution, exceptional build quality, good 4K video capture and top-notch autofocus for advanced and professional users. In this buying guide we’ve rounded up all the current interchangeable lens cameras costing over $2000 and recommended the best.
|My Garden by Mitchmeister|
from The Secret Garden
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from Seven types of aircraft - lighter than air
Leica has announced the S3 medium-format camera – an S2 successor with a 64MP sensor capable of 4K video.
The GFX 50R is a 50MP rangefinder-style mirrorless camera. It borrows heavily from the existing 50S model but in a smaller body and at a lower price. How does it differ?
Fujifilm has announced its GFX 50R, a rangefinder-styled version of the company's GFX 50S medium-format camera. The 'guts' of the two cameras are the same, with the difference being the design, weight and Bluetooth, all at a considerably lower price.
In this episode of DPReview TV, we get our hands on Fujifilm's GFX 50R which hides a medium-format sensor in a new, more compact body. Watch to get Chris and Jordan's first impressions on image quality, video and more.
Fujifilm is adding a trio of new medium-format lenses to its G-mount roadmap. GFX owners will soon be able to get their hands on 100-200mm F5.6, 45-100mm F4 and compact 50mm F3.5 lenses. Pricing and availability have not been announced.
Micro Four Thirds users will soon get a super fast, constant aperture wide angle zoom.
Panasonic has announced it is developing two full frame mirrorless cameras: the 47MP S1R and the 24MP S1. We've been shown fairly advanced-looking but non-functional prototype cameras, and have been able to squeeze a few details from Panasonic.
Panasonic is developing a pair of full-frame mirrorless cameras that use Leica's L-mount. The S1R will feature a 47MP sensor, while the S1 will be 24MP. Both cameras will support Dual IS shake reduction 4K/60p video capture and will have XQD and SD card slots.
Leica, Panasonic and Sigma are teaming up. Expect L-mount cameras from Panasonic as well as L-mount glass from Sigma.
Ricoh has announced the development of the GR III enthusiast compact, due to ship in early 2019. The camera gains sensor-shift image stabilization and an updated 24MP sensor with phase-detection. The 28mm equivalent F2.8 lens has also been redesigned and a touchscreen added.
The 'I'm Back' is now available for a range of old film-SLRs, such as Nikon's F-Series, the Olympus OM10 or the Canon AE-1.
IRIX has announced its latest lens, the 150mm F2.8 Macro 1:1. IRIX claims the lens features 'close to zero' distortion and stands out with its 150mm telephoto focal length.
The RF 24-105mm F4L IS USM is one of four lenses to launch with Canon's new full-frame mirrorless system, and it boasts the longest reach of the range. Take a look at some of the samples we've gathered thus far as our EOS R testing continues.
Nikon's Sendai factory in the Tōhoku region North of Japan has been churning out cameras and lenses since 1971. We had the opportunity recently to visit Sendai during events to mark the launch of Nikon's new Z mount.
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A new report from The Verge claims Instagram is currently testing a feature that allows users to re-share posts to their own account feeds.
GoPro has announced its HERO7 camera lineup. The updated action cameras feature new HyperSmooth and TimeWarp modes, as well as improved video and photo specs.
The latest Samsung midrange smartphone offers a super-wide-angle lens in its triple-camera setup.
The Sony 24mm F1.4 is the latest lens to join the company's premium G Master lineup. We've been shooting with one for a couple of days - here's what you need to know.
Apple released iOS 12 a few days ago and some iPhone X users are less than happy with how the new operating system has made their phones look.
Camera bag manufacturer Lowepro has introduced mark II backpacks for its ProTactic AW range with models that are said to feature an improved handling experience as well as a collection of accessories that can be attached to the outside.
Canon has announced its latest superzoom camera, the PowerShot SX70 HS. Compared to the SX60 that came before it, the SX70 has the same lens but offers a higher resolution EVF, 4K video capture and support for Canon's new CR3 Raw format.
Cosina has announced its eighth lens designed specifically for Sony's E-mount system. The Voigtlander 21mm F3.5 lens is due out October 2018.
Sony has taken the wraps off of its new 24mm F1.4 GM full-frame lens, which the company claims is the lightest in its class. Despite its fast aperture, the 24mm F1.4 is remarkably light, weighing just 445 grams (15.7 ounces). The lens will set you back $1400 when it ships next month.
In this episode of DPReview TV we take a look at Sony's brand new 24mm F1.4 GM lens, a desirable focal length for many photographers. How does it perform? Chris and Jordan give us their first impressions.
We've had a little time to shoot with Sony's new wide/fast prime, both close to home and on the water in San Francisco. Check out our initial sample images.
Fujifilm released a firmware upgrade for its X-T3 mirrorless camera that addresses issues with distortion compensation and the mechanical lock on SD cards.
The app's algorithms have been trained using using 200 million cropping data points from real photographers.
Thanks to a software update, the Loupedeck+ editing console can now be used for video editing.
British photographic engineer MTF Services is claiming the world’s first third-party lens adapters for the new Nikon Z system with a collection of four units designed to allow cinema lenses to be mounted on the mirrorless full frame bodies.