Kodak Film Div - Only profitable segment of company in 2011
Since Kodak is in the midst of a chapter 11, they don't make quarterly/annual filings like non-ch 11 publicly traded corporations, but it looks like some info re their 2011 annual results has been filed (I assume with the court). Prior to this the last rpt we have seen was the 3Q11 rot.
See this tidbit from a newly filed annual rpt:
"The only part of Kodak to post a profit was its Film, Photofinishing and Entertainment Group, where profits fell by 63% to $34*million, on sales down 12% at $1.5 billion."
Sure it isn't roses but it's not what the trolls and other haters would leave you to believe....
Explain this to Aristophanse! He disagrees totally with this.
Oof - $34 million on falling sales of $1.5 billion - that isn't much for a company the size of Kodak, especially with the debts of Kodak.
The other Kodak related articles linked to on that referenced site are interesting, in that they tend to show how little of the "new" Kodak is related to film or things like home computer printers.
And the part of the article that discusses the unsecured trade creditors is scary too - as much as I worry about the employees, I think it is at least as tragic what this might do to the unsecured trade creditors.
“Photography is a complex and fluid medium, and its many factors are not applied in simple sequence. Rather, the process may be likened to the art of the juggler in keeping many balls in the air at one time!”
Ansel Adams, from the introduction to The Negative - The New Ansel Adams Photography Series / Book 2
LOL Photo Engineer! If there was a +1/Thumbs up option for your post, I'd do it!
Typical digital zombies say: "Adapt or die!" "The world is changing, change with it!" "Analog is old and nasty! EEEEEEEWWWWWW!" "Why should I pay money for getting my pictures when I can have everything NOW?" "Why shoot manual when you can have the camera do everything automatically?"
Primary 35mm camera - Pentax K1000
Secondary 35mm camera - Mamiya/Sekor 1000 DTL - M42 Mount
Medium Format: Mamiya RB67
LOL don't even bother! haven't we had enough of those threads... Sometimes you just have to take what you know and put it to good use and let forum experts amuse themselves.
Originally Posted by Photo Engineer
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Please post to YouTube the video of your reaction to some truly good news.
Originally Posted by zsas
Your dearly departed "troll and hater" Aristophanes was a least numerate and could read a financial statement--much to the consternation of the resident fabulists.
Do they say how much of the film revenue was siphoned off to feed losing units? That might explain some of the -63%
Very encouraging that "Film, Photofinishing and Entertainment Group" sales were off only 12%.
Well, I guess it's time to cue up the tape...
"Film is dead. What market? Have you seen the demand curve? The war on the car is over. Stop the gravy train. Respect for taxpayers."
Originally Posted by zsas
I was surprised to see this since I thought that Kodak did not report profits for individual business units. However, I had seen these numbers before but with slightly different explanation -- they come from the SEC 10-K filing that Kodak made for 2011 financials and can be found on the Kodak website under Financial Information/SEC filings. In that document (p. 33), the so-called $34M profit is defined as Earnings from Continuing Operations before Interest Expense, Other Income(Charges), Net and Income Taxes for the Film, Photofinishing, and Entertainment Group Segment (FPEG) . I'm not a financial expert but that doesn't quite sound the same as profits. The same information is also shown for the other two reportable group segments, both of which had a loss. On p. 54, there is a Consolidated Statement of Operations that shows a gross profit of $887M (defined as total net sales minus cost of sales). However, the bottom line (after all the other adjustments are made) is that there was a net loss for the year of $764M. Again, not being a financial expert, I read that to mean the entire company had gross profit of $887M offset by $1651M for a bottom line of negative $764M. There is interest here to speculate if FPEG, or some subset, could survive financially as a stand-alone. I guess it all depends on how much the stand-alone would have in offsets compared to the $34M of gross profits.
In the interest of full disclosure, I am a 2005 retiree of Kodak having spent 36 years in Paper Manufacturing (Paper Mfg does not exist today but remnants of it are in the Photofinishing part of FPEG.
I sure do hope FPEG is turning a profit. Even at lower run-rates you would think they would.
You need to apply critical thinking when reading all this financial information. I'm certainly no financial expert, either. For those who worked at Kodak and I guess others,too, there were all those financial reports with gross earnings of some very high number but then there were always the "one-time charges," "cost due to restructuring" and my all time favorite "write down of unamortized goodwill," whatever the hell that is or was. In the end they would take a gross profit and then lose money. Anyway, it seems like financial reports can be made to say anything you want them to say, depending on what spin you want to put on the data.
old accountant joke: three accountants interview for a position. Each accountant is asked the question: "What is two plus two?"
1st accoutant responds: "four"
2nd accountant responds: "twenty-two"
3rd accountant gets up from his chair and closes the door and the blinds on the window then responds: "What do you want it to be?"
Who do you think gets the job?
I think financial reports are like that.