Eastman Kodak Company

FOUNDED: Eastman Kodak Company was founded in 1884
as the Eastman Dry Plate and Film Company.

Contact Information:

HEADQUARTERS: 343 State St.
Rochester, NY 14650
PHONE: (716)724-4000
FAX: (716)724-1089
URL: http://www.kodak.com

OVERVIEW

Eastman Kodak is one of the leading image photography businesses in the United States. The company is constituted by eight major divisions: Consumer Imaging; Kodak Professional, Digital and Applied Imaging; Entertainment Imaging; Health Imaging; Commercial and Government Systems; Business Imaging Systems; Office Imaging; and Global Customer Service and Support. In 1997, Eastman Kodak was the top U.S. manufacturer of 35 millimeter (mm) film, capturing 65 percent of the U.S. market. Worldwide, Kodak shares the lead in film sales with Fuji Photo. Kodak also manufactures cameras, information systems (including writable CDs and software), and X-ray and medical imaging technology.

Like many giants in American industry in the 1990s, including Chrysler, Texaco, and IBM, Kodak found itself weighed down by an outdated business model and in need of extensive renovations to compete in the changing business world. For years, Kodak relied heavily on the hefty—70 percent—profit margins available in the consumer film business. Due in part to pressure from consistent underpricing by competitor Fuji Photo, these profit margins have been rapidly dwindling. With the likelihood that the future for the photographic industry will be digital, Kodak is under extreme pressure to produce digital imaging technology and products. To retain its eminent position in the world of photographic equipment and supplies, Kodak hired maverick George Fisher, former CEO of Motorola, as Chairman and CEO in 1993 and began plans to streamline its business concerns, update its products to keep pace with new technologies, and attempt to penetrate and secure new foreign markets.

COMPANY FINANCES

In 1997, Eastman Kodak had worldwide sales in excess of $14.5 billion, a decrease of 9 percent from the year before. (In 1996, Kodak's sales reached almost $16 billion.) Over half of Kodak's 1997 sales came from Consumer Imaging, the company's largest business unit, which provides film and other photographic products to consumers. Over half of Consumer Imaging's sales, about $4.2 billion, came from outside the United States; about $3.5 billion of the unit's sales came from inside the United States. Kodak's Commercial Imaging sales reached $6.8 billion in 1997, a decline of 17 percent from the previous year. After deducting costs for restructuring and asset impairments, Kodak's total earnings from operations for 1997 totaled just $130 million dollars, down 93 percent from 1996. Because Kodak failed to meet earnings targets and stock slumped dramatically in the second half of 1997, falling from $80 in mid-June to $58 in mid-December, the company cut CEO George Fisher's bonus.

From April 1995 to April 1998, Eastman Kodak stock fluctuated from a low of about $55 to a high of almost $95. From April 1997 to April 1998, the stock ranged from $54 to a high of $84. By May of 1998, the stock had reached about $73.50—up 10 points from January. In 1997 Kodak's earnings per share was about $3.52. Jonathan Rosenzweig of Salomon Smith Barney says the brokerage firm expects Kodak's price-earnings (P/E) ratio at December 1998 to be 17.7. On April 15, 1998, due to greater than expected savings associated with Kodak's restructuring, decreasing losses in the digital area, positive growth in Kodak's Advanced Photo System products, and evidence that Kodak's prices are moderating in certain consumer and commercial areas, Salomon Smith Barney upgraded its rating of Eastman Kodak stock to 1M ("Buy, Medium Risk"), up from a 3M rating ("Neutral, Medium Risk").

ANALYSTS' OPINIONS

Surviving in the photographic industry into the twenty-first century will likely require Kodak to shift toward newer technologies, like digital imaging technologies. In this arena, however, Kodak faces fierce competition from U.S. and Japanese companies like Sony and Canon who are accustomed to the quick pace of change in digital technology. With regard to digital camera manufacturing, many hold that Kodak's chances of making a profit are slim. Aside from the Instamatic, Kodak has little past success with conventional cameras, and profit margins on new digital devices are marginal. Some suggest that trying to grow in both the analog and digital photography worlds at once may be Kodak's greatest current challenge. As head of the consumer group at Hewlett-Packard, Antonio M. Perez asks, "Can Kodak balance the needs of their revenue- and profit-generating film business with their new investments in digital technology?" Some, like industry reporter Ilan Greenberg, suggest that, "The company will ultimately fail to reinvent itself . . . it will never make it into the ranks of America's leading digital corporations." Robert I. Krinsky, principal at IdeaScope, a Cambridge, Massachusetts consulting firm, says that "[t]o win at this game will require speed and flexibility—and that's not what I think of when I think of Kodak."

HISTORY

In the late 1870s, when 24-year-old George Eastman, a bank clerk in Rochester, New York, told a coworker he was planning a vacation to Santo Domingo, the co-worker suggested Eastman make a photographic record of his trip. Interested in the idea, Eastman purchased the necessary photographic equipment—a camera, film, and wet-plate developing equipment and supplies—only to find they were much too bulky for travel. Rather than leaving the equipment behind, Eastman cancelled his vacation and turned his attention to investigating how to make photographic equipment more convenient. For several years, Eastman experimented with a dry-plate developing process he'd read was being used by British photographers. After just three years, Eastman obtained a U.S. patent for a product he was satisfied with and began making dry plates to sell to photographers. On January 1, 1881, local businessman Henry A. Strong joined Eastman to form the Eastman Dry Plate Company.

At first, the quality of the dry plates the company produced was uneven and, because Eastman insisted the company replace defective plates free of charge, Eastman Dry Plate nearly collapsed. But continued research resulted in better product and the company grew. Determined to develop a camera that would be "as convenient as the pencil," Eastman experimented to try to find a light, flexible replacement for the glass plate. In 1883, Eastman produced a film system consisting of a gelatin-coated paper packed in a roll holder that could be used in almost any dry-plate camera. The following year, the company became known as Eastman Dry Plate and Film Company, and Henry Strong served as its president while George Eastman was treasurer. In 1888, the company introduced its first camera, which came loaded with enough film for 100 photographs. Customers sent the entire camera filled with the exposed film back to the company for processing. For $10, the company developed the film, printed the photographs, and refilled the camera with a new roll of film.

In 1889, Eastman changed the company's name to Eastman Company. Apparently still not satisfied with the name, Eastman experimented with many combinations of letters starting and ending with "k," which he thought was a "strong, incisive sort of letter." Finally, Eastman came up with the name "Kodak" and, in 1892, he renamed the company Eastman Kodak Company. When Henry Strong died in 1919, George Eastman became president of Eastman Kodak. Committed to making photography convenient and inexpensive, Eastman launched the Folding Pocket Kodak Camera in 1897 and, in 1900, introduced the first Brownie camera, an easy-to-operate, inexpensive model that sold for __BODY__.00 and used film that cost $.15 a roll. For the next two decades, Kodak continued introducing new products and technologies: in 1902, it offered a machine that developed film without a darkroom; in 1913, the company introduced sheet film for use for professional photographers; and in the 1920s, in its newly developed research center (one of the first industrial research centers in the United States) Kodak developed 16 mm motion picture film, a 16 mm Cine-Kodak motion picture camera, and the Kodascope projector. Kodak also developed products specifically to support the United States' involvement in World War I, like aerial cameras and unbreakable lenses for gas masks.

In 1932, ailing and claiming in a note that he believed his work was done, George Eastman committed suicide. Despite this tragedy, Kodak continued to thrive. The year Eastman died, the company introduced the first 8 mm motion picture system for amateur photographers. Within three years, the company introduced 16 mm Kodachrome film, the first commercially successful amateur color film. In the 1940s, Edwin Land (who would go on to found Polaroid Corporation) offered Kodak the opportunity to market the instant camera he had invented, but Kodak declined. After expending energy and resources producing equipment and film for the United States military during World War II, Kodak brought out an inexpensive Brownie hand-held movie camera in 1951; the following year, the company offered the Brownie's projector. In 1953, Kodak formed the Eastman Chemical Products Company to produce chemicals, plastics, and fibers used in film production. Kodak had always incorporated the price of film processing in the cost of its film, but in 1954, it was forced to give up this practice. With its Chemical Products Company, however, Kodak was now positioned to serve a new market, the burgeoning photofinishing market, by supplying it with chemicals and equipment for film developing and processing. Having made important progress in color slide technology, Kodak introduced the first fully automatic slide projector, the Kodak Calvalcade, in 1958; three years later, the company introduced the Carousel line of projectors that became extremely successful.

In 1963, Kodak would revolutionize amateur photography with its introduction of the easy-to-use Instamatic camera that used a film cartridge instead of a roll, eliminating the need to load film in the dark. In 1965, the company introduced a cartridge system for its super-8 Instamatic movie camera and projector. By 1972, Kodak had launched five different, immediately successful pocket models of the Instamatic camera; by 1976, Kodak had sold about 60 million Instamatic cameras—about 50 million more cameras than all its competitors combined. In 1972, Kodak formed a subsidiary it called Eastman Technology to develop new products in areas unrelated to photography. The following year, Eastman Technology purchased Spin Physics, a San Diego-based manufacturer of magnetic heads used in recording equipment.

In the early 1970s, Kodak became the defendant in antitrust lawsuits filed by several smaller companies, alleging that Kodak had illegally monopolized the photographic industry. The most famous of these cases involved Berky Photo, who charged Kodak with conspiring with Sylvania Companies and General Electric Company in developing two photographic flash products. The case was eventually settled out of court in 1981 for $6.8 million. In the mid-1970s, after meticulous research and planning, Kodak introduced its Ektaprint Copier-Duplicator thereby directly challenging Xerox and IBM, two firmly entrenched competitors. Not only did the Ektaprint produce numerous copies at high speed, but it also collated them, a unique feature at the time. Although initially considered a success, and surely one of Kodak's most successful products of that decade, the Ektaprint lost about $150 million over its first five years due to its late market entry. In 1976 Kodak challenged Polaroid Corporation's hold on the instant photography market by introducing its own line of instant cameras that developed film into photographs outside of the camera within minutes of taking the pictures. Although Kodak secured 25 percent of the instant camera market in the United States in its first year, quality problems and Polaroid's introduction of another new instant camera squelched sales.

In the late 1970s, several Japanese competitors and U.S. suppliers, including Fuji Photo and 3M Company, challenged Kodak's dominance in the photographic paper market. The Japanese had the additional advantage of competing against a strong U.S. dollar, which was substantially reducing Kodak's profits in foreign markets. Through the 1980s and 1990s, Fuji Photo began capturing a substantial share of the U.S. photographic film market by offering a similar quality product at a much lower price.

STRATEGY

For years, Eastman Kodak preferred its products' long-term quality over quick market entry. The company's cautious product-development process cost it dearly on several occasions. For example, in 1975, after years of development, Kodak finally introduced the Ektaprint copier to serve businesses with large-scale copying needs. The copier did its job well, but largely due to its slow entry into the market, the Ektaprint lost an estimated $150 million in its first five years. Another product that stalled then failed in this way was Kodak's instant camera, introduced in 1976, about four years after Kodak decided to develop it. Unfortunately, by the time of the product's launch, the company was riddled with production problems and faced a lawsuit filed by Polaroid claiming patent infringement.

Early on, Kodak branched out into related non-photographic concerns. In 1920, the company founded Tennessee Eastman to produce chemicals for Kodak's film manufacturing and processing. In 1953, Kodak merged its Tennessee Eastman with its Texas Eastman chemical business to form Eastman Chemical Products, which would sell alcohol, plastics, and fibers for industrial purposes. Later, in 1972, Kodak formed a subsidiary it called Eastman Technology to develop new products in areas unrelated to photography. The following year, Eastman Technology purchased Spin Physics, a small company that manufactured magnetic heads for use in recording equipment. In 1980, Kodak entered the health sciences field with its Ektachem 400 blood analyzer, supplementing its then current position as supplier of X-ray film to hospitals and medical facilities. Unfortunately, the Ektachem proved unable to match competitors in terms of reliability and speed. In 1984, Kodak introduced two improved versions of the blood analyzer. In 1988, when drug stocks were at their peak, Kodak purchased Bayer aspirin manufacturer Sterling Drug for $5.1 billion. It later sold the company in 1994.

By the early 1980s, it had become clear to Kodak that it needed to enter the electronics industry, which was defining the future for image and print. In an effort to do so, in 1982, Kodak purchased Atex, a supplier of electronic word-processing systems for newspaper publishers. The following year, Kodak formed its electronics division. Two years later, Kodak moved further into electronics with its purchase of Verbatim, maker of floppy disks and other electronic storage systems. But Kodak was unable to keep pace with the quickly changing computer industry, and soon its Atex word processing systems were outdated. After five years of lackluster sales, Kodak sold Verbatim in 1990. Although Kodak had paid more than $80 million for Atex in 1982, a decade later, it sold the company for a mere $5 million.

With increasing pressure from its competitor Fuji Photo, which throughout the 1990s undercut Kodak's prices and eroded its market share, Kodak was forced to further streamline its operations, selling off its Eastman Chemical division in late 1993 and its Sterling Drug business in 1994. Another part of its response to Fuji was to form strategic alliances with other companies. In 1991, Kodak joined with Canon Inc., Fuji Photo, Minolta Co., Ltd., and Nikon Corporation in a research and development project to investigate technologies for a new photo system. As a result of this endeavor, in 1996, Kodak launched its Advanced Photo System (APS), "user friendly" photo system and its Advantix line of cameras and film.

In 1993, George Fisher came to Kodak as chairman and CEO from Motorola Inc., in which he had turned an ailing electronics company into a telecommunications powerhouse. As CEO of Motorola, Fisher had developed a tremendously successful two-pronged strategy, which he believed he could apply immediately to Kodak. First, he would produce high-tech products; in this case, digital photographic equipment producing images that could be stored on disk. And second, he would use diplomacy to win in the global arena. As CEO at Motorola, Fisher had successfully lobbied Washington to help open Japan's market for Motorola; now, Fisher hoped to convince the U.S. government and the World Trade Organization to open the Japanese film market to U.S. film competitors like Kodak. By late 1997, it appeared that neither approach was working. Kodak's digital offerings, like its Photo CD, hadn't caught on with the majority of consumers. By November, Kodak's 1997 loss on the Photo CD reached $400 million. And, according to Prudential Securities, from November 1996 to November 1997, Fuji's share of the U.S. photo film market rose from 14.0 to 19.4 percent, while Kodak's share slipped from 71.4 to 65.0 percent. Moreover, Fuji further increased its distribution in the United States by taking over photo finishing laboratories for Wal-Mart and by spending more than a billion dollars from the mid- to late 1990s to start up six factories in South Carolina.

In response to Kodak's dismal performance and the company's lack of success with the World Trade Organization, which in the fall of 1997 rejected Kodak's claim that Japan had denied the company fair access to its film market, Kodak president and COO Daniel Carp announced in November 1997 that Kodak would be changing its business model. Carp claimed that Kodak would become much more competitive and capable of achieving profitable growth by spending $100 to $150 million less on research and development in 1998; by changing its approach to equipment manufacturing, possibly by employing outsourcing; by entering into joint ventures like Kodak Poly-chrome Graphics, the global graphics art supply company Kodak co-owns with Sun Chemical Corporation; and by laying off 10,000 employees worldwide and reducing Kodak's costs by __BODY__ billion by the end of 1999. (The company planned to cut almost 20,000 workers from its payroll by the year 2000.) Carp added that instead of reducing prices, Kodak would come back from its share loss by increasing spending on advertising, by working with retailers to strengthen Kodak's retail presence, and by continuing to support Kodak's relaunch of its Advantix line of photo products. Some have been skeptical about how these moves could help Kodak to recapture sales against Fuji given Fuji's consistently lower prices. (In the summer of 1997, Fuji's products often cost as much as 30 percent less than Kodak's in the United States.)

INFLUENCES

Some of the most profound influences on Eastman Kodak came in the last quarter of the twentieth century. The late 1970s economic recession in the United States caused Kodak's consumer photographic equipment and film sales to plummet. In response, Kodak shifted its focus and emphasized sales in other areas, such as chemicals, business systems, and professional photo finishing services. Probably the single biggest influence on Kodak began in the late 1970s when Japanese competitors like Fuji Photo and U.S. suppliers such as 3M Company were starting to offer products, in this case paper products, of nearly the same quality as Kodak's for much less. As the dollar grew stronger, Kodak's profits suffered in foreign markets and Japanese underpricing finally began to erode Kodak's share of the U.S. market as well.

Under this increasing competitive pressure, Kodak cut its workforce by 5 percent in 1983. The following year, Kodak lost the title of "official film of the 1984 Summer Olympics" to Fuji, further evidence of its declining status. In 1986, a federal appeals court ordered Kodak to leave the instant camera business and Kodak was forced to offer its customers a trade-in option for the cameras that it had been producing for a decade. To offset this financial burden and to try to boost earnings, Kodak reduced its work force by another 10 percent. Since his arrival from Motorola in 1993, George Fisher has had a tremendous influence on the company, cutting funding for research and development and reducing the work force by another 10,000 positions. Finally, perhaps one of the most profound current influences on Kodak, and on the photographic industry as a whole, has been the Internet and the trend toward digital imaging.

CURRENT TRENDS

The extraordinary, continuing growth of the Internet has produced tremendous interest in digital photography, photography creating images that can be put on disk. Many see digital imaging as the future for today's photography businesses, which could derive their future revenues from digital cameras, Internet-based photo services, software for image enhancement, and digital peripherals for home and office. In an effort to produce the digital imaging technology that could be necessary to its future, Kodak made some striking moves: in the summer of 1997, for example, the company appointed Willy C. Shih, former Silicon Graphics vice president of marketing, as president of Kodak's Digital and Applied Imaging business. Also in 1997, Kodak bought Wang Laboratories' document management software operations for $260 million thereby creating a new subsidiary it called Eastman Software.

Kodak made another move toward the digital arena when it entered into a joint venture with Sun Chemical Corporation, the world's largest manufacturer of printing ink and organic pigments and a large part of the Japanese company Dainippon Ink & Chemicals, Inc. The joint venture combines Kodak's Graphics Systems Markets business, part of its Professional Division, with Sun Chemical Corporation's Polychrome Division to form Kodak Polychrome Graphics, a worldwide supplier of graphics arts products and services. This partnership was well positioned to supply over __BODY__ billion in goods to the market and to provide a transitional route to existing and future digital solutions. In March of 1998, Eastman Software, Inc. announced its launch of a line of collaborative work management products for Microsoft Exchange, the leading business messaging platform. To further solidify its entrance into the world of digital photography, Kodak held a "trade show" for the public it called its "Imaging Expo" at the Winter Olympic Games in Nagano, Japan, in 1998. There, Kodak displayed products and services, offered live interactive exhibits, and introduced its Picture Network, an Internet-based picture-sharing service.

PRODUCTS

From the start, George Eastman's goal was to produce convenient, easy-to-use, inexpensive photographic equipment so that virtually anyone in the United States who wanted to own a camera could. Eastman introduced his first commercial camera in 1888: it was small, inexpensive, and easy to use. From then on, the company produced a long line of inexpensive photographic equipment. In 1982, Kodak introduced a line of small cameras that it considered a modern replacement for the Instamatic, a wildly successful camera that dominated the market in the 1960s and 1970s. These new cameras, called disc cameras, used film discs instead of cartridges, but they were not successful. In 1984, Kodak teamed up with Matsushita Electric Industrial Company of Japan to produce its first electronic product, an 8 mm camcorder.

In 1992 Kodak launched its Photo CD, a writable compact disk with the ability to store photographs. The product failed with general consumers but achieved some success with small businesses and desktop publishers. Kodak relaunched the Photo CD in 1995, this time directly to the desktop publishing market. In October of that year, at the Photo and Imaging Expo in London, Kodak introduced the Advanced Photo System (APS), which resulted from its 1991 joint research and development project with four other major photographic companies: Canon, Fuji Photo, Minolta, and Nikon. Cameras in the Advanced Photo System use film that permits "magnetic information exchange"—that is, the film is coated with a special magnetic layer that allows cameras and other writing devices to add information (about the scene photographed, for example) to the film. APS cameras also permit three format choices for photos and allow the changing of a roll of film midway through shooting and the reloading of a partially used roll. Kodak named its line of APS cameras and film "Advantix" and originally launched the line in February 1996. But poor product availability and an advertising campaign that never told consumers why they should purchase the Advantix made for an unsuccessful launch. In 1997 the company relaunched the product.

Along with launching several digital cameras in 1997, Kodak also entered into partnerships with computer-industry companies like Picture Works Technology to try to revitalize its networked PC applications. In March of 1998, by way of Eastman Software, Inc., Kodak launched a line of collaborative work management products for Microsoft Exchange, the leading business messaging platform.

Michael D. McCreary, director of operations of Eastman Kodak's Microelectronics Technology division, claimed in 1998 that the division was making the highest-resolution color image sensors available on the market. Like regular computer chips, the image sensors process information but the information is received in the form of light instead of electrical signals.These image sensors can be used in cutting edge products such as digital cameras.

In early 1998 Kodak announced that it was launching seven new Advantix APS products: two color films, a 400-speed black and white film, a zoom camera, two personal film scanners, and a single-use camera that allows customers to choose between two of Kodak's APS formats. At the winter Olympics in Nagano, Japan, Kodak introduced its Picture Network, an Internet-based picture-sharing service that allows consumers to share picture with other Web users by posting them on the Internet.

Kodak Business Imaging Systems introduced a high-performance scanner in March of 1998 at the CeBIT information technology conference in Hanover, Germany. The Kodak Digital Science Scanner 3500 is a mid-volume scanner intended to bring simple, high-performance scanning to the general office for traditional scanning as well as Internet-based applications. In April 1998, Kodak Poly-chrome Graphics, Kodak's joint venture with Sun Chemical, announced its Digital Science DCP 9500 desktop color proofer, a digital continuous-tone proofing system that can create professionally accurate color proofs from a host computer in about five minutes. Available worldwide in June 1998, the DCP 500 was to be marketed largely to pre-press customers like trade shops, advertising agencies, and commercial printers.

GLOBAL PRESENCE

As the company's first venture outside of the United States, Kodak opened its Eastman Photographic Materials Company in London in 1889. In 1891, Kodak constructed a manufacturing plant outside London to accommodate increasing European product demand. By 1900, Kodak established distribution points in Italy, France, and Germany. Throughout the century, as the European and world markets grew, so did Kodak's presence in them.

In 1995, Kodak opened a distribution center in Moscow, Kodak AO, which received Kodak products from plants in the United Kingdom, France, and Germany. From 1996 to 1997, Kodak's 35 mm roll volume grew 61 percent in Russia. In the early 1990s, Kodak established two facilities in China to manufacture 35 mm cameras, electronic components, and photo processing equipment. Within several years, Kodak founded a software development center in Shanghai. In March of 1998, Kodak announced plans to invest more than __BODY__ billion over several years to expand its presence in China, increasing its manufacturing and marketing capabilities there by acquiring several ailing Chinese film manufacturers, building a new plant, and overhauling its existing facilities. Kodak thus became the first foreign company to work with the Chinese government and China's current state-owned businesses to build a large, world-class industry. China is now Kodak's third-largest color film and paper market.

Nonetheless, Kodak has only secured 10 percent of the Japanese market, which is the second-largest photographic film and paper market in the world. Fuji has a 70 percent share of that market. Moreover, while Fuji's share of the U.S. photo film market has been increasing to nearly 20 percent, Kodak's share has fallen to 65 percent.

SOURCES OF INFORMATION

Bibliography

"As Kodak Advantix System Gains Momentum, Kodak Unveils Plans to Drive Future Growth with Seven New Products." Business Wire, 20 January 1998.

"Carp Says Changes to Create Far More Competitive Kodak." Business Wire, 10 November 1997.

Cary, Peter. "Loser Layoffs: Kodak Offers an Object Lesson in the Perils of Downsizing." U.S. News & World Report, 25 November 1996.

"Eastman Kodak Company." Hoover's Online, 10 April 1998. Available at http://www.hoovers.com.

"Eastman Kodak: Collaborative Work Management Solutions for MS Exchange from Eastman Software." M2 PressWIRE, 18 March 1998.

Ebersole, Phil. "Kodak Keeps Edge with Color Image Sensors." Gannett News Service, 25 March 1998.

Gillis, Chris. "Kodak's Experience in Russia." American Shipper, October 1995.

Greenberg, Ilan. "The Bleak Picture." The Red Herring Online, January 1998.

Holstein, William J. "Imperfect Picture: Kodak's Continuing Woes." US News & World Report, 14 November 1997.

"Imaging Expo Creates Kodak Moments for Olympic Fans in Nagano." Business Wire, 27 January 1998.

"Kodak and Polychrome Joint Venture Will Create New Global Organization to Serve Graphics Arts Market." Business Wire, 14 October 1997.

"Kodak Expands Investments to Manufacture Film and Paper in China." Business Wire, 23 March 1998.

"Kodak Polychrome Graphics Announces New Desktop Color Proofing Solution." Business Wire, 5 April 1998.

Laver, Ross. "An Image Problem." McLean's, 5 February 1996.

Mirabile, Lisa, ed. International Directory of Company Histories, Detroit: St. James Press, 1990.

"New Kodak Document Scanner Emphasizes Ease of Use, Signals Company's Aggressive Move into Mid-Volume Market." Business Wire, 13 March 1998.

Nulty, Peter. "Corporate Performance: Kodak Grabs for Growth Again." Fortune, 16 May 1994.

Reingold, Jennifer, Richard A. Melcher, and Gary McWilliams. "Executive Pay." Business Week, 20 April 1998.

Roberts, Dexter, Joyce Barnathan, and Robert J. Dow. "Now, It's Reform or Bust in Beijing." Business Week, 6 April 1998.

Smith, Geoffrey, William C. Symmonds, Peter Burrows, Ellen Neuborne, and Paul C. Judge. "Can George Fisher Fix Kodak?" Business Week, 20 October 1997.

Standard & Poor's Register of Corporations, Directors and Executives. New York: The McGraw-Hill Companies, Inc., 1997.

For an annual report:

on the Internet at: http://www.kodak.com or write: Literature & Marketing Support, Eastman Kodak Company, 343 State St., Rochester, NY 14650-0532

For additional industry research:

Investigate companies by their Standard Industrial Classification Codes, also known as SICs. Eastman Kodak's primary SICs are:

2843 Surface Active Agents

2865 Cyclic Crudes & Intermediates

3081 Unsupported Plastics Film & Sheet

3861 Photographic Equipment & Supplies