Kodak reported to be preparing for bankruptcy protection
Financial paper the Wall Street Journal is reporting that former photography giant Kodak is preparing for 'Chapter 11' bankruptcy protection. The company's shares fell below $1 per share yesterday, with the New York Stock Exchange announcing that the price must rise above this level within the next six months if the company is to avoid being de-listed (the share price must exceed $1 at the end of a calendar month and have averaged above $1 for the preceding 30 days). Reports claim that the company is planning to enter the court-administered Chapter 11 process if it cannot find a buyer for its portfolio of 1,100 patents covering many aspects of digital imaging.
Kodak Receives Continued Listing Standards Notice from the New York Stock Exchange
ROCHESTER, N.Y.--(BUSINESS WIRE)--Jan. 3, 2012-- Eastman Kodak Company (NYSE:EK) today announced that the Company has received a continued listing standards notice from the New York Stock Exchange (the “NYSE”) because the average closing price of the Company’s common stock was less than $1.00 per share over a period of 30 consecutive trading days.
The Company’s common stock continues to trade on the NYSE. Under NYSE rules, the Company has six months following receipt of the notification to regain compliance with the minimum share price requirement. The Company can regain compliance at any time during the six-month cure period if the Company’s common stock has a closing share price of at least $1.00 on the last trading day of any calendar month during the period and also has an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month or on the last day of the cure period.
The Company’s Securities and Exchange Commission reporting requirements and debt obligations are not affected by the receipt of the NYSE notification.
CAUTIONARY STATEMENT PURSUANT TO SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Certain statements in this document 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 expectations regarding the following are forward-looking statements: the future trading price of the Company’s common shares; and compliance with or the Company’s ability to cure deficiencies under the NYSE listing standards.
Future events or results may differ from those anticipated or expressed in these forward-looking statements. Important factors that could cause actual events or results to differ materially from these forward-looking statements include, among others, the following risks, uncertainties, assumptions and factors as described in more detail in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2011, June 30, 2011, and September 30, 2011, under the headings "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Cautionary Statement Pursuant to Safe Harbor Provisions of the Private Litigation Reform Act of 1995" and in other filings the Company makes with the SEC from time to time:
- Whether we can generate or raise cash and maintain a cash balance sufficient to fund our continued investments, capital needs, restructuring payments and service our debt;
- Whether we can raise sufficient proceeds from the sale of non-core assets and the potential sale of our digital imaging patent portfolios within our plan;
- Whether we are successful in licensing and enforcing our intellectual property rights on which our business depends, or if third parties assert that we violate their intellectual property rights which could adversely affect our revenue, earnings, expenses and liquidity;
- The competitive pressures we face which could adversely affect our revenue, gross margins and market share;
- Whether our commercialization and manufacturing processes fail to prevent product reliability and quality issues which could adversely affect our financial results, harm our reputation and delay product launch plans;
- Whether we are successful with the strategic investment decisions we have made which could adversely affect our financial performance;
- Whether we effectively anticipate technology trends and develop and market new products to respond to changing customer preferences which could adversely affect our revenue, earnings and cash flow;
- Continued weakness or worsening of economic conditions which could continue to adversely affect our financial performance and our liquidity;
- Whether we are successful in attracting, retaining and motivating key employees which could adversely affect our revenue and earnings;
- Whether our future pension and postretirement plan costs and required contribution levels are impacted by changes in actuarial assumptions, future market performance of plan assets or obligations imposed by legislation or pension authorities which could adversely affect our financial position, results of operations and cash flow;
- Due to the nature of products we sell and our worldwide distribution, we are subject to changes in currency exchange rates, interest rates and commodity costs which could adversely affect our results of operations and financial position;
- Whether we are able to provide competitive financing arrangements to our customers or if we extend credit to customers whose creditworthiness deteriorates which could adversely affect our revenue, profitability and financial position;
- Our failure to implement plans to reduce our cost structure in anticipation of declining demand for certain products or delays in implementing such plans which could adversely affect our consolidated results of operations, financial position and liquidity;
- We have outsourced a significant portion of our overall worldwide manufacturing, logistics and back office operations and face the risks associated with reliance on third party suppliers.
The Company cautions readers to carefully consider such factors. Many of these factors are beyond the Company’s control. While the Company may elect to update forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, even if its expectations change. In addition, these forward-looking statements represent the Company’s expectations only as of the date they are made, and should not be relied upon as representing the Company’s expectations as of any subsequent date.
Notwithstanding the opportunity for a six-month grace period to return to compliance with NYSE continued listing requirements, given the liquidity challenges confronting the Company and the recent market experience with our listed securities, there can be no assurance that the Company will return to compliance with the NYSE listing standards. Moreover, no assurance can be given that future actions by the Company or the marketplace will not give rise to alternative bases for potential delisting from the NYSE.
Any forward-looking statements in this document should be evaluated in light of the factors and uncertainties referenced above and should not be unduly relied upon.
Dec 15, 2014
Dec 11, 2014
Dec 11, 2014
Dec 10, 2014
|Iconic Tree by Jerry-astro|
from Fall colors
|USA1053a by embie|
from We salute you!
|Pot of Gold by Take5|
from Flower center
|Zombie DP by MarioSS|
Canon Japan's new lineup of novelty camera-themed gifts was just revealed online, including a lens mug and lens thermos, two retro camera-themed USB drives, and a picnic mat.
The Profoto A1 most certainly isn’t for everyone [...] But for those who are used to using the Profoto systems, and want something that pairs seamlessly with the strobes you already have, there is no better companion.
Fujifilm has asked a US district court to clear it of any wrongdoing, after allegedly being threatened with trademark litigation by Polaroid.
While a couple of our reviewers are out testing the Sony a7R III in Arizona, back in Seattle we slapped the camera in front of our studio scene to get a close look at its image quality. See how it stacks up against the competition.
We're counting down our top 10 most popular sample galleries of 2017, and the #8 ranking belongs to the Nikon D7500.
B+W has announced a new aluminum filter holder that offers three slots so users can use multiple filters at the same time. The holder goes with the 2mm thick 100mm square filters it launched earlier this year.
8K video is coming a lot faster than you think, and Blackmagic is ready for it. Meet the DeckLink 8K Pro, a new high performance PCI-E capture and playback card built to handle 'real time high resolution 8K workflows.'
"Glass is everywhere in photography. From Eugène Atget’s reflective vitrines to Lee Friedlander’s sly self-portraiture, photographers have long been in thrall to the visual complications glass can inject into a composition."
Former Apple Aperture lead developer Nik Bhatt has designed an iOS app called RAW Power that lets you edit raw photos from your professional camera using your phone and tablet.... color us intrigued.
Advertising photographer Blair Bunting got his hands on the new Microsoft Surface Book 2, and it blew him away. Bye bye MacBook Pro...
The OnePlus 5T retains many of the 5's features and specs, but comes with an edge-to-edge display and a dual-camera that is optimized for low light.
Sony's recently announced IMX461 backside illuminated medium format sensor will bring 100MP resolution and almost 2x the speed to the next-gen Fuji GFX and Hasselblad X1D.
With the ‘Rent a Hasselblad’ camera equipment renting program, the camera makers is aiming to give enthusiast and professional photographers easier access to its medium-format photography products.
They say seeing is believing, and that's exactly what happened when one DPR staffer took the Google Pixel 2 out for an afternoon shooting under challenging conditions.
We're counting down our top 10 most popular sample galleries of 2017. At the #9 spot we have the Fujifilm GFX 50S, a medium-format camera that took CP+ 2017 by storm.
Instagram is testing a new feature that lets you follow hashtags in addition to people, making it possible to keep track of your favorite #landscapes or #portraits without leaving your home feed.
Despite the gigantic volume of second hand film bodies in existence, it seems there is still a demand for new 35mm SLRs with a retro feel. The latest is a remake of the Ihagee Elbaflex from the 1960s, but with a Nikon F mount.
The Polaroid Insta-Share Moto Mod straps an instant printer directly to your Moto Z smartphone, so you can print your photos as soon as you've captured them.
The Mitakon Speedmaster 135mm F1.4 lens is being relaunched in 7 different mounts, including: Sony A, Sony E, Canon EF, Nikon F, Fujifilm G, Pentax K, and Leica L. Got an extra three grand lying around?
In January, Kodak announced it would bring back the beloved slide film Ektachrome. The timeline has been pushed back a bit, but Kodak says you can expect to purchase Ektachrome again in 2018.
Instagram popularity is threatening some of the most beautiful landscapes in the US, as hordes of 'nature lovers' trample over the same spots over and over again in search of the same exact shot.
You’d have to be pretty brave to immerse your $50K RED cinema camera underwater. But if you've got the guts, Gates just released a new housing you can be pretty sure won't wreck your unbelievably expensive toy.
Adobe has released a 'Lightroom Downloader' app for Windows 10 and macOS High Sierra that allows you to download all of your images from the Adobe Cloud, all at once.
After releasing a popular 4K action cam and an affordable mirrorless M43 camera, Chinese camera maker YI is diving into yet another market: 360° VR. Meet the YI 360 VR: a powerful little two-lens camera that can shoot and stream in 4K.
The DJI Spark has received a lot of attention thanks to its diminutive size, but how does it stack up? In our review, we take a look at what it's like to fly this pint-sized drone, as well as what's in it for photographers.
Between now and the end of the year we'll be counting down our top 10 most popular sample galleries of 2017. Coming in at #10 is a fast wide prime and part of the highly-acclaimed Sigma Art series.
DxOMark has awarded the Pentax 645Z 101 points, making it the second-highest scoring medium format camera it's tested (or the highest scoring from 2015 to now, based on the originally published results).
A small explosion that sounded like a gunshot caused a panic and 24 flight cancellations at Orlando International Airport last Friday. As it turns out, it was a camera battery that exploded inside a traveler's bag.
At last, a premium superzoom bridge camera with phase detect autofocus. Is this the best all-in-one camera ever made? Read on.
Unlike most smartphone cameras, the new Google Pixel 2 devices combine optical and electronic image stabilization for a smooth video experience. Here's how it works.