Word: kodaks
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Dates: during 1990-1999
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...nothing of being in need of cropping. With the company's new computerized camera systems running up hundreds of millions of dollars in losses, and its mainstay 35-mm color film under attack from lower-priced Fuji Photo Film in the U.S. and a strong dollar abroad, Kodak said its 1997 operating earnings could fall as much as 25% below the results for last year. That marked the third distress flag on Kodak earnings this year and caused the company's stock to plunge $8.25 per share in two days. Kodak, which hit a record high of $94.75 in February...
...Fisher and legions of increasingly frustrated Kodak investors, the setbacks brought the need for a course correction into painfully sharp focus. Declaring that "we can't live with a continuing deterioration of our profits," Fisher vowed to embark later this year on cost cuts that he had hoped to spare the company. The prospect must have sent chills through the ranks of Kodak's 94,800 workers--including 34,000 in the company town of Rochester, N.Y., which has already weathered past layoffs. "Earlier in the year we thought we could wait out the price situation and the dollar," Fisher...
...analysts, that only shows the difficulty of rebuilding the 118-year-old house of Kodak at a time when its back end is ablaze from the heat of Fuji's relentless assault. The Japanese company (fiscal 1996 sales: $10.11 billion) hotly denies it is a price-cutter, but nevertheless its prices are as much as a third below Kodak's on some products. B. Alexander Henderson, the head of technology research at Prudential Securities, says Kodak will have to cut prices to narrow the gap with Fuji. Kodak has charged, via a closely watched U.S. complaint before the World Trade...
...Kodak's bind is that lowering prices will hurt its most profitable business. Kodak's piece of the U.S. market for amateur film for consumers is estimated to have brought in $3.4 billion in revenues last year at deep green profit margins of 70%. But if it doesn't do something, its market share will continue to erode. From a near monopoly position in the U.S., it now has less than 75%. Its market share in August of this year compared with the previous year dropped a staggering 5 points...
...that become available. He spurned an offer to head IBM before Louis Gerstner took that turnaround job in 1993. More recently, Fisher was widely viewed as a possible successor to AT&T chairman Robert Allen. Perhaps partly to scotch speculation that he might be leaving, Fisher agreed to lead Kodak until December 2000 and was rewarded with options to buy 2 million shares at an exercise price of some $90 per share--now far under water. "My job here is only half done," he acknowledges...