This document discusses infoimaging, which is the convergence of information technology and imaging science. It is already a $225 billion industry that is growing daily. Infoimaging allows for easy sharing of ideas and information through images. Many technology companies are profiting from pixels. The document provides examples of how infoimaging is used in various industries like real estate, manufacturing, education, and healthcare. It also discusses Kodak's role in leading the development of infoimaging through technologies, products, and services in areas like devices, services and media, and infrastructure.
Introducing the Internet of Things: lecture @IULM UniversityLeandro Agro'
This document discusses the Internet of Things (IoT) and how connected devices and sensors will continue to proliferate and connect physical objects to the internet. It notes that while internet access is widespread, the number of connected objects is still small compared to unconnected objects. It envisions that the next revolution will be connecting previously unconnected objects and networks of sensors. It discusses how technologies like mobile phones, social networks, open hardware, and self-tracking are enabling more connectivity between people, devices, and data. The size of the IoT market is forecasted to grow exponentially in the coming years.
The document discusses 5 innovations that will impact the world: 3D printing, nanotechnology, sensor-based homes, autonomous vehicles, and IBM Watson. 3D printing allows for inexpensive manufacturing of complex objects and could revolutionize prosthetics and reconstruction. Nanotechnology involves engineering materials at the molecular scale and is being used in products like batteries, apparel, and drug delivery. Sensor-based homes use devices to monitor conditions and communicate with owners, providing security and early warnings. Autonomous vehicles use sensors and computers to drive without human assistance. IBM Watson is an artificial intelligence system capable of answering questions in natural language.
The document discusses several technological game changers for 2011-2012:
1. The role of the CIO will change to focus more on business technology and innovation rather than just IT support.
2. Consumerization of IT will continue as mobility and cloud applications become more prevalent. Knowledge workers will be "always on" using a variety of personal and enterprise applications.
3. Strategies will shift from technology-focused to business process-focused, recognizing that technology alone does not drive business value.
The document argues these changes will significantly impact how individuals and enterprises use and manage technology over the next few years.
Fjord CEO Olof Schybergson spoke at Marketforce's Future of Broadcasting conference in London in June 2011 on the changing media landscape. Learn more about Fjord at www.fjordnet.com. Follow us on Twitter @fjord
This document provides a project report for a student project team working with Ericsson to envision a connected day in a networked society. The team explored concepts like smart walls, textiles, and devices and worked to define the problem of enabling seamless communication between devices. After feedback from Ericsson, the team pivoted to focus on developing a protocol for automatic and direct communication between devices without internet. They developed functional and video prototypes to demonstrate their proposed solution and protocol. The report discusses the team's process, challenges with coordination, and their technical approach to enabling communication and data sharing between connected devices in a networked future.
Mobile social workforce and benefits xpo vs 3G Wheeler,Jr.
The document summarizes an upcoming conference called "VFOX Island – Mobile Social Workforce and Benefits XPO 2012". The conference will focus on mobile app solutions, social media solutions, and workforce development/benefits programs. It will include a networking event in August and the main conference in October at the Gaylord Hotel in National Harbor, MD. The conference aims to connect solutions providers in mobile apps, social media, and workforce benefits industries.
Introducing the Internet of Things: lecture @IULM UniversityLeandro Agro'
This document discusses the Internet of Things (IoT) and how connected devices and sensors will continue to proliferate and connect physical objects to the internet. It notes that while internet access is widespread, the number of connected objects is still small compared to unconnected objects. It envisions that the next revolution will be connecting previously unconnected objects and networks of sensors. It discusses how technologies like mobile phones, social networks, open hardware, and self-tracking are enabling more connectivity between people, devices, and data. The size of the IoT market is forecasted to grow exponentially in the coming years.
The document discusses 5 innovations that will impact the world: 3D printing, nanotechnology, sensor-based homes, autonomous vehicles, and IBM Watson. 3D printing allows for inexpensive manufacturing of complex objects and could revolutionize prosthetics and reconstruction. Nanotechnology involves engineering materials at the molecular scale and is being used in products like batteries, apparel, and drug delivery. Sensor-based homes use devices to monitor conditions and communicate with owners, providing security and early warnings. Autonomous vehicles use sensors and computers to drive without human assistance. IBM Watson is an artificial intelligence system capable of answering questions in natural language.
The document discusses several technological game changers for 2011-2012:
1. The role of the CIO will change to focus more on business technology and innovation rather than just IT support.
2. Consumerization of IT will continue as mobility and cloud applications become more prevalent. Knowledge workers will be "always on" using a variety of personal and enterprise applications.
3. Strategies will shift from technology-focused to business process-focused, recognizing that technology alone does not drive business value.
The document argues these changes will significantly impact how individuals and enterprises use and manage technology over the next few years.
Fjord CEO Olof Schybergson spoke at Marketforce's Future of Broadcasting conference in London in June 2011 on the changing media landscape. Learn more about Fjord at www.fjordnet.com. Follow us on Twitter @fjord
This document provides a project report for a student project team working with Ericsson to envision a connected day in a networked society. The team explored concepts like smart walls, textiles, and devices and worked to define the problem of enabling seamless communication between devices. After feedback from Ericsson, the team pivoted to focus on developing a protocol for automatic and direct communication between devices without internet. They developed functional and video prototypes to demonstrate their proposed solution and protocol. The report discusses the team's process, challenges with coordination, and their technical approach to enabling communication and data sharing between connected devices in a networked future.
Mobile social workforce and benefits xpo vs 3G Wheeler,Jr.
The document summarizes an upcoming conference called "VFOX Island – Mobile Social Workforce and Benefits XPO 2012". The conference will focus on mobile app solutions, social media solutions, and workforce development/benefits programs. It will include a networking event in August and the main conference in October at the Gaylord Hotel in National Harbor, MD. The conference aims to connect solutions providers in mobile apps, social media, and workforce benefits industries.
The document discusses the concept of a "Tricorder" - a handheld medical device envisioned in Star Trek that can diagnose health issues. It describes the increasing consumerization of healthcare through self-monitoring devices and smartphone apps. Developments like brain mapping, 3D printing of organs, and Watson's medical diagnosis capabilities are bringing science fiction concepts into reality. The document argues that while the Tricorder itself may still be in development, consumers are already empowered to take control of their healthcare through self-diagnosis, monitoring, repair, and backup of health data in the cloud. Healthcare is moving from the traditional "Ford" model to a more personalized, on-demand model driven by consumers and new technologies.
The document discusses the history and significance of the HP garage in Palo Alto, California. It notes that HP was founded in this garage in 1938 and it is considered the "Birthplace of Silicon Valley." HP's first product was an audio oscillator built in the garage. One of HP's first customers was Walt Disney Studios, which purchased eight oscillators to test sound systems for the film Fantasia.
Timberland implemented Open Text's digital asset management system to centralize their collection of digital assets and media. This solved problems of assets being misplaced, duplicated efforts across regions, and not knowing global usage rights. The system provides a secure central repository, user permissions, and searchable access to assets. It has improved productivity, collaboration, and eliminated costs associated with physically distributing media.
The document discusses virtual worlds and how they are used in various contexts such as sales, branding, education, recruitment, collaboration, training, new employee orientation, simulation, development, and hybrid events. It provides examples of companies and organizations using virtual worlds for these purposes, both internally and publicly, and discusses some of the benefits and issues associated with virtual worlds. The document concludes by noting differing opinions on the current and future business potential of virtual worlds.
Designing Our Future: Technologies and Behaviors that Impact DesignMarci Ikeler
As our world becomes increasingly digital, experience design is more important than ever.
And, as experience design gains importance, the discipline and its tools are evolving. The very definition has broadened: rather than considering point-and-click interfaces, experience design is about the way that we engage with technology, the world, and ourselves. As such, it’s no longer the domain of a single expert (a UX designer, IA, or IxD); it’s a view of the broader world that every role must consider.
At Little Arrows, we’re passionate about identifying places where real behavior and technology intersect, and designing solutions to take advantage of these opportunities. These trends in experience design are what we’re excited about for the future.
Topics covered include:
- Everything is an Interface - new interfaces beyond the mouse and screen
- Friction-Free Commerce - evolving ways to pay
- Mobile First, Mobile Everywhere - how mobile interfaces impact design
- Physical / Digital - the disappearing boundaries between the physical and digital worlds
- Surfacing Data - new ways of understanding and consuming information
- Better, Faster, Stronger - how technology can improve our bodies and our selves
Android fragmentation, a valid concern?androidaalto
There is significant fragmentation in the Android ecosystem with hundreds of device models running various versions of the Android OS. This makes developing applications challenging due to differences in hardware specifications, screen sizes and OS versions across devices. While fragmentation allows for customization and innovation, it also leads to a poor user experience if applications are not optimized for specific device configurations. Many in the industry, including Google, are working to address fragmentation through standardization efforts and encouraging timely OS upgrades. However, the open nature of Android makes full harmonization difficult to achieve.
Living in a Material World: Keynote from DG MediaMind's Inspire 2012 in Munich looking at the need for technology to disappear into the environment organically to be more acceptable by consumers to address marketing concerns and build a symbiotic relationship between brand and consumer.
This document discusses virtual worlds and their uses. It provides examples of how various companies and organizations utilize virtual worlds for purposes such as sales, branding, education, recruitment, collaboration, training, new employee orientation, simulation, development, and hybrid events. Both public virtual worlds like Second Life and internal virtual worlds used by companies like IBM and T-Systems are examined. Potential benefits of virtual worlds include 24/7 learning, cost savings, and increased knowledge sharing. However, issues with adoption, technical limitations, security, and lack of non-verbal cues are also noted. Experts provide differing views on the current and future potential of virtual worlds for businesses.
This document discusses the use of virtual worlds by various organizations. It provides examples of how virtual worlds have been used for sales, branding, education, recruitment, collaboration, training, new employee orientation, simulation, development, and hybrid events. Both public virtual worlds like Second Life and internal virtual worlds by companies like T-Systems are examined. The benefits of virtual worlds include flexible teamwork, 24/7 learning, cost savings, and preventing real-life errors. However, issues with technology, organization, legal matters, and culture also exist.
The document discusses Meta Pro Space Glasses, a new type of augmented reality glasses created by the company Meta in collaboration with Professor Steve Mann. The Meta Pro Glasses can superimpose 3D content onto the real world by building a 3D model of the surroundings using cameras and sensors. The glasses have a large holographic screen, are lightweight, and allow the user to project their computer interface anywhere. The document also discusses the "father of augmented reality," Professor Steve Mann, and his work pioneering wearable computing technologies.
This document summarizes a webinar about optimizing emails for mobile devices. It discusses trends showing the rise of mobile email and importance of optimization. Tips included using single column layouts, inline styles over style sheets, and testing links and images across different devices. Speakers emphasized the need to design for a small screen and avoid wasting users' time. Rendering tools and testing emails on multiple platforms before sending were presented as important for ensuring proper display.
MAGIC Broker 2 (MB2) is an open-source platform for building Internet of Things (IoT) applications from compositions of things like sensors and devices. It provides a lightweight architecture with channels representing entities that can publish/subscribe to events, store state and content, and access services. Developers found MB2's pub/sub model and REST API simple to use for creating interactive applications across multiple domains like displays, sensor networks, and sustainability projects. Lessons learned include improving support for metadata and event histories in channels.
Research Orientation towards Do-it-Yourself Internet-of-Things Mass Creativit...trappenl
This document discusses enabling mass creativity in the Internet of Things (IoT) through a do-it-yourself (DiY) approach. It presents three concepts for supporting DiY in the IoT: the Call-out IoT, which allows people to augment the environment with location-based tags and communications; the Smart Composables IoT, which provides instructions for composing and repurposing physical objects; and the Phenomena IoT, which allows people to model and leverage patterns in collected data to shape behaviors and create aware applications. Examples are given for how these concepts could support home applications and optimize traffic based on analyzed crowd data.
This document discusses innovation and provides tips for innovators. It defines innovation as the profitable implementation of ideas. There are different degrees of innovation from incremental to radical. Emerging technologies that may change lives in the next five years include recommendation engines using social media data, hardware and content convergence, new Windows platforms, social recruiting, smart wallets, and the rebirth of the second screen of TV. The document also provides an innovation mantra and tips, such as creating future scenarios and problem solving, exploring where the future is happening now, and nurturing an innovation culture.
Theron Burger is a portfolio of work from 2005-2010 that includes projects such as an LED VU meter, LED candles, 3D renderings, a water research center design, and Meye - a device in the form of a hatband that provides location-based information to the wearer through vibration. Other projects include a space for modifying the virtual environment, a music selector using RFID tags, an Arduino accelerometer controller for a robot, a slouch detector worn as a necklace, and a beat machine interface using chips on a grid. Burger studied architecture and industrial design and worked as an educator in robotics.
Media in the fast lane:
Cross-channel. Mobile Communities. Augmented Reality. Ubiquitous computing. Amongst the buzz we are seeing evidence that all media is getting ready for a digital hyper-drive, fuelled by consumer desire for entertainment-on-demand and always-on-communication. Hidden within this emerging world is the utopian promise of addressable advertising – across all media. Yet set against a backdrop of big brands trending to bring elements of control in-house, Dean Donaldson, Director of Digital Experience at Eyeblaster asks ‘is media technology really set for where next or does reality reveal we are locked in the past?’ and challenges the notion of the purely digital agency
The document summarizes the company's financial performance for the third quarter of 2006. It reports earnings per share growth of 19% and revenue growth of 21% compared to the third quarter of 2005. Gross margins increased 200 basis points and operating margins decreased 20 basis points for the quarter. The company also provides breakdowns of revenue growth and operating margins by business segment for the third quarter and year-to-date periods. The document concludes with an outlook section.
The document provides a summary of a company's financial performance for the fourth quarter of 2006. It reports that earnings per share increased 28% and revenues increased 17.5% compared to the same period the previous year. Operating margins remained flat at 15.8% while gross margins increased 180 basis points. For full year 2006, earnings per share increased 26% and revenues increased 20% over 2005. The document breaks down performance by business segment and provides an outlook for 2007.
Danaher Corporation announced record financial results for the third quarter and first nine months of 2006. Net earnings increased 17% for the quarter and 24% year-to-date compared to the same periods in 2005. Sales also increased substantially both for the quarter (24% higher) and year-to-date (21% higher). The CEO stated that core revenue growth remained strong and they expect to continue delivering positive results for the remainder of the year based on the strength of their businesses.
Danaher reported financial results for the first quarter of 2008. Revenue increased 20% to $3.029 billion, driven by a 2% core growth rate, 13% growth from acquisitions, and 5% from foreign exchange. Adjusted diluted EPS grew 15.5% to $0.89. Operating margins decreased 110 basis points to 13.6% due to businesses owned less than one year and fair value adjustments related to the Tektronix acquisition. Danaher expects full year 2008 revenues to increase in the high-single digit to low-double digit percentage range compared to 2007.
The document discusses the concept of a "Tricorder" - a handheld medical device envisioned in Star Trek that can diagnose health issues. It describes the increasing consumerization of healthcare through self-monitoring devices and smartphone apps. Developments like brain mapping, 3D printing of organs, and Watson's medical diagnosis capabilities are bringing science fiction concepts into reality. The document argues that while the Tricorder itself may still be in development, consumers are already empowered to take control of their healthcare through self-diagnosis, monitoring, repair, and backup of health data in the cloud. Healthcare is moving from the traditional "Ford" model to a more personalized, on-demand model driven by consumers and new technologies.
The document discusses the history and significance of the HP garage in Palo Alto, California. It notes that HP was founded in this garage in 1938 and it is considered the "Birthplace of Silicon Valley." HP's first product was an audio oscillator built in the garage. One of HP's first customers was Walt Disney Studios, which purchased eight oscillators to test sound systems for the film Fantasia.
Timberland implemented Open Text's digital asset management system to centralize their collection of digital assets and media. This solved problems of assets being misplaced, duplicated efforts across regions, and not knowing global usage rights. The system provides a secure central repository, user permissions, and searchable access to assets. It has improved productivity, collaboration, and eliminated costs associated with physically distributing media.
The document discusses virtual worlds and how they are used in various contexts such as sales, branding, education, recruitment, collaboration, training, new employee orientation, simulation, development, and hybrid events. It provides examples of companies and organizations using virtual worlds for these purposes, both internally and publicly, and discusses some of the benefits and issues associated with virtual worlds. The document concludes by noting differing opinions on the current and future business potential of virtual worlds.
Designing Our Future: Technologies and Behaviors that Impact DesignMarci Ikeler
As our world becomes increasingly digital, experience design is more important than ever.
And, as experience design gains importance, the discipline and its tools are evolving. The very definition has broadened: rather than considering point-and-click interfaces, experience design is about the way that we engage with technology, the world, and ourselves. As such, it’s no longer the domain of a single expert (a UX designer, IA, or IxD); it’s a view of the broader world that every role must consider.
At Little Arrows, we’re passionate about identifying places where real behavior and technology intersect, and designing solutions to take advantage of these opportunities. These trends in experience design are what we’re excited about for the future.
Topics covered include:
- Everything is an Interface - new interfaces beyond the mouse and screen
- Friction-Free Commerce - evolving ways to pay
- Mobile First, Mobile Everywhere - how mobile interfaces impact design
- Physical / Digital - the disappearing boundaries between the physical and digital worlds
- Surfacing Data - new ways of understanding and consuming information
- Better, Faster, Stronger - how technology can improve our bodies and our selves
Android fragmentation, a valid concern?androidaalto
There is significant fragmentation in the Android ecosystem with hundreds of device models running various versions of the Android OS. This makes developing applications challenging due to differences in hardware specifications, screen sizes and OS versions across devices. While fragmentation allows for customization and innovation, it also leads to a poor user experience if applications are not optimized for specific device configurations. Many in the industry, including Google, are working to address fragmentation through standardization efforts and encouraging timely OS upgrades. However, the open nature of Android makes full harmonization difficult to achieve.
Living in a Material World: Keynote from DG MediaMind's Inspire 2012 in Munich looking at the need for technology to disappear into the environment organically to be more acceptable by consumers to address marketing concerns and build a symbiotic relationship between brand and consumer.
This document discusses virtual worlds and their uses. It provides examples of how various companies and organizations utilize virtual worlds for purposes such as sales, branding, education, recruitment, collaboration, training, new employee orientation, simulation, development, and hybrid events. Both public virtual worlds like Second Life and internal virtual worlds used by companies like IBM and T-Systems are examined. Potential benefits of virtual worlds include 24/7 learning, cost savings, and increased knowledge sharing. However, issues with adoption, technical limitations, security, and lack of non-verbal cues are also noted. Experts provide differing views on the current and future potential of virtual worlds for businesses.
This document discusses the use of virtual worlds by various organizations. It provides examples of how virtual worlds have been used for sales, branding, education, recruitment, collaboration, training, new employee orientation, simulation, development, and hybrid events. Both public virtual worlds like Second Life and internal virtual worlds by companies like T-Systems are examined. The benefits of virtual worlds include flexible teamwork, 24/7 learning, cost savings, and preventing real-life errors. However, issues with technology, organization, legal matters, and culture also exist.
The document discusses Meta Pro Space Glasses, a new type of augmented reality glasses created by the company Meta in collaboration with Professor Steve Mann. The Meta Pro Glasses can superimpose 3D content onto the real world by building a 3D model of the surroundings using cameras and sensors. The glasses have a large holographic screen, are lightweight, and allow the user to project their computer interface anywhere. The document also discusses the "father of augmented reality," Professor Steve Mann, and his work pioneering wearable computing technologies.
This document summarizes a webinar about optimizing emails for mobile devices. It discusses trends showing the rise of mobile email and importance of optimization. Tips included using single column layouts, inline styles over style sheets, and testing links and images across different devices. Speakers emphasized the need to design for a small screen and avoid wasting users' time. Rendering tools and testing emails on multiple platforms before sending were presented as important for ensuring proper display.
MAGIC Broker 2 (MB2) is an open-source platform for building Internet of Things (IoT) applications from compositions of things like sensors and devices. It provides a lightweight architecture with channels representing entities that can publish/subscribe to events, store state and content, and access services. Developers found MB2's pub/sub model and REST API simple to use for creating interactive applications across multiple domains like displays, sensor networks, and sustainability projects. Lessons learned include improving support for metadata and event histories in channels.
Research Orientation towards Do-it-Yourself Internet-of-Things Mass Creativit...trappenl
This document discusses enabling mass creativity in the Internet of Things (IoT) through a do-it-yourself (DiY) approach. It presents three concepts for supporting DiY in the IoT: the Call-out IoT, which allows people to augment the environment with location-based tags and communications; the Smart Composables IoT, which provides instructions for composing and repurposing physical objects; and the Phenomena IoT, which allows people to model and leverage patterns in collected data to shape behaviors and create aware applications. Examples are given for how these concepts could support home applications and optimize traffic based on analyzed crowd data.
This document discusses innovation and provides tips for innovators. It defines innovation as the profitable implementation of ideas. There are different degrees of innovation from incremental to radical. Emerging technologies that may change lives in the next five years include recommendation engines using social media data, hardware and content convergence, new Windows platforms, social recruiting, smart wallets, and the rebirth of the second screen of TV. The document also provides an innovation mantra and tips, such as creating future scenarios and problem solving, exploring where the future is happening now, and nurturing an innovation culture.
Theron Burger is a portfolio of work from 2005-2010 that includes projects such as an LED VU meter, LED candles, 3D renderings, a water research center design, and Meye - a device in the form of a hatband that provides location-based information to the wearer through vibration. Other projects include a space for modifying the virtual environment, a music selector using RFID tags, an Arduino accelerometer controller for a robot, a slouch detector worn as a necklace, and a beat machine interface using chips on a grid. Burger studied architecture and industrial design and worked as an educator in robotics.
Media in the fast lane:
Cross-channel. Mobile Communities. Augmented Reality. Ubiquitous computing. Amongst the buzz we are seeing evidence that all media is getting ready for a digital hyper-drive, fuelled by consumer desire for entertainment-on-demand and always-on-communication. Hidden within this emerging world is the utopian promise of addressable advertising – across all media. Yet set against a backdrop of big brands trending to bring elements of control in-house, Dean Donaldson, Director of Digital Experience at Eyeblaster asks ‘is media technology really set for where next or does reality reveal we are locked in the past?’ and challenges the notion of the purely digital agency
The document summarizes the company's financial performance for the third quarter of 2006. It reports earnings per share growth of 19% and revenue growth of 21% compared to the third quarter of 2005. Gross margins increased 200 basis points and operating margins decreased 20 basis points for the quarter. The company also provides breakdowns of revenue growth and operating margins by business segment for the third quarter and year-to-date periods. The document concludes with an outlook section.
The document provides a summary of a company's financial performance for the fourth quarter of 2006. It reports that earnings per share increased 28% and revenues increased 17.5% compared to the same period the previous year. Operating margins remained flat at 15.8% while gross margins increased 180 basis points. For full year 2006, earnings per share increased 26% and revenues increased 20% over 2005. The document breaks down performance by business segment and provides an outlook for 2007.
Danaher Corporation announced record financial results for the third quarter and first nine months of 2006. Net earnings increased 17% for the quarter and 24% year-to-date compared to the same periods in 2005. Sales also increased substantially both for the quarter (24% higher) and year-to-date (21% higher). The CEO stated that core revenue growth remained strong and they expect to continue delivering positive results for the remainder of the year based on the strength of their businesses.
Danaher reported financial results for the first quarter of 2008. Revenue increased 20% to $3.029 billion, driven by a 2% core growth rate, 13% growth from acquisitions, and 5% from foreign exchange. Adjusted diluted EPS grew 15.5% to $0.89. Operating margins decreased 110 basis points to 13.6% due to businesses owned less than one year and fair value adjustments related to the Tektronix acquisition. Danaher expects full year 2008 revenues to increase in the high-single digit to low-double digit percentage range compared to 2007.
Danaher Corporation reported record results for the fourth quarter and full year 2005. Net earnings for Q4 2005 increased 20% to $261.6 million compared to Q4 2004. For the full year, net earnings increased 21.5% to $907.7 million compared to 2004. Sales for Q4 2005 increased 14.5% and sales for 2005 increased 16% compared to the prior year. The company's president stated that the record performance throughout 2005 and strong fourth quarter give them confidence for continued excellent results in 2006.
This document provides an overview of Eastman Kodak Company's annual report for 2003. It discusses Kodak's financial performance, strategic focus on digital businesses, and highlights from key business segments. The strategic focus is on commercial, consumer, and health imaging markets. Kodak aims to accelerate digital growth while maintaining traditional businesses. Major initiatives include job cuts, real estate reductions, and acquisitions to expand digital offerings. Business highlights note strong growth in digital cameras, printer docks, and health imaging, while traditional films saw declines.
This document provides a summary of Sempra Energy's 2001 financial report. It discusses capital resources and liquidity, cash flows, investments, and subsidiaries. Key points include that cash flows from the California utilities historically provided liquidity but were impacted by electric cost undercollections from 2000-2001 due to rate ceilings. Capital expenditures were $1.1 billion in 2001 and are expected to be significantly higher in 2002, partly financed through new security issuances. Major investments and capital commitments discussed are the Elk Hills power plant project and natural gas infrastructure projects in Mexico.
KODAK'S FOCUS ON DISRUPTIVE TECHNOLOGY - IMAGING ON BUSINESSdenothankachan
Kodak focused on disruptive technology like digital cameras but failed to transition its business model from film to digital. It invented the first digital camera in 1975 but was slow to bring digital products to market. By 2005, digital photography had displaced film, leading to Kodak's bankruptcy in 2012. Today, Kodak operates as a technology company providing solutions for digital printing, packaging, and functional printing.
Emerging technologies digital photographyWarrien Poole
Digital photography allows photographers to capture, edit, and develop images without the use of film. Some key developments in digital photography include the 1969 invention of the CCD image sensor, the 1981 Sony Mavica electronic still camera, and the 1994 Apple QuickTake 100 consumer digital camera. Digital photography is now widely used for education, communication, and creative expression. While it provides benefits like instant feedback and easy sharing, it also presents challenges related to computer requirements and storage.
This document provides an overview of digital cinema technology. It defines digital cinema as the digital electronic distribution and display of theatrical films or live content in theaters. Currently, most theaters use Texas Instruments digital light processing projectors at a resolution of 1024x1280 pixels. The technology is still evolving to provide higher quality than 35mm film. Digital cinema allows alternative content distribution through satellite or networks and offers benefits like reduced costs, but major investment is required for theater conversion. The creative community embraces new tools but still sees room for improved image quality.
The document is a seminar report on digital cinema that includes an introduction, history, and overview of the technology. It discusses how digital cinema works from capture to display, the standards established by Digital Cinema Initiatives (DCI) and other organizations, and approved technologies like DLP and Sony projectors. The history section outlines the development of digital cinema from early demonstrations in 1998 to worldwide conversion efforts through 2015.
The document discusses Kodak's transformation from a film company to a digital imaging leader. It outlines Kodak's expansion globally and into various digital businesses, which now generate over 60% of its revenue. The summary highlights Kodak's efforts to update its brand image to be seen as innovative, modern, and a leader in new imaging categories through marketing campaigns, sponsorships, and digital experiences.
George Eastman created the photographic industry in 1879 by founding the Eastman Kodak Company. Kodak achieved success through affordable cameras, mass production, and extensive marketing. While Kodak dominated film sales for decades, the transition to digital photography caused film sales to decline from 800 million rolls to 300 million between 2000-2005. In response, Kodak shifted focus from traditional film to digital technology and expanded into other areas like medical imaging, printing, and digital displays to remain competitive in a changing market.
The document provides an overview of the latest trends in information technology for 2020, including industrial intelligent automation, intelligent transportation systems, autonomous aviation, the internet of things, virtual reality, big data analytics, cloud computing, and 5G wireless technology. It discusses each trend in 1-3 paragraphs, covering definitions, examples, enabling technologies, and potential applications. The document is an informative guide to the major developments expected to influence information technology in 2020 and beyond.
This document summarizes trends and contemporary multimedia technologies, including communications technologies like USB, Firewire, WiFi and Bluetooth; storage technologies such as magnetic hard drives, optical CDs and DVDs, and potential holographic storage; processing technologies that are becoming smaller, faster, and cheaper with specialized processors; and display technologies ranging from flexible and rollable screens to virtual and real 3D projection with and without glasses. Emerging technologies are converging functions, with smartphones merging phone and laptop capabilities and pocket PCs combining mobile phone, laptop and desktop features.
Sun sentinel pg2 / 2 pros polish Apple in South FloridaDean Snow
This document summarizes a conference held by MacInstitute to train intermediate and advanced Macintosh users in desktop publishing. About 150 people attended the conference in Miami to learn new skills. MacInstitute plans similar conferences in other cities in the coming months. The document also discusses how one company called Art Directions used Macintosh digital film systems to create promotional videos, saving on costs and increasing flexibility compared to using a production house. They created a digital film presentation for American Express and other companies for around $20,000. Desktop video production costs around $35,000-$44,000 compared to $150,000-$400,000 for a studio.
David Liddle explains that technology is adopted in three phases: the enthusiast phase, the professional phase, and the consumer phase. These phases apply to technologies like remote controls and computers. Interaction design plays an important role in adoption, especially in making technologies easy to use for consumers. Examples discussed include the development of digital cameras, photo stitching software, and the success of the iPod's intuitive interface.
The document defines 50 terms related to communications technology and computer science. Some of the key terms defined include:
- Mesh Networking, which allows data to route around broken paths by hopping from node to node.
- Wiki, which refers to a collaborative website that can be edited by anyone with access.
- JPEG, which is a commonly used method for compressing images.
- USB, which allows peripherals to connect using a single interface and improves connectivity capabilities.
- Pixel, which is a single point in a graphic image.
Beyond the Internet: Seamless Global CommunicationJerry Fishenden
This document discusses the evolution of communication technologies from the agrarian revolution to the emerging digital revolution enabled by ubiquitous computing and hyperconnectivity. Key points include:
- By 2012 there will be 17 billion networked devices connecting everything from appliances to cars to computers.
- Emerging technologies allow for seamless communication between people, machines, and things through wireless sensors, RFID, and embedded devices.
- This hyperconnectivity is driving convergence of networks and devices but also divergence of new experiences and organizational models.
- The mobile device has become the focal point of convergence due to its ability to keep people constantly connected to information.
This document discusses digital and technology-based art. It defines digital art as art created using technology like computers, smartphones, or tablets. It lists key characteristics of digital art like being digitally produced and easily reproduced/shared online. Examples provided include digital painting, mobile phone art, and art created using apps. The document also discusses reasons artists use technology as an empowerment tool for communication, wider accessibility, and more productivity. It lists examples of computer programs and apps used for digital art like Photoshop, Snapseed, and Twine. Finally, it provides activities for creating digital art using devices' cameras and editing apps like Photoshop.
This document discusses the history and technology of digital images. It begins by defining pixels and describing the two main types of digital images: black and white and color. It then provides a timeline of key developments in digital photography from the 1950s to the 2000s. These developments include the first digital camera in 1975 and the introduction of megapixel sensors and digital cameras for consumers in the 1990s. The document also describes the two main image sensors, CMOS and CCD, and provides examples of how digital image technology is used in fields like medicine, security, and the military. It focuses on the use of infrared technology in construction for detecting moisture, describing how infrared cameras work and the advantages and disadvantages of this approach.
This document is EchoStar Communications Corporation's annual report on Form 10-K for the fiscal year ending December 31, 1999. It provides information on EchoStar's business operations, legal proceedings, risks to its business, financial statements and other required disclosures. EchoStar operates a direct broadcast satellite subscription television service in the United States called DISH Network, which had approximately 3.4 million subscribers as of December 31, 1999. It also provides digital set-top boxes and other equipment to international direct-to-home service providers.
This document is EchoStar Communications Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2000 filed with the Securities and Exchange Commission. It summarizes EchoStar's business operations, including its DISH Network direct broadcast satellite television service, technologies division, and satellite services business unit. It provides an overview of the components and technology behind EchoStar's DISH Network service, including its programming offerings, equipment requirements, and conditional access system for encryption/security. Financial data and other required disclosures are also included as required by the SEC.
This document is EchoStar Communications Corporation's annual report on Form 10-K for the fiscal year ending December 31, 2001 filed with the SEC. It provides an overview of EchoStar's businesses, including its DISH Network direct broadcast satellite television service and EchoStar Technologies equipment sales. It summarizes EchoStar's proposed merger with Hughes Electronics Corporation, which is subject to various regulatory approvals and conditions, including IRS and shareholder approval. If completed, the merger would create a new public company providing satellite TV services and technologies globally.
This document is EchoStar Communications Corporation's annual report on Form 10-K for the fiscal year ending December 31, 2002 filed with the SEC. It provides an overview of EchoStar's business including its DISH Network direct broadcast satellite television service and EchoStar Technologies equipment manufacturing business. It discusses EchoStar's programming packages, sales and marketing strategies, satellite fleet, technology, competition, regulation, legal proceedings, and financial results.
EchoStar Communications Corporation experienced significant growth in 2003, crossing the 9 million subscriber milestone for its DISH Network satellite television service. The company launched its ninth satellite and released several new receiver products, including those supporting high-definition television and digital video recording. Financially, EchoStar achieved $5.7 billion in revenue and $225 million in earnings, while reducing debt through bond issuances and retirements. Going forward, the company plans to continue expanding its offerings in areas like international programming and high-definition television.
- DISH Network added 1.48 million subscribers in 2004, surpassing 10 million subscribers in June 2004 and finishing the year with 10.9 million subscribers.
- DISH Network generated $7.15 billion in revenue in 2004, with earnings of $215 million and $21 million in free cash flow.
- DISH Network continues to focus on growing its subscriber base and developing additional services, and expects to launch its 10th satellite in early 2006 to increase channel offerings and capacity.
- DISH Network celebrated its 10th anniversary in 2005 and reported over $8.4 billion in revenue for the year, serving over 12 million customers.
- The company increased its net subscriber base by over 1.1 million customers in 2005 and remains the clear leader in international programming.
- Looking forward, the company plans to leverage its position as an HD leader by offering local HD channels in up to 30 markets by the end of the year using its new EchoStar X satellite.
dish network 2007 Notice and Proxy Statementfinance24
- The document is a letter from the Chairman and CEO of EchoStar Communications Corporation inviting shareholders to attend EchoStar's 2007 Annual Meeting of Shareholders on May 8, 2007.
- It provides details on the location, time, and agenda items to be voted on at the meeting, including the election of 10 directors and the ratification of the appointment of KPMG LLP as the independent auditor.
- Shareholders are encouraged to vote by proxy whether attending the meeting or not to ensure their votes are counted, and they are thanked for their support and interest in EchoStar.
Danaher Corporation reported quarterly and annual sales and operating margin data for its Tools and Controls segments for an unaudited period. The Tools segment saw annual sales of $1.16 billion while the Controls segment generated $2.62 billion in annual sales. On an annual basis before restructuring, operating margins were 13.49% for Tools and 16.54% for Controls. After restructuring, the annual operating margin fell to 11.31% for Tools and 14.85% for Controls.
Danaher Corporation reported its fourth quarter and full year 2001 results. For the fourth quarter, net earnings excluding restructuring charges were $76.6 million compared to $87.8 million in 2000. Full year 2001 net earnings excluding restructuring charges were $341.2 million, a 5% increase over 2000. However, Danaher recorded a $69.7 million restructuring charge in the fourth quarter related to manufacturing facility consolidations. For the full year, net earnings including restructuring charges were $297.7 million. Despite difficult economic conditions, Danaher was able to grow earnings in 2001 through aggressive cost reductions and restructuring actions.
Danaher Corporation announced its third quarter 2001 results, reporting a 5% increase in net income to $87.7 million compared to $83.6 million in third quarter 2000. Third quarter sales were down 8.6% to $901.6 million due to weakness in the industrial economy. For the first nine months of 2001, net earnings increased 12% to $264.6 million on 4% higher sales of $2.86 billion compared to the same period in 2000. The CEO stated that aggressive cost control allowed for earnings growth despite softness in the economy and that Danaher will maintain a strict cost focus while economic conditions remain uncertain.
Danaher Corporation announced its second quarter 2001 results, with record net earnings of $94.2 million, up 16% from the previous year. Revenue was also up 7% to $956.6 million. For the six month period, net earnings reached a record $176.8 million, up 16% and revenue was up 11.5% to $1.962 billion. While sales growth was strong, a slowing domestic economy negatively impacted some product lines, leading to a 4.5% decline in core sales volume. However, aggressive cost cutting measures helped boost earnings per share by 12.5% for the quarter.
Danaher Corporation announced record results for the first quarter of 2001 with net earnings of $82.6 million, a 15% increase over the same period in 2000. Diluted earnings per share were $0.56, up 14% from 2000. Sales increased 16% to $1,005.3 million due to acquisitions. While core volume declined in the tools and components segment due to a weak domestic economy, cost containment measures helped drive record operating profit. The company expects continued outperformance in 2001 despite economic uncertainty.
- Danaher Corporation reported record results for the fourth quarter and full year 2002, with net earnings of $161.7 million and $290.4 million respectively.
- Fourth quarter sales increased 39% to $1.275 billion compared to $918.9 million in 2001. Full year sales grew 21% to $4.577 billion.
- The strong results were driven by acquisitions and 3.5% core volume growth, although the tools and components segment declined slightly.
Danaher Corporation announced its third quarter 2002 results, reporting a 32% increase in net earnings to $116.0 million compared to third quarter 2001. Diluted earnings per share increased 25% year-over-year to $0.74. Total sales for the quarter grew 28% to $1,151.7 million, driven primarily by acquisitions completed in the first quarter of 2002. For the first nine months of 2002, net earnings were $128.7 million which included a $173.8 million one-time non-cash charge related to goodwill impairment. Excluding this charge, nine month net earnings were up 14% to $302.4 million compared to the same period in 2001.
Danaher Corporation announced its second quarter 2002 results, with net earnings of $103.7 million, a 10% increase over the second quarter of 2001. Earnings per share increased 5% to $0.66. Sales for the quarter increased 20% to $1.146 billion due primarily to recent acquisitions. For the first six months of 2002, net earnings were $12.7 million after a one-time $173.8 million goodwill impairment charge, but were up 5% excluding this charge at $186.4 million, with sales up 10% to $2.15 billion. The CEO stated they were pleased with the results and optimistic about continued improvement for the rest of the year.
Danaher Corporation announced its first quarter 2022 results. Net earnings were $82.7 million, comparable to the previous year's results. However, after adopting a new accounting standard that eliminated goodwill amortization, earnings per share fell 14% compared to the previous year. The company also recorded a $173.8 million charge related to goodwill impairment in some business units. Total sales were relatively flat at $1,004.2 million. The CEO commented that while core volumes declined 15% due to economic challenges, the company has seen signs of stability in revenues and gives a more positive outlook for the rest of the year.
Danaher Corporation provided a document summarizing its selling, general and administrative costs, operating profit, and free cash flow for the quarter and year ended December 31, 2003. Some key highlights include:
- Total company revenue for the quarter increased 16.7% to $1.49 billion compared to the same quarter last year.
- Operating profit before special credits for the total company was $239.6 million for the quarter, up 20.1% from the prior year.
- Free cash flow for the year was $781.2 million, up 21.1% from 2002.
Danaher Corporation reported record results for the fourth quarter and full year 2003. Net earnings for Q4 2003 were $169.9 million, or $1.06 per share, compared to $161.7 million, or $1.03 per share for Q4 2002. For the full year, net earnings were $536.8 million or $3.37 per share compared to $290.4 million or $1.88 per share for 2002. Sales increased 17% in Q4 2003 to $1.49 billion and grew 16% for the full year to $5.29 billion. The company experienced strong growth in both its process/environmental controls and tools/components segments.
This document from Danaher Corporation provides supplemental financial information including free cash flow and debt ratios for quarters ending in March, June, and September 2003 as well as year-to-date figures. Free cash flow is defined as operating cash flow minus capital expenditures and is a measure of available cash. Debt ratios including debt-to-total capital and net debt-to-total capital are also provided to show Danaher's leverage over time. Management believes these metrics provide useful information to investors and help determine borrowing capacity.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
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In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
12. And there’s a name for how it was done: infoimaging.
13. Infoimaging. It’s how a garment
maker in Iceland sells sweaters…
and how real estate agents in
your neighborhood sell homes.
It’s how your kids buy CDs…and
how Detroit buys manufacturing
components.
12
14. Larry
Heather
James
Paul
James Flewellyn kicked the tires of dozens of new cars before ever stepping foot into
a dealer’s showroom. Larry Houston found the perfect retirement home in Florida
while sitting in his den in Maryland. Heather Obert’s home furnishings studio ships
worldwide to customers who see her creations on the Web. Paul Martin selects parts
suppliers for his car customization business based upon the high resolution product
photos they e-mail to him.
15. Infoimaging. It’s how Motorola turns
cell phones into web browsers.
It’s how your doctor gets diagnostic
data in seconds…and how you will
preserve your most important
documents for centuries.
14
16. John
Jennifer Mike
Elizabeth
Jennifer Laperle of Paris, France and Mike Goodman of Santa Barbara, California are
helping their classmates learn about the world through the digital photo diaries they
share on the Web. John Bernard’s radiologist in Seattle got a second opinion within
minutes from a team of specialists at a teaching hospital in Boston. Elizabeth Dryer pro-
vides better service to her auto insurance policyholders by capturing pictures of the car,
along with diagrams and witness statements on her Palm handheld organizer.
17. Infoimaging is the convergence
of Information Technology and
Imaging Science. It’s already a
$225 billion industry. And it’s
growing daily.
16
18. Dolores
Frank
Samantha
Frank Lee buys toys on the Web for his six children, twenty-two grandchildren and forty-
nine great-grandchildren. Dolores Eason shared her wedding pictures over the Internet
with everyone who couldn’t attend the ceremony held in Tahiti. Samantha Grace is writ-
ing a research study on Pacific coral reefs with the help of satellite images that pinpoint
ecosystems that have suffered damage.
19. Infoimaging@Kodak
Services and Media
Infoimaging
Devices
Infrastructure
Devices Services and Media Infrastructure
Cameras / Scanners Photo printing, storage and Online imaging and
Printers / X-ray laser output sharing / Document preser- photofinishing networks/
systems / Image-enabled vation / Motion picture digi - Imaging software / Imaging
information devices / Flat tal imaging services and protocols and transmissions
panel displays / Health visual effects / Film and
imaging equipment / paper / Inkjet paper and pig-
Sensors ments / Writable CDs and
CD-Roms
18
20. Last year, the number of pictures on the Web grew by an aston- Now this new industry has a name: infoimaging. Kodak has built
ishing 500%. Today, consumers are converting nearly 30 million the foundations that make infoimaging possible. With nearly
film images a month into digital files. In one industry alone — the 1,000 new patents in imaging technology a year, we are the
medical profession — more than $20 billion a year is spent on catalyst for value creation for virtually every company who
imaging products and services. produces infoimaging products and services.
Clearly, something important is happening here. Suddenly, 75% of all images currently on the Web are touched by Kodak
sharing ideas and information with images is as easy — no, technology. Kodak leads the world in film-to-digital image scan-
easier — than putting the same thoughts into words. And sud- ning capability and capacity. Kodak has the number one system
denly, many of the world’s leading technology companies — in the world for online image distribution.
including Cisco, Intel, and Hewlett Packard — are discovering But Kodak is doing more than supplying the technologies that
new ways to reap profits from pixels. drive this new category. We are also introducing a constant
A $225 billion industry has emerged, creating new imaging stream of products and services that carry the Kodak brand into
devices, offering imaging services and media, and constructing the three key infoimaging sectors — creating opportunities for
the digital infrastructure that ties it all together. synergy and linkage across the entire space.
21. Devices
Kodak PalmPix The hot, must-have accessory for the Palm hand- OLED It stands for Organic Light-Emitting Diode. And this Kodak
held organizer. Unlike other digital cameras, the PalmPix camera innovation may be the coolest full-color, full-motion display tech-
has no moving parts and does not require a memory card. It turns nology ever invented: a viewing panel that’s thin as a dime, with a
any Palm organizer into a digital camera with 2X digital zoom. sharp, bright picture viewable from virtually any angle, even in full
N o w, what-you-see is what-you-can-store on your Palm, for daylight. The winner of IndustryWeek’s Technology of the Year
business or fun. With the ultra-lightweight (less than 2 ounces) award, OLED is now used in select Motorola cellular phones and
PalmPix, you can capture and store up to 1,000 color images, or in Pioneer and Alpine car audio systems. However, OLED may
download them to your personal computer so you can save, soon be the display of choice for laptop computers and other
manipulate, and e-mail standard JPEG or BMP files. devices, growing to an estimated $3 billion industry by 2005.
20
22. Kodak mc3 The first all-in-one compact video recorder, Internet Advantix Preview Camera We combined the best-liked feature
music player and digital still camera — the ultimate personal digital of digital cameras — instant previews of each shot — with the
entertainment device. Designed with the “Y Generation” in mind, easiest-to-use film system ever developed. With the new Kodak
the Kodak mc3 lets you download and listen to your favorite MP3s, Advantix Preview Camera, you see the picture the moment you
snap up to 600 still pictures or shoot your own movies. Better yet, take it, on a color LCD screen. Then, just select how many prints
you can edit everything you capture into personalized video clips or you’d like — from zero to nine — and a code on the film will convey
music videos and e-mail them to your friends. your instructions to the photo processor. No more prints you don’t
want, and no more trips back to the store or mailbox for reprints.
23. Services and Media
Document Preservation Most of today’s digital images and docu- Digital Film Mastering Technology Kodak technology lets filmmak-
ments will someday become unreadable, because of the finite life ers convert motion pictures into high quality digital format, so they
expectancy of discs and tapes, and because they are created with can use the power of the computer to adjust the color, contrast,
software or hardware that will one day become outmoded. and lighting of each scene, as well as create special effects. The
Fortunately, we have developed a simple, affordable remedy: Coen Brothers’ “O Brother, Where Art Thou?” is the first major
Kodak Digital Preservation Solutions. You safely and securely motion picture to use this process throughout. Working with
upload your documents to Kodak, where they will be recorded in a Cinesite (a Kodak subsidiary), the filmmakers gave the entire
highly compressed, but human readable, film-based medium. Of movie a hand-painted look in keeping with the story’s era. The
course, you will have instant, secure access to your documents — resulting Kodak Digital Intermediate enables film prints as well as
in digital or hard copy form — and so will future generations. content for digital cinema, high definition television and other future
applications to be made from a single digital source.
22
24. Medical Radiography Systems With last year’s acquisition of Kodak Earth Imaging Products Kodak is building the world’s most
Lumisys and its computed radiography desktop systems, Kodak’s comprehensive online earth imaging store, with high resolution
portfolio of digital and computed radiography products represents color aerial images of 95 North American urban areas, plus images
the broadest set of choices in the medical imaging market. We also of Australia and Western Europe, available this year. For numerous
now can offer a combined PACS (Picture Archiving and industries, including construction, engineering, telecommunica-
Communications Systems) and RIS (Radiology/Inform a t i o n tions, utilities and real estate, Kodak Earth Imaging Products — at
System), meaning complete patient histories can be stored and www.kodak.com/go/earthimaging — will be the fastest, easiest
distributed throughout a hospital in tandem with the full set of the and most economical way to obtain high resolution aerial imagery.
patient’s medical images. And because diagnosticians still want Industry analysts predict the earth imaging information market will
hard copy prints, we offer the market-leading Kodak DryView fam- exceed $1.6 billion in the next three years, and Kodak plans to lead
ily of dry laser imagers, for stand-alone use or as components of the category.
complete imaging systems.
25. Services and Media
Print@Kodak service What do the Internet photo sharing websites Kodak Professional Workflow Kodak is creating an industry stan-
Snapfish.com, PhotoPoint.com and MyFamily.com have in com- dard that will offer an online digital alternative to today’s cumber-
mon? They all offer photofinishing from a brand their some method of manually shipping hard copy “proofs” back and
customers trust, Print@Kodak, our branded online print fulfillment forth among professional photo studios, labs and customers,
service. Naturally, you can also find the Print@Kodak icon on accompanied by written instructions on photo selection and
Kodak’s own popular website, Kodak.com. And as the online quantity, cropping, etc. With the Kodak workflow link system,
photo sharing industry grows, Kodak will be the backbone of the images can easily be transmitted and viewed online — with elec-
business, with the technologies and the production capacity to tronically embedded instructions for each order. For example, wed-
create 40 million high-quality prints a day. ding portrait proofs — which photographers now commonly share
only with the bride and groom and their families — can now be
e-mailed to all of the wedding guests, giving everyone an oppor-
tunity to order prints.
24
26. Infrastructure
Qualex Kodak’s Qualex subsidiary is the world’s largest photo Kodak PhotoNet Online With the world’s leading online photo
processor, with more than 50 wholesale photofinishing labs and sharing network, we’ve made getting your pictures online as easy
over one billion dollars in annual revenues. Qualex leases on-site as “checking the box” on the envelope when you drop off your film
one-hour processing equipment to more than 10,00 0 retail for processing. Since 1998, Kodak has scanned, stored and deliv-
locations including Walgreens, Target and CVS. By the summer of ered millions of photos as downloaded files, prints, Kodak Picture
2000, Qualex labs and on-site locations were printing up to CDs and Kodak Picture Discs. Kodak PhotoNet online is also the
one million pictures per day! Qualex does all scanning and pro- engine behind America Online’s You’ve Got Pictures, displayed on
cessing for Kodak PhotoNet online and America Online’s You’ve the welcome screen seen by more than 27 million AOL members.
Got Pictures. Last year, consumer demand for Qualex digital serv-
ices grew 70%, with more than 260 million images scanned.
27. 27 Financial Highlights
28 Letter to Shareholders
31 Management’s Discussion and Analysis
32 Detailed Results of Operations
41 Management’s Responsibility
41 Report of Independent Accountants
42 Consolidated Statement of Earnings
43 Consolidated Statement of Financial Position
44 Consolidated Statement of Shareholder’s Equity
45 Consolidated Statement of Cash Flows
46 Notes to Financial Statements
64 Summary of Operating Data
65 2000 Kodak Health, Safety, and Environment
66 2000 Global Diversity
67 Corporate Directory
68 Corporate Information
28. Financial Highlights
(Dollar amounts and shares in millions, except per share data) 2000(1) 1999(2)
Stock price per share at year end $ 39.38 $ 66.25
Sales $ 13,994 $ 14,089
Earnings from operations $ 2,214 $ 1,990
Net earnings $ 1,407 $ 1,392
Basic earnings per share $ 4.62 $ 4.38
Diluted earnings per share $ 4.59 $ 4.33
Cash dividends declared $ 533 $ 560
—per common share $ 1.76 $ 1.76
Average number of common shares outstanding 304.9 318.0
Shareholders at year end 113,308 131,719
Total shareholders’ equity $ 3,428 $ 3,912
Additions to properties $ 945 $ 1,127
Depreciation $ 738 $ 773
Wages, salaries and employee benefits $ 3,726 $ 3,962
Employees at year end
—in the U.S. 43,200 43,300
—worldwide 78,400 80,650
(1) Results for the year included charges related to the sale and exit of a manufacturing facility of $50 million, which reduced net earnings by $33 million. Excluding this
item, net earnings were $1,440 million. Basic and diluted earnings per share were $4.73 and $4.70, respectively.
(2) Results for the year included $350 million of restructuring charges, which reduced net earnings by $231 million, and an additional $11 million of charges related to this restruc-
turing program, which reduced net earnings by $7 million; $103 million of charges associated with business exits, which reduced net earnings by $68 million; a gain of $95 mil-
lion on the sale of The Image Bank, which increased net earnings by $63 million; and a gain of $25 million on the sale of the Motion Analysis Systems Division, which increased
net earnings by $16 million. Excluding these items, net earnings were $1,619 million. Basic and diluted earnings per share were $5.09 and $5.03, respectively.
29. To Our Shareholders
2000 was, in retrospect, a year that kept the investment analysts
and economic pundits working overtime.
Last year, the U.S. economy was red hot, and the so-called
“new economy” was even hotter. Today, as you scan the business
headlines, the key word is “slump”… consumer confidence is in a
blue funk … and the NASDAQ couldn’t get much flatter.
The question for investors now becomes, “Where do you
invest your money after the bubble bursts?”
Let me suggest three possible answers. First, it makes
sense, now more than ever, to invest in strong brands. Because
when times are tighter, consumers are less inclined to risk their
money on a new or unknown name.
Second, invest in products and services that offer high sat-
isfaction at a low price. In other words, value-for-the-money is king.
Third, it might be wise to seek companies that are adept at
generating cash. Those are the firms that will continue to invest
in themselves and prepare for growth, regardless of the economy.
And that, as you might have already surmised, brings us
straight to Kodak. However, if a great brand and a great balance
sheet are not sufficiently compelling, there is something else
investors should consider: this is a very smart time to be in the
picture business.
Picture-taking is now at an all-time high worldwide. Amateur
photographers took more than 80 billion snapshots last year, a
new record. They ordered more than 100 billion prints, another
milestone for the industry.
In the health imaging category (our second largest busi-
ness), more records were shattered. Healthcare professionals
last year ordered more than 1.5 billion Kodak radiological images.
For the past century, our business has been all about
making it simpler for people to capture better images, first with
film, and more recently, with digital technology. And, as we
continue to make film and digital photography more accessible,
picture-taking will continue to grow.
Charles S. Brown and Patricia A. Bitnar (left and center)
Today, though, image capture is only half the story. The real
received the 2000 Kodak “CEO Diversity Award” for exemplifying
strong leadership in fostering a work environment that respects
growth in our business will accrue to those who give people new
and values all individuals.
and better ways to use their pictures.
In 2000, May Snowden (right) was appointed Kodak’s Chief
Take, for example, the world of opportunity that has opened
Diversity Officer, a newly created position for the company. For the
on the Internet. Last year, more than $45 billion worth of products
complete 2000 Diversity Report, see page 66.
and services were sold on the Web — with the help of more than
one billion online images. And 75% of those images are touched
by Kodak technology.
The explosion of technologies that drive picture usage is
fueling a whole new industry. Specifically, the fusion of informa-
tion technology and image science has given rise to infoimaging.
The dozen new Kodak products and services arrayed
across the preceding pages offer just a small glimpse into how
30. ing devices — the heart of a digital camera — to other manufac-
infoimaging is redefining our business. We are playing a leading
turers. In fact, 25% of all the high-resolution CCDs in use today
role in the use of images on the Web … in digitizing still and
are from Kodak.
motion picture film … in analyzing and extracting information from
Last year, we introduced the Kodak DC4800 digital camera
digital pictures … in wireless and broadband transmission of
to rave reviews. The camera combines supercrisp 3.1 megapixel
images … in storage and preservation … and in dozens of other
resolution with ease of use and full creative control for the
technologies that will shape the industry for years to come.
serious photographer.
The performance of Kodak’s principal business units in
Our inkjet paper and media business saw a 31% increase
2000 reflects this new focus.
in revenues in 2000, with quality products such as the new
Kodak Ultima Picture Papers for prints that retain their original
Kodak’s Consumer Imaging business is entering the infoimaging
brilliance for 20–30 years. Kodak was once again cited by a
era with a dual mission: better pictures and better sharing.
recent Lyra Research study as the inkjet photo paper brand
For many consumers, better pictures begin with better
consumers most widely prefer.
film — such as the new, improved Kodak Max 400 film, which
delivers significantly better results for up to 25% of pictures
In our Health Imaging business, 45 new products were launched
taken, when compared to 100 and 200 speed films. In the U.S.,
in 2000, providing solutions in every link of the medical imaging
premium film products such as Kodak Max and Advantix films
and information chain.
comprise more than 60% of film sales.
Approximately 50% of this division’s sales now come from
Consumer pictures can also be significantly improved by
digital products, such as Kodak’s computed radiography and
the technologies Kodak has developed for digital photo pro-
digital radiography systems. In 2000, a milestone was achieved
cessing. In 2000, we introduced the Kodak I.Lab system, a high-
with the sale of our 10,000th Kodak DryView Laser Imager,
speed digital lab system for wholesale photofinishers that auto-
with a nearly 70% increase in placements for the year. Looking
matically corrects the most common problems consumers have
ahead, we just signed an agreement with Novation, the nation’s
with their pictures: poor exposure, dark shadows, graininess
largest healthcare purchasing organization, to provide an esti-
and red eye. We’ve seen customer satisfaction rates jump sig-
mated $1.4 billion in laser imagers and medical film products
nificantly among people who receive these digital prints.
over the next five years.
As we move into the era of infoimaging, image capture
In another exciting development, our Health Imaging divi-
will become an ubiquitous, 24/7 activity. New devices like the
sion is partnering with Intel and Cedars-Sinai Medical Center to
Kodak PalmPix camera, which turns your handheld organizer
pilot an Application Service Provider model for the medical
into a digital camera, will help make more people “picture-
imaging business. Cedars-Sinai will transmit images — captured
ready,” anytime, anywhere. And to further ensure no one misses
and managed via Kodak digital systems — to an Intel Online
a potential picture-taking opportunity, we are partnering with
Services data center. The images will be available to physicians
Maytag Corporation to create a national network of high-tech
via the Internet and billed on a fee-per-use basis.
Kodak Max film vending machines that carry a fresh, refrigerated
supply of one-time-use cameras and film. Taking a cue from the
soft drink industry, we will be “putting the product where the For our Kodak Professional division, the past two years have
people are,” at leisure locations such as resorts, amusement been marked by numerous business challenges and accelerating
parks and zoos. Each machine will feature wireless Internet-con- technology transition.
nectivity for processing debit and charge card sales and However, with a newly organized unit pursuing new growth
monitoring inventory. areas — and last year’s successful restructuring of the Kodak
Polychrome Graphics joint venture— we believe the business
will regain momentum as the economy picks up.
Our Digital and Applied Imaging division continues to find new
Kodak Professional introduced several breakthrough prod-
ways to make digital photography easy, seamless and more
ucts in 2000. The NexPress 2100 digital color printer, developed
accessible for people.
in a joint venture with Heidelberg, can serve as an extension of
And there’s no doubt about it, digital photography has
a company’s web site or customer call center, creating individu-
caught fire with consumers. Last year, Kodak’s sales of digital
ally customized marketing materials. Names, pictures, text and
cameras leaped 80%. In addition to marketing our own branded
other variables can be changed “on the fly” as customer
products, Kodak is a major supplier of CCD and CMOS sens-
31. Our Commercial and Government Systems division turned in a
requests are received online.
year of strong growth, while it collected more kudos for
Kodak Professional’s bid for leadership in new technologies
advanced imaging technology.
is perhaps best exemplified by the introduction of the DCS Pro
The Kodak team that helped develop the Chandra X-ray
Back digital camera, incorporating the world’s first 16-megapixel
Observatory was recognized for outstanding scientific achieve-
sensor. This represented a truly prestigious achievement for
ment by the National Air & Space Museum. In its first year,
Kodak, as no one else has ever introduced a digital camera that
Chandra has already revealed the brilliant remains of a stellar
can deliver even half the image resolution of this device.
explosion in the Crab Nebula, a possible emission from the black
hole at the center of the Milky Way galaxy, and several other
As the entertainment industry moves towards an increasingly
astronomic firsts.
digital future, Entertainment Imaging is successfully driving film,
Kodak people also provided the digital imaging technology
hybrid, and digital strategies to provide leadership in
aboard the IKONOS earth-orbiting satellite, a winner of last
the transition.
year’s “Best of What’s New” award from Popular Science
In 2000, a healthy worldwide box office contributed to
record-setting print film sales and very strong demand for color magazine. Since January of last year, IKONOS has collected
negatives. And, once again, all Academy Award-nominated 200,000 images covering 24 million square miles of our planet—
movies in Best Picture, Best Cinematography, and virtually all information that is proving immensely valuable to environmental
other major categories were produced on Kodak motion scientists.
picture film.
Cinesite (Entertainment Imaging’s digital services unit) pro- As you can see, Kodak’s business these days goes far
vided scanning, recording, and special effects for a record num- beyond the familiar roll of film in the bright yellow box. Which
ber of high-profile movies. Cinesite also created the first end-to- brings up another good question: What category do you assign
end Kodak Digital Intermediate of a major motion picture (“O to a company that is creating technologies that will drive every-
Brother, Where Art Thou?”), introducing an innovative digital thing from online commerce to interstellar exploration?
process that extends the creativity of filmmakers and provides a That new category is infoimaging. Because, in the digital
high-quality bridge to digital display. age, images drive value. And Kodak drives images.
Work is now in progress on a digital cinema infrastructure,
combining Kodak technology with components from others, to
create a system with on-screen picture quality that surpasses
anything else available.
Kodak’s Document Imaging division continues to be a strong Daniel A. Carp
competitor in the business and government markets it serves. Chairman, President and Chief Executive Officer
For example, since entering the color scanning business in
1998, Kodak’s market share has rocketed from 10% to more
than 50% today. Our high-speed production scanning equip-
ment played a pivotal role in the recent U.S. census, processing
more than 2 million forms per day. Kodak scanners are now
participating in more than 20 other census counts worldwide,
including the census for the United Kingdom, France, Australia
and Brazil.
Kodak Digital Preservation Service will be a major contrib-
utor to the division’s future growth. Industry experts estimate this
will be a $7 billion category by the year 2004. At present, the
United States Social Security Administration is preserving its
critical digital and paper documents with Kodak systems, as are
many banks and insurance companies. Daniel A. Carp
32. Management’s Discussion and Analysis
of Financial Condition and Results of Operations
Summary (in millions, except per share data) 2000 Change 1999 Change 1998
Sales $ 13,994 –1% $ 14,089 +5% $ 13,406
Earnings from operations 2,214 +11% 1,990 +5% 1,888
Net earnings 1,407 +1% 1,392 – 1,390
Basic earnings per share 4.62 +5% 4.38 +2% 4.30
Diluted earnings per share 4.59 +6% 4.33 +2% 4.24
2000 Pre-tax gains of approximately $120 million ($79 million after
tax) related to the sale of The Image Bank ($95 million pre-tax
The Company’s results for the year included the following: gain) and the Motion Analysis Systems Division ($25 million pre-
Pre-tax charges of approximately $50 million ($33 million tax gain). See Note 16, Sales of Assets and Divestitures.
after tax) associated with the sale and exit of one of the Com- Excluding the above items, net earnings were $1,619 million.
p a n y ’s equipment manufacturing facilities. The costs for this Basic earnings per share were $5.09 and diluted earnings per
effort, which began in 1999, related to accelerated depreciation share were $5.03.
of assets still in use prior to the sale of the facility in the second
quarter, and costs for relocation of the operations. Additional relo- 1998
cation costs of approximately $10 million pre-tax, per quarter, will
be recorded through the first half of 2001 in connection with The Company’s results for the year included the following:
these actions. The sales of its NanoSystems subsidiary and a portion of
Excluding the above, net earnings were $1,440 million. Basic the Company’s investment in Gretag Imaging Group (Gretag),
earnings per share were $4.73 and diluted earnings per share resulting in pre-tax gains of $87 and $66 million ($57 and
were $4.70. $44 million after tax), respectively. See Note 16, Sales of Assets
and Divestitures.
A pre-tax charge of $132 million ($87 million after tax) for
1999
asset write-downs and employee severance in the Office Imaging
The Company’s results for the year included the following: division due to volume reductions from Danka Business Systems
A pre-tax restructuring charge of $350 million ($231 million PLC (Danka). See Note 16, Sales of Assets and Divestitures.
after tax) related to worldwide manufacturing and photofinishing A pre-tax charge of $45 million ($30 million after tax), pri-
consolidation and reductions in selling, general and administra- marily for in-process research and development (R&D), associ-
tive positions worldwide. See Note 11, Restructuring Programs ated with the acquisition of the medical imaging business of
and Cost Reduction. In addition, the Company incurred pre-tax Imation Corp. (the Imation charge). See Note 15, Acquisitions
charges of $11 million ($7 million after tax) related to accelerated and Joint Ventures.
depreciation of assets still in use during 1999 and sold in 2000, Excluding the above items, and pre-tax litigation charges of
in connection with the exit of one of the Company’s equipment $35 million ($23 million after tax) related primarily to Health
manufacturing facilities. Imaging, net earnings were $1,429 million. Basic earnings per
Pre-tax charges totaling approximately $103 million ($68 mil- share were $4.42 and diluted earnings per share were $4.37.
lion after tax) associated with the exits of the Eastman Software
business ($51 million pre-tax) and Entertainment Imaging’s sticker
print kiosk product line ($32 million pre-tax) as well as the write-
off of the Company’s Calcomp investment ($20 million pre-tax),
which was determined to be unrecoverable.
33. Detailed Results of Operations
Sales by Operating Segment (in millions) 2000 Change 1999 Change 1998
Consumer Imaging
Inside the U.S. $ 3,738 +5% $ 3,562 +7% $ 3,342
Outside the U.S. 3,668 –5% 3,849 +1% 3,822
Total Consumer Imaging 7,406 0% 7,411 +3% 7,164
Kodak Professional
Inside the U.S. 711 –7% 766 +6% 725
Outside the U.S. 995 –13% 1,144 +3% 1,115
Total Kodak Professional 1,706 –11% 1,910 +4% 1,840
Health Imaging
Inside the U.S. 1,038 +9% 954 +43% 668
Outside the U.S. 1,147 –2% 1,166 +36% 858
Total Health Imaging 2,185 +3% 2,120 +39% 1,526
Other Imaging
Inside the U.S. 1,323 +1% 1,312 –16% 1,558
Outside the U.S. 1,374 +3% 1,336 +1% 1,318
Total Other Imaging 2,697 +2% 2,648 –8% 2,876
Total Sales $ 13,994 –1% $ 14,089 +5% $ 13,406
Earnings From Operations and Net Earnings by Operating Segment—See Note 17, Segment Information.
2000 Compared with 1999 16%, while sales of commercial digital products and services
w e re flat. Growth in consumer digital was led by increased
Consolidated Worldwide sales of $13,994 million declined less revenues from consumer digital cameras while the commercial
than 1% from 1999. Excluding portfolio adjustments, which digital business saw sales increases in healthcare-related offer-
reduced revenue by 2%, and the negative impact of currency, ings largely offset by reduced graphics sales. Earnings from
which reduced revenue by 3%, sales were up 4% compared with operations associated with the above sales were a negative
1999. Deteriorating U.S. economic conditions in the second half $58 million compared with a profit of $13 million in 1999.
of the year adversely impacted sales across a number of the Included in 2000 earnings from operations for the digital business
C o m p a n y ’s businesses, particularly the consumer business. are pre-tax charges of approximately $45 million related to the
Consumer film and paper experienced slight sales declines C o m p a n y ’s Picture Vision acquisition and write-downs at the
while the Company’s Kodak Professional segment experienced Company’s divested Eastman Software business.
more significant declines. However, a number of the Company’s Sales in emerging markets increased 7% from 1999, and
businesses did achieve sales growth in 2000, including Health represent 18% of the Company’s total revenue in 2000. Reve-
Imaging, Entertainment Imaging, Digital and Applied Imaging and nues generally increased in all major regions in which Kodak par-
Commercial and Government Systems. ticipates, with Greater China up 10%, Asian Emerging Markets
During 2000, the Company amended its definition of digital up 9%, Greater Russia up 39%, Latin America up 3%, and
to better reflect the digital product components of its graphics Eastern Europe up 2%.
business as well as some additional product reassignments. This Gross profit declined 2% with margins declining .6 per-
principally includes computer to plate products and digital proof- centage points from 43.3% in 1999 to 42.7% in 2000. Excluding
ing systems. Under this new definition, digital revenues for the special charges in both years, gross profit margins decreased
year were $3,001 million, an increase of 5% over 1999. Digital 2.6 percentage points from 45.7% in 1999 to 43.1% in the cur-
products and services represented 21% of the Company’s 2000 rent year. The decline in margin was driven primarily by lower
sales. Sales of consumer digital products and services increased prices, increased sales of lower margin products, like one-time-
32
34. volumes were offset by lower prices and negative currency move-
use cameras and consumer digital cameras, and the negative
ments.
impact of exchange. Productivity gains that were recognized ear-
Throughout 2000, the Company continued to successfully
lier in the year were partially offset during the fourth quarter as
shift consumers to the diff e rentiated, higher value MAX and
the Company reduced inventories in the face of slowing demand
Advantix product lines. By the fourth quarter, combined U.S. sales
and retailer inventory reductions.
of MAX and Advantix films grew to more than 62% of total U.S.
Selling, general and administrative (SG&A) expenses
consumer roll film revenues, up 6 percentage points over year-
decreased 10% from 23.4% of sales in 1999 to 21.3% in 2000.
end 1999.
Excluding special charges in 1999, SG&A decreased 6% from
Worldwide paper sales declined 3% in 2000 as volume
the prior year from 22.5% of sales to 21.3%. The reduction in
gains could not offset lower prices and negative exchange. U.S.
SG&A expenses primarily reflects the success of the Company’s
paper sales increased by 1%, as 3% volume increases offset
cost reduction initiatives and portfolio actions.
lower prices. Outside the U.S., paper sales decreased 5% as
R&D expenses decreased 4% during the year from 5.8% of
increased volumes could not offset lower prices and negative
sales in 1999 to 5.6% in 2000. This decline primarily reflects the
exchange movements.
benefit of portfolio actions, primarily the divestiture of Eastman
The penetration rate for the number of rolls scanned at Qualex
Software.
wholesale laboratories averaged 4.1% for the full year, equivalent
Earnings from operations increased 11% or $224 million in
to approximately 260 million scanned images. By the end of 2000,
2000. Adjusting for special charges in both years, earnings from
the number of placements of Kodak Picture Maker kiosks was over
operations declined $190 million or 8% as increased sales vol-
29,000, an increase of 6,000 from year-end 1999.
umes in many of the Company’s businesses and the success of
SG&A expenses for the segment decreased 6%, from 25.2%
cost savings initiatives did not offset lower effective selling prices
of sales in 1999 to 23.7% in 2000, reflecting the benefits of the
and adverse currency movements.
Company’s cost reduction efforts. SG&A excluding advertising
Interest expense increased 25% over 1999 reflecting higher
decreased 6%, from 17.5% of sales in 1999 to 16.4% in 2000.
average borrowing and rising interest rates. Other income
R&D expenses decreased 9%, from 4.7% of sales in 1999 to
decreased by $165 million or 63% from 1999 due largely to the
4.3% in 2000.
inclusion of gains of $120 million from the sale of the Image Bank
Earnings from operations decreased 9%, reflecting reduced
and Motion Analysis Systems Division in 1999. Excluding the
profit margins driven primarily by lower effective selling prices,
gains from the sale of these businesses, other income declined
unfavorable product mix and adverse exchange movements.
$45 million, primarily reflecting lower equity earnings from the
Lower gross profit was partially offset by reduced SG&A and
Company’s Kodak Polychrome Graphics (KPG) joint venture.
R&D spending. Net earnings were $860 million, which reflects a
The effective tax rate for both 2000 and 1999 was 34%.
4% decrease from the prior year, due primarily to lower earnings
from operations.
Consumer Imaging Sales in the Consumer Imaging segment of
$7,406 were essentially flat compared with 1999, as increased
Kodak Professional Sales in the Kodak Professional segment
volumes were offset by lower prices and adverse curre n c y
d e c reased 11% from 1999, 8% excluding adverse curre n c y
movements. Excluding unfavorable exchange movements, sales
movements. Adjusting the year- o v e r-year comparison for the
increased 3%. U.S. sales increased 5% while sales outside the
impact of the formation of the KPG joint venture in Japan, sales
U.S. declined by 5%, but increased 2% excluding the unfavor-
declined 9%. U.S. revenues decreased 7% and revenues out-
able effect of exchange movements.
side the U.S. decreased 13%, or 8% excluding the unfavorable
Worldwide film sales (including 35mm film, Advantix film, and
impact of exchange.
one-time-use cameras) decreased 1% from 1999 as increased
Total commercial products revenue declined 14% primarily
volumes in all major categories could not offset pricing pressures
due to lower sensitized film and paper sales, as well as declines
and adverse currency movements. U.S. film sales increased 2%
in professional digital camera sales, all of which suffered from
primarily due to volume increases of 17% in one-time-use cam-
volume declines and pricing pressure. The graphics business also
eras and 15% in Advantix film. The Company successfully held
experienced revenue declines of approximately 26%, due to
total film market share in the U.S. for the 3rd consecutive year.
reduced sales to the Company’s KPG joint venture. The seg-
Outside the U.S., film sales to dealers declined 3% as increased
m e n t ’s Po rtr ait/Social business increased 2% re f l e c t i n g
35. continued successful integration of the Imation business acquired
increased sales of digitization services and 35mm film, which
in December 1998. R&D expenses increased 5%, from 6.0% of
increased both on a dollar and unit basis.
sales in 1999 to 6.2% in 2000.
SG&A expenses for the segment were in line with 1999 in
Earnings from operations increased 7%, as higher sales
dollar terms but increased as a percentage of sales, from 18.1%
and lower SG&A costs more than offset increased R&D spend-
to 20.3%. Excluding advertising expenses, SG&A expenses
ing. Segment net earnings increased 10%, from $315 million to
increased 1%, from 15.9% of sales to 18.0%. R&D spending
$346 million.
decreased 10% in dollar terms, but remained level on a percent-
age of sales basis at 7.4%. The decrease is primarily due to the
Other Imaging Sales in the Other Imaging segment increased
reclassification of NexPress R&D costs to below earnings from
2% from the prior year, or 5% excluding exchange. Adjusting for
operations upon the formation of the NexPress joint venture in
the impact of portfolio changes, segment sales were up 10%.
1999. Excluding this reclassification, R&D decreased 2%.
Sales growth in 2000 was led by strong digital camera sales and
Earnings from operations decreased 30%, while net earn-
increased sales performance in the Commercial & Government
ings declined 58%. Included in 1999 earnings from operations
Systems unit. Sales of motion picture film and services also
is a $20 million pre-tax charge related to the write-off of the
increased, reflecting the motion picture film industry’s recovery
Company’s investment in CalComp Corporation. Excluding this
from the softness of a year ago. U.S. sales increased 1%, while
charge, other income (charges) decreased $141 million from a
sales outside the U.S. were up 3%, but up 9% excluding
positive $48 million in 1999 to a negative $93 million in 2000, pri-
exchange.
marily reflecting a reduction in joint venture income from KPG
Consumer digital camera sales increased 26% with over
and the reclassification of NexPress R&D.
70% higher unit volumes partially offset by lower prices that
reflect the competitiveness of this business. U.S. digital camera
Health Imaging Sales in the Health Imaging segment increased
sales grew by 17% while camera sales outside the U.S.
3% from the prior year, or 6% excluding the adverse effect of cur-
increased 38%, both reflecting higher unit volumes and lower
rency movements. Sales inside the U.S. increased 9%, while
prices.
sales outside the U.S. decreased 2%, despite an increase of 7%
SG&A expenses for the segment decreased 12%, fro m
in emerging market sales. Excluding negative exchange move-
20.6% of sales in 1999 to 17.7% in 2000. Adjusting for special
ments, sales outside the U.S. increased 4%.
charges taken in 1999, SG&A expenses declined 8%. Excluding
Sales of digital products (including laser printers, digital
advertising expenses, SG&A expenses decreased 17%, from
media, digital capture equipment and Picture Archiving and
17.4% of sales to 14.2%. Current-year SG&A expenses included
Communication Systems (PACS)) increased 11% over fiscal
c h a rges of approximately $23 million primarily related to the
1999. Placements of DryView laser imagers increased 67% in
C o m p a n y ’s Picture Vision acquisition and write-downs at the
2000. DryView media sales increased 48% on higher volumes,
Company’s divested Eastman Software business, while prior year
while digital capture products and PACS increased 51%. The
included SG&A from divested businesses. R&D expenses
growth in these digital product lines was partially mitigated by
increased 1% in dollar terms, but were level on a percentage of
an expected decline in wet laser imaging sales.
sales basis at 7.7%. R&D expenses in 2000 include approxi-
Sales of traditional medical products, including analog film,
mately $10 million of charges for the write-off of in-process R&D
equipment, chemistry and services, declined 3% for the year
related to the PictureVision acquisition.
but were flat when adjusted for exchange. For traditional analog
Earnings from operations were $227 million, which is $30
film (excluding specialty films), year- o v e r-year sales declined
million or 15% higher than 1999. Excluding special charges in
6% reflecting flat volumes, unfavorable exchange and antici-
both years, earnings from operations of $237 million decreased
pated price declines. Mammography and Oncology specialty
$45 million, or 16% year over year. The lower earnings are pri-
products grew by 12% primarily on higher volumes, while sales
marily due to lower prices on consumer digital cameras and CD
of dental products increased 5% on slightly higher volumes and
media, and adverse currency movements, which more than offset
favorable pricing.
SG&A savings. Net earnings for the segment were $161 million,
SG&A expenses for the segment decreased 6%, fro m
a decrease of 27% from the prior year reflecting lower earnings
20.0% of sales in 1999 to 18.2% in 2000. Excluding advertising
from operations in 2000 and the inclusion of gains from portfolio
expenses, SG&A expenses decreased 8%, from 19.1% of sales
actions in 1999.
to 17.1%, reflecting the benefits of cost control initiatives and the
34
36. Earnings from operations increased 5% to $1,990 million.
1999 Compared with 1998
Excluding special charges in both years, earnings from opera-
tions increased $389 million or 19%, as the benefits of higher unit
Consolidated Worldwide sales for 1999 increased 5% over the
sales volumes across many of the Company’s key products, man-
prior year. The impact of portfolio actions on the year-to-year
ufacturing pro d u c t i v i t y, and cost reductions more than off s e t
comparison was essentially neutral. Currency changes against
lower effective selling prices and the unfavorable effects of cur-
the dollar negatively affected sales by $12 million. Sales growth
rency rate changes.
in 1999 was achieved across numerous businesses, including
Interest expense increased 29% in 1999 to $142 million, pri-
Health Imaging film (analog film as well as laser imaging products
marily due to higher average borrowings. Other income (charges)
of the acquired Imation medical imaging business), consumer and
d e c reased $67 million from the prior year. Excluding special
professional digital cameras, Consumer Imaging color paper and
charges and credits from 1999 and 1998, other income (charges)
film (especially Advantix film and one-time-use cameras), CD
decreased $70 million, resulting primarily from reduced invest-
media, and inkjet media.
ment income, lower gains on asset sales and R&D investments in
Sales in emerging markets increased 6%, and accounted
the NexPress joint venture. The effective tax rates were 34% in
for approximately 16% of the Company’s 1999 worldwide sales.
both 1999 and 1998.
The emerging markets portfolio showed growth across a wide
geographical range, with China up 30%, Korea up 36% and India
Consumer Imaging Consumer Imaging segment sales increased
up 19%. Strong growth in Mexico of 16% was offset by a 16%
3% in 1999. Excluding the impact of the divestiture of the Fox
decline in Brazil, resulting in a 2% decline in the Latin American
Photo operating unit in September 1998, sales increased 6%,
Region. Sales in Russia were weak, reflecting a 33% sales
as higher volumes more than offset lower effective selling prices
decline from 1998.
and the negative effects of exchange. Sales inside the U.S.
Overall gross profit margins decreased 2.3 perc e n t a g e
increased 7%, as higher volumes were partly offset by lower
points from 45.6% in 1998 to 43.3% in 1999. Excluding special
effective selling prices and the impact of portfolio changes. Sales
charges in both years, gross profit margins decreased .4 per-
outside the U.S. increased 1%, as higher volumes more than
centage points from 46.1% in 1998 to 45.7% in 1999. Gross
offset lower effective selling prices and the negative effects of
profit margins were pressured by lower prices, increased levels
exchange.
of goodwill amortization, startup costs in the China manufactur-
Worldwide film sales increased 4% over 1998, as volume
ing project, and the acquired Imation medical imaging business,
increases of 10% more than offset lower effective selling prices.
which had gross profit rates lower than the Company average.
Sales inside the U.S. increased 2%, as higher unit volumes more
These pressures were offset, almost entirely, by gains in manu-
than offset lower effective selling prices. Sales outside the U.S.
facturing productivity, improvements in digital businesses, and the
increased 5%, as higher volumes more than offset lower effec-
beneficial effects of portfolio actions taken, including the divesti-
tive selling prices and the unfavorable effects of currency rate
ture of Office Imaging and a significant portion of Consumer
changes.
Imaging’s retail business.
Worldwide color paper sales increased 6% over 1998, as
SG&A expenses for the Company were essentially level,
volume increases of 9% more than offset lower effective selling
but decreased from 24.6% of sales in 1998 to 23.4% in 1999.
prices. Sales inside the U.S. were particularly strong, increasing
Excluding restructuring charges, SG&A expenses decreased 2%
12%, due to higher unit volumes and slightly higher effective
from the prior year and declined as a percentage of sales from
selling prices. Sales outside the U.S. increased 2%, as higher
24.1% in 1998 to 22.5% in 1999. SG&A excluding advertising
volumes more than offset lower effective selling prices and the
expenses also decreased, from 18.5% to 17.4% of sales. The
unfavorable effects of currency rate changes.
decrease in rates, excluding restructuring charges, is due to
SG&A expenses for the segment decreased 5% in dollar
higher sales and cost reduction activities as well as reductions in
terms, and from 27.4% of sales in 1998 to 25.2% in 1999,
advertising expense.
reflecting the benefits of Consumer Imaging’s sales growth and
Excluding the Imation charge in 1998, R&D decreased 7%,
cost reduction activities. Excluding advertising expenses, SG&A
from 6.6% of sales in 1998 to 5.8% in 1999, as a result of a num-
expenses decreased 4%, from 18.9% of sales in 1998 to 17.5%
ber of factors, including improvement in the R&D cost structure,
in 1999. R&D expenses decreased 5%, from 5.1% of sales in
a more tightly focused portfolio, and more joint development, with
1998 to 4.7% in 1999.
more work shared with partners.
37. primarily to the acquisition and higher volumes, offset by lower
Earnings from operations increased 20% in 1999, as higher
effective selling prices. Sales outside the U.S. increased 36%,
sales volumes, cost reductions and manufacturing productivity
due to the acquisition and higher volumes, partly offset by lower
more than offset lower effective selling prices and the unfavorable
effective selling prices.
effects of currency rate changes. Net earnings were $900 million,
Worldwide analog film sales increased 19% over 1998, as
an increase of 15% from the prior year, which included a $44 mil-
higher volumes more than offset lower effective selling prices.
lion after-tax gain related to the sale of a portion of the Company’s
Analog film sales inside the U.S. increased 9%, as higher vol-
investment in Gretag. Excluding the 1998 Gretag gain, net earn-
umes more than offset lower effective selling prices. Outside the
ings increased 21%, as a result of increases in earnings from
U.S., analog film sales increased 25%, as higher volumes more
operations.
than offset lower effective selling prices. Overall, significant vol-
ume growth worldwide is primarily attributable to the acquisition
Kodak Professional Kodak Professional segment sales increased
of Imation’s medical imaging business.
4% in 1999. Adjusting for the contribution of the Japan graphics
Sales of digital products (including digital print film, laser
business to the KPG joint venture, sales increased 8%, as higher
printers and digital media) also benefited from the Imation acqui-
volumes more than offset lower effective selling prices. Sales
sition, increasing 98% in 1999.
inside the U.S. increased 6%, as higher volumes more than off-
SG&A expenses increased 34% over 1998, due primarily
set lower effective selling prices. Sales outside the U.S.
to the acquisition of Imation’s medical imaging business, but
increased 3%, as higher volumes more than offset decreases
d e c reased as a percentage of sales from 20.7% in 1998 to
from portfolio changes.
20.0% in 1999. Excluding advertising expenses, SG&A expenses
Worldwide Graphics film sales increased 9% in 1999 on the
increased 34%, but decreased from 19.7% of sales in 1998
strength of a 25% volume increase which more than offset lower
to 19.1% in 1999. Excluding the 1998 Imation charge, R&D
graphics film prices. Worldwide Portrait/Social sales increased
expenses increased 21%, but decreased from 6.9% of sales in
10%, as higher volumes and the favorable effects of exchange
1998 to 6.0% in 1999.
were partially offset by lower effective selling prices. Sales inside
Earnings from operations increased 46%, or 29% excluding
the U.S. increased 10%, due to higher volumes and higher effec-
from 1998 the pre-tax Imation charge of $45 million, as higher unit
tive selling prices. Sales outside the U.S. increased 9%, as vol-
sales volumes, manufacturing productivity, and cost reductions in
ume increases and the favorable effects of exchange were
SG&A and R&D more than offset 1999’s lower effective selling
partially offset by lower effective selling prices.
prices. Net earnings increased 54%, or 27% excluding from
SG&A expenses for the segment decreased 7%, fro m
1998 the charges for Imation and litigation, as a result of the
20.3% of sales in 1998 to 18.1% in 1999. Excluding advertising
increase in earnings from operations.
expenses, SG&A expenses decreased 7%, from 17.7% of sales
in 1998 to 15.9% in 1999. R&D expenses decreased 23%, from
Other Imaging Sales in the Other Imaging segment decreased
9.9% of sales in 1998 to 7.4% in 1999. The decrease in R&D
8% in 1999, as higher unit volumes were more than offset by
reflects the formation of the NexPress joint venture, whose R&D
portfolio changes (primarily the sale of the Office Imaging busi-
investments were reclassified to other income (charges) during
ness) and lower effective selling prices. Excluding the impact of
1999.
portfolio adjustments, segment sales increased 5%. Sales of
Earnings from operations increased 13%, or 20% excluding
digital cameras and CD media increased significantly, while
the pre-tax charge of $20 million for CalComp (discussed pre-
sales of motion picture films decreased due to softness in the
viously), as higher sales volumes, manufacturing productivity,
motion picture industry. Sales inside the U.S. decreased 16%, as
and cost reductions in SG&A and R&D more than offset lower
decreases from portfolio changes more than offset higher vol-
effective selling prices. Net earnings increased 12%, primarily
umes. Sales outside the U.S. increased 1%, as higher volumes
reflecting strong contributions from earnings from operations.
more than offset lower effective selling prices.
Worldwide digital camera sales increased 97%, as signifi-
Health Imaging Sales of the Health Imaging segment increased
cantly higher volumes were only slightly offset by lower effective
39% in 1999, primarily due to the acquisition of Imation’s med-
selling prices. Digital camera sales inside the U.S. increased
ical imaging business. Excluding the effect of the acquisition,
106%, due to higher volumes. Outside the U.S., sales increased
sales increased 2%, as higher volumes more than offset lower
effective selling prices. Sales inside the U.S. increased 43%, due
36
38. 87%, as considerably higher volumes were only partially miti- l a rgely complete, the other income (charges) category is
gated by lower effective selling prices. expected to run in the $0 to negative $50 million range annually.
SG&A expenses decreased 17%, from 22.8% of sales in The Company expects a 1% reduction in its effective tax rate
1998 to 20.6% in 1999. Excluding advertising expenses, SG&A from 34% in 2000 to 33% in 2001. This reduction was reflected
expenses decreased 19%, from 19.8% of sales in 1998 to in the earnings guidance issued January 17th, 2001.
17.4% in 1999. R&D expenses decreased 11%, from 8.0% of F rom a liquidity and capital re s o u rce perspective, the
sales in 1998 to 7.7% in 1999. Company will look to reduce its debt levels by focusing on
Earnings from operations increased 25% in 1999. Excluding increasing cash flow, lowering capital spending and reducing
special charges in both 1998 and 1999, earnings from opera- inventory and receivable levels.
tions decreased 2%, as higher volumes and manufacturing pro-
ductivity were offset by lower effective selling prices and the The Euro
unfavorable effects of exchange. Net earnings increased 37%,
but decreased 21% excluding special charges and credits from The Treaty on European Union provided that an economic and
both years. This decrease reflects lower earnings from opera- monetary union (EMU) be established in Europe whereby a sin-
tions and lower gains on sales of properties. gle European currency, the Euro, replaces the currencies of par-
ticipating member states. The Euro was introduced on January 1,
1999, at which time the value of participating member state cur-
Restructuring Programs
rencies was irrevocably fixed against the Euro and the European
The Company re c o rded a $350 million pre-tax re s t ru c t u r i n g Currency Unit (ECU) was replaced at the rate of one Euro to one
charge in the third quarter of 1999. Actions under this program ECU. For the three-year transitional period ending December 31,
w e re effectively completed in 2000. The Company re a l i z e d 2001, the national currencies of member states will continue to
approximate savings associated with this program of $90 million circulate, but as sub-units of the Euro. New public debt will be
in 2000, and expects an additional $50 million of savings in 2001, issued in Euros and existing debt may be redenominated into
resulting in a total annual run-rate savings of $140 million. The E u ros. At the end of the transitional period, Euro banknotes
Company anticipates recovering the net cash cost of this pro- and coins will be issued, and the national currencies of the mem-
gram in two years. Approximately 2,900 positions were eliminated ber states will cease to be legal tender no later than June 30,
worldwide under this program (see Note 11, Restru c t u r i n g 2002. The countries that adopted the Euro on January 1, 1999
Programs and Cost Reduction). are Austria, Belgium, Finland, France, Germany, Ireland, Italy,
Luxembourg, The Netherlands, Portugal, and Spain. Greece will
now be part of the transition. The Company has operations in
Outlook
all of these countries.
As a result of the Euro conversion, it is possible that sell-
The Company expects the overall slowdown in the U.S. economy
ing prices of the Company’s products and services will experi-
and the corresponding industry-wide decrease in photographic
ence downward pre s s u re, as current price variations among
activity to continue through the first two quarters of 2001 before
countries are reduced due to easy comparability of Euro prices
recovering in the second half of the year. The Company will con-
across countries. Prices will tend to harmonize, although value
tinue to take actions to minimize the financial impact of this slow-
added taxes and transportation costs will still justify price differ-
down. These actions include efforts to better manage production
entials. Adoption of the Euro will probably accelerate existing
and inventory levels while at the same time reducing discretionary
market and pricing trends including pan-European buying and
spending to further hold down costs. The Company will also con-
general price erosion.
sider additional actions, including reductions in staff in certain
On the other hand, currency exchange and hedging costs
areas of the Company, aimed at making its operations more cost
will be reduced; lower prices and pan-European buying will ben-
competitive and improving margins.
efit the Company in its purchasing endeavors; the number of
During 2000, the Company completed an ongoing program
banks and suppliers needed will be reduced; there will be less
of real estate divestitures and portfolio rationalization that con-
variation in payment terms; and it will be easier for the Company
tributed to other income (charges) reaching an annual average of
to expand into new marketing channels such as mail order and
$100 million over the past three years. Now that this program is
Internet marketing.
39. Capital additions were $945 million in 2000, with the major-
The Company is in the process of making changes in areas
ity of the spending supporting manufacturing productivity and
such as marketing and pricing, purchasing, contracts, payroll,
quality improvements, new products including e-Commerce initia-
taxes, cash management and treasury operations. Under the ‘no
tives, digital photofinishing and digital cameras, and ongoing envi-
compulsion no prohibition’ rules, billing systems have been mod-
ronmental and safety spending. In 2001, the Company expects
ified so that the Company is now able to show total gross, value
to reduce its capital spending (excluding acquisitions) from its
added tax, and net in Euros on national currency invoices. This
2000 spending levels. Capital additions by segment are included
enables customers to pay in the new Euro currency if they wish
in Note 17, Segment Information.
to do so. Countries that have installed ERP/SAP software in con-
Under its stock repurchase programs, the Company repur-
nection with the Company’s enterprise resource planning project
chased $1,099 million, $925 million and $258 million of its shares
are able to invoice and receive payments in Euros as well as in
in 2000, 1999 and 1998, respectively. During the second quar-
other currencies. Systems for pricing, payroll and expense reim-
ter of 1999, the Company completed stock repurchases under its
bursements will continue to use national currencies until year-end
1996 $2 billion authorization. That program, initiated in May 1996,
2001. The functional currencies of the Company’s operations in
resulted in 26.8 million shares being repurchased. Under the
affected countries will remain the national currencies until approx-
$2 billion program announced on April 15, 1999, the Company
imately May 2001 (except Germany and Austria (November
repurchased an additional 21.6 million shares for $1,099 million
2001)), when they will change to the Euro. Systems changes for
in 2000 and 9.8 million shares for $656 million in 1999. On
countries not on SAP (Finland and Greece) are also being imple-
December 7, 2000, Kodak’s board of directors authorized the
mented in 2001.
repurchase of up to an additional $2 billion of the Company’s
stock over the next 4 years.
Liquidity and Capital Resources
The Company has access to a $3.5 billion revolving credit
facility expiring in November 2001. The Company also has a
Net cash provided by operating activities in 2000 was $982 mil-
shelf registration statement for debt securities with an available
lion, as net earnings of $1,407 million, adjusted for depreciation
balance of $1.9 billion.
and amortization, provided $2,296 million of operating cash. This
See Note 8, Commitments and Contingencies, for other
was partially offset by increases in receivables of $247 million,
commitments of the Company.
l a rgely due to the timing of sales late in the fourth quart e r ;
increases in inventories of $282 million, reflecting lower than
expected sales performance in the second half of the year par- Other
ticularly consumer films and paper and consumer digital camera
Kodak is subject to various laws and governmental regulations
sales; and decreases in liabilities (excluding borrowings) of $755
concerning environmental matters. See Note 8, Commitments
million related primarily to severance payments for restructuring
and Contingencies.
programs and reductions in accounts payable and accrued ben-
efit costs. Net cash used in investing activities of $783 million in
2000 was utilized primarily for capital expenditures of $945 mil- Cautionary Statement Pursuant to Safe Harbor Provisions of
lion and business acquisitions of $130 million, partially offset by the Private Securities Litigation Reform Act of 1995
proceeds of $276 million from sales of businesses/assets. Net
cash used in financing activities of $314 million in 2000 was the C e rtain statements in this re p o rt may be forw a rd-looking in
result of stock re p u rchases and dividend payments, larg e l y nature, or “forward-looking statements” as defined in the United
funded by net increases in borrowings of $1,313 million. States Private Securities Litigation Reform Act of 1995. For
Cash dividends per share of $1.76, payable quarterly, were example, references to the Company’s earnings per share expec-
d e c l a red in each of the years 2000, 1999 and 1998. Total tations for 2001 are forward-looking statements.
cash dividends of approximately $545 million, $563 million and Actual results may differ from those expressed or implied in
$569 million were paid in 2000, 1999 and 1998, respectively. forward-looking statements. The forward-looking statements con-
Net working capital (excluding short - t e rm borro w i n g s ) tained in this report are subject to a number of risk factors, includ-
increased to $1,482 million from $838 million at year-end 1999. ing: the Company’s ability to implement its product strategies
This increase is mainly attributable to lower payable levels and (including its category expansion and digitization strategies and
higher receivable and inventory balances, as discussed above. its plans for digital products and Advantix products), to develop
38