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
|Owens Valley Milky Way by ed rader|
from Sign, sign, everywhere a sign..
|Break by Hank3152|
from Motion blur
|Camp by T bird|
from A Big Year - birds
|The Maasai Shepherd by cgravel|
from - African Man - (Portrait in Black and White + A Border)
Riding a mountain bike downhill is dangerous enough in daylight, but potentially lethal at night. Which is where drones come in.
Rumors abound that Canon (and maybe Nikon) may produce a mirrorless camera based using their existing DSLR mount. Does this guarantee immediate great lens choice or a perpetually second-rate experience? Read more
According to rumors, the next camera from Nest will be able to capture 4K video, though that resolution will be only used for 'virtual' pan and tilt functions.
Boundary's Prima 'fully modular' backpack is expandable to 30L and has a removable camera case and tablet sleeve. Early Kickstarter backers can get one for $189.
Stanley Greene captured 'brutally honest' photographs in the war zones of the Middle East, Chechnya and Georgia. He was also one of the few African-American photographers working internationally.
Owners of Leica M cameras that suffer from peeling CCDs will be able to claim a free repair in the future so long as the camera was purchased within five years of the fault becoming apparent, the company has announced. Read more
No mic socket? No problem. In this video, Daniel Peters at Photo Gear News shows you how to make a lapel microphone using just a smartphone and a pair of earbuds.
The Carl Zeiss Jena BIOTAR 75mm F1.5 Red T lens is very rare and priced accordingly. It can be yours today for the low, low price of $15,000.
The MIT’s Computer Science and Artificial Intelligence Laboratory (CSAIL) has developed a drone that does not require any human control for recording tracking shots. Read more
In this terrifying video, Iraqi journalist Ammar Alwaely narrowly misses a sniper's bullet, which takes out his chest-mounted GoPro. Warning: strong language. Watch the video
A new report expects action camera growth to increase about 15% by 2021, with Ultra HD cameras driving demand. Read more
Profiles for Adobe Photoshop and Lightroom have been released for Irix's ultra-wide 11mm and 15mm primes. Like all profiles, these correct for distortion and vignetting.
An upcoming firmware update from DJI will cripple its drones unless they are 'activated' on the company's website. Live streaming will be turned off and flight radius/altitude will be limited.
Brent from ShareGrid rounds up the 10 most common products filmmakers are renting from one another for productions; chances are good you own one or more of them.
DaVinci Resolve is making strong moves to compete with Premiere and Final Cut Pro, including affordable control panels for colorists. According to Premium Beat, they're really good.
If you are not planning to fly your drone commercially you are not required to register it with the FAA anymore. This decision was handed down by a federal court in Washington, D.C.
Whether you're syncing a flash, wondering why banding is appearing in your image or getting strange images from your camera's silent shutter mode, the way your shutter works has a role to play. Here's what happens when you press the shutter button. Read more
William Vazquez travels all over the world documenting humanitarian work. He spoke to us about the challenges of his work, the importance of research and why a multitool and duct tape are your best friends in the field. Read more
These ten film cameras stand the test of time. They are easy to find, affordable and capable of excellent results. Read more
Photographer Aydın Büyüktaş uses a drone, 3-D rendering and Photoshop to create mind-bending landscapes.
They're offering tips for composing selfies and converting to black and white.
Whether you're seeking ultra-high resolution, first-rate autofocus or 4K video capture, there are some supremely capable 'semi-pro' cameras available. Find out which models we liked best in our updated semi-pro camera roundup. Read more
With composition specified by the director, drones may one day be able to navigate a movie set on their own.
Canon has made the previous version, 1.1.0 available for download again.
Impossible? Not if you have a fast lens and 5 stops of stabilization.
This 'strictly limited edition' is a refurbished original Polaroid 600 redesigned with a custom two-tone paint job.
Nikon today announced a reorganization of its corporate structure which will see several divisions and business units closed or merged. Read more
High school students from New York got he chance to shoot along with award-winning photojournalist Ron Haviv in Morocco.
VentureBeat reports that Monday's Surface Pro announcement will bring evolutionary updates to Microsoft's high-end Windows 10 tablet.