The end for Kodak?

[Hatchetman]

So Aristophanes, do you have a record of these write-downs we can analyze? I see they wrote-down $627MM in goodwill (imaginary money) early this year. What else have they done in the past five years or so.

[Photo Engineer]

With all due respect PE, there are no "film profits" at EK. That division has lost money every Q for almost a decade now. When the losses narrow, it is because of asset sales, which are then patriated to the mothership to fund areas of potential growth. That growth is not in analog for the same reason there are almost no film cameras still in manufacture on an industrial scale. The legacy costs of film manufacturing are still evident in the pensions (deferred earnings).

No matter how one measures it, the balance sheets show continuous declining revenues with liabilities still exceeding assets. Even if all non vested pension/medical obligations are wiped by Ch. 11, EK film still bleeds red ink. It's hard to operate and amortize a major industrial system part-time.

The fact that the film dividsion has made a profit, and the fact that the profit has been rolled over to digital has been discussed ad nauseum on APUG in several threads with references to the WST and to Kodak annual reports.

In fact, Kodak has shored up their bottom line via these profits. I don't feel that I need to justify my comments in any way due to the widespread knowledge of this very fact.

PE

[BrianShaw]

The fact that the film dividsion has made a profit, and the fact that the profit has been rolled over to digital has been discussed ad nauseum on APUG in several threads with references to the WST and to Kodak annual reports.

I seem to recall seeing that in their annual report.

[Aristophanes]

So Aristophanes, do you have a record of these write-downs we can analyze? I see they wrote-down $627MM in goodwill (imaginary money) early this year. What else have they done in the past five years or so.

Not imaginary.

Borrowed.

Hardly goodwill when issued as secure debt. More going out than coming in.

http://investor.kodak.com/phoenix.zh...-reportsannual

[h.v.]

So does anyone know of a good equivalent in Fuji (or something else, I suppose) to Kodak's Ektar? I would miss Tri-X and a few other films, but I can find something similar/better in Fuji or Ilford. But not Ektar, which is my go to colour negative film. For that, I hope Kodak's film division doesn't go the way of the dodo (among other reasons).

[Hatchetman]

It's imaginary to the creditors because they are never going to see it.

All these past bad decisions and sunk costs; debt, pension obligations, etc. are irrelevant if somebody can can take the assets for nothing and make film profitably. That is all I am interested in.

[keithwms]

So does anyone know of a good equivalent in Fuji (or something else, I suppose) to Kodak's Ektar?

I am still a big fan of reala, which available in 120 size.

[Neanderman]

I am still a big fan of reala, which available in 120 size.

Ditto. Reala is great.

Ed

[Aristophanes]

It's imaginary to the creditors because they are never going to see it.

All these past bad decisions and sunk costs; debt, pension obligations, etc. are irrelevant if somebody can can take the assets for nothing and make film profitably. That is all I am interested in.

Read the reports. The IP has value, the offset commercial print makes money, and there are considerable real assets (property). What is losing money is film and entertainment (cinema) production and distribution, digital cameras (of which Kodak is shuttering some lines), and consumer printers.

But the film revenues are in freefall, declining faster that overhead can be cut. Film revenues can no longer pay the pensions of the people that created the products in the first place. That's a liability accrued by film, not paid because customers left film for digital.

[tomalophicon]

Oh awesome, I was under the impression that Reala was gone. Great news.