Report Builder - Eastman Kodak Company - Hoover's
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Hoover's Online Report Builder Eastman Kodak Company (NYSE: EK) Copyright 2004, Hoover's, Inc. Report Builder − Eastman Kodak Company − Hoover's Online Table of Contents The Basics...............................................................................................................................................................................1 Key Numbers.............................................................................................................................................................1 Financial Overview....................................................................................................................................................1 Officers & Employees................................................................................................................................................1 Board Members..........................................................................................................................................................6 Industry Information..................................................................................................................................................7 SIC Codes...................................................................................................................................................................7 NAICS Codes.............................................................................................................................................................7 Top Competitors.........................................................................................................................................................8 All Competitors..........................................................................................................................................................8 Rankings.....................................................................................................................................................................8 Subsidiaries/Affiliates Covered By Hoover's Online.................................................................................................8 Biographies..........................................................................................................................................................................10 Daniel A. Carp, Age 55...........................................................................................................................................10 Jude Rake, Age 45...................................................................................................................................................10 Robert H. Brust, Age 59..........................................................................................................................................11 Michael P. Morley...................................................................................................................................................11 James C. Stoffel, Age 57.........................................................................................................................................12 Henri D. Petit..........................................................................................................................................................13 Candy M. Obourn, Age 53......................................................................................................................................13 Carl E. Gustin Jr., Age 51.......................................................................................................................................14 Carl A. Marchetto....................................................................................................................................................15 James Langley, Age 53...........................................................................................................................................15 Bernard Masson......................................................................................................................................................16 Daniel I. Kerpelman, Age 44..................................................................................................................................16 Eric G. Rodli, Age 47..............................................................................................................................................17 Gary P. Van Graafeiland, Age 56...........................................................................................................................17 Karen A. Smith−Pilkington, Age 46.......................................................................................................................17 Charles S. Brown Jr., Age 52..................................................................................................................................18 Nachum (Homi) Shamir, Age 49............................................................................................................................19 Kim E. VanGelder, Age 39.....................................................................................................................................19 Larry Morgan..........................................................................................................................................................19 Atul Minocha..........................................................................................................................................................20 Joyce P. Haag, Age 53............................................................................................................................................20 Matthias Freund, Age 54.........................................................................................................................................21 Mark V. Gulling, Age 51........................................................................................................................................21 Mark A. Schneider..................................................................................................................................................22 Sharon J. Crino........................................................................................................................................................23 Alain Popelard, Age 62...........................................................................................................................................23 Jack C. Chang..........................................................................................................................................................24 Essie L. Calhoun.....................................................................................................................................................24 Richard S. Morabito................................................................................................................................................25 Stevan G. Ramirez..................................................................................................................................................25 Claude H. (Bud) Denker III....................................................................................................................................25 Michael P. Benard...................................................................................................................................................26 Sharon L. Delman...................................................................................................................................................27 Michael A. Martino.................................................................................................................................................27 Barry S. Brenner......................................................................................................................................................28 i Report Builder − Eastman Kodak Company − Hoover's Online Table of Contents Biographies Aaron J. McLeod.....................................................................................................................................................28 Robert P. Rozek......................................................................................................................................................29 Paul A. Walrath.......................................................................................................................................................29 David E. Wilson......................................................................................................................................................29 R. Hays Bell............................................................................................................................................................30 Overview..............................................................................................................................................................................32 History..................................................................................................................................................................................33 Products/Operations...........................................................................................................................................................35 Other Resources Available On Hoover's Online..............................................................................................................36 Other Resources.......................................................................................................................................................36 Related Products From Our Trusted Partners..........................................................................................................36 Annual Financials................................................................................................................................................................37 Quarterly Financials...........................................................................................................................................................39 Historical Financials & Employees....................................................................................................................................42 Market Data.........................................................................................................................................................................44 Comparison Data.................................................................................................................................................................45 Competitive Landscape.......................................................................................................................................................47 ii The Basics 343 State St. Rochester, NY 14650 (Map) http://www.kodak.com Phone: 585−724−4000 Fax: 585−724−1089 When Kodak made the Brownies, folks began to smile. The inventor of the world−famous Brownie camera (1900), Kodak remains the world's #1 maker of photographic film (ahead of Fuji Photo Film); yet it has launched an historic, billion−dollar remake of its business. The company is focusing less on sales of traditional photographic film, which represents 70% of the company's revenues, and is investing heavily in digital cameras and imaging technology. The company also has long−term plans to sell ink jet printers and flat−panel displays. Part of Kodak's shift to a digital technology business includes a 20% reduction in its work force (about 14,000 people) over the next three years. Key Numbers Company Type Public (NYSE: EK) Fiscal Year−End December 2003 Sales (mil.) $13,317.0 1−Year Sales Growth 3.8% 2003 Net Income (mil.) $265.0 1−Year Net Income Growth (65.6%) 2002 Employees 70,000 1−Year Employee Growth (6.8%) Auditor PricewaterhouseCoopers LLP Financial Overview Last Close 10−Mar−2004 $26.10 52−Week High $32.46 52−Week Low $20.39 Basic EPS $0.83 Price/Earnings Ratio 31.45 Current Ratio 0.94 R&D Expenditures (mil.) −− Ad Expenditures (mil.) −− % Owned by Institutions 80.70% Officers & Employees Title Name Age Salary Report Builder − Eastman Kodak Company − Hoover's Online Bonus 1 Chairman, President, and CEO Daniel A. Carp President and COO Antonio M. Perez 55 COO, Kodak Consumer Imaging Jude Rake U.S. & Canada Region 45 EVP and CFO Robert H. Brust 59 EVP and Chief Administrative Officer Michael P. Morley EVP, Ofoto James Joaquin SVP, CTO, and Director, Research & Development James C. Stoffel SVP; Chairman and President, Greater Asia Region, and Director, International Regional Operations Henri D. Petit SVP and COO, Health Imaging Candy M. Obourn 53 SVP and Chief Marketing Officer Carl E. Gustin Jr. 51 SVP and President, Commerical Imaging Group Carl A. Marchetto SVP and President, Commercial Printing James Langley SVP and President, Digital and Film Imaging Systems (D&FIS) Bernard Masson SVP and President, Health Imaging Daniel I. Kerpelman 44 SVP and President, Entertainment Imaging Eric G. Rodli 47 SVP and General Counsel Gary P. Van Graafeiland 56 $1,030,769 $2,327,325 $635,828 $669,240 $491,154 $514,800 57 53 SVP and Vice Chairman, Greater Karen A. Smith−Pilkington Asia 46 SVP and Director of Global Manufacturing and Logistics Charles S. Brown Jr. 52 VP; President, Kodak Versamark Nachum (Homi) Shamir 49 VP and CIO Kim E. VanGelder 39 VP, Consumer Imaging and Director, Worldwide Marketing Larry Morgan VP Health Imaging Group; Chief Atul Minocha Marketing Officer VP Legal and Assistant General Counsel Joyce P. Haag 53 Report Builder − Eastman Kodak Company − Hoover's Online 2 VP and Acting President, Consumer and Professional Imaging Products and Services Matthias Freund 54 Mark V. Gulling 51 (Retiring March 1, 2004) VP and Director, Global Shared Services VP and CTO, Consumer Imaging Mark A. Schneider VP and Area Business General Manager, Health Imaging Europe, Pacific, Middle East, Africa, and Russia Sharon J. Crino VP and Associate Director, Global Manufacturing and Logistics (Retiring March 31, 2004) Alain Popelard VP and Associate Director of Research & Development Jack C. Chang VP, Chief Diversity Officer, and Director, Community Affairs Essie L. Calhoun 62 VP and Chief Purchasing Officer Richard S. Morabito VP and Chief Quality Officer Stevan G. Ramirez VP and Director, Brand and Market Development Claude H. (Bud) Denker III VP and Director, Communications & Public Affairs Michael P. Benard VP and Director Corporate Branding and CMO Kodak.com Sharon L. Delman VP and Director, Corporate Michael A. Martino Strategic and Financial Planning VP and Director, Corporate Strategic Planning Barry S. Brenner VP and General Manager, D&FIS Worldwide Professional Customer Relationships Aaron J. McLeod VP and Director, Finance, European, African, and Middle East Robert P. Rozek VP; Director, Global Paper and Imaging Chemicals Flow; Divisional VP, Global Manufacturing and Logistics Paul A. Walrath VP and Director, Global Logistics David E. Wilson R. Hays Bell Report Builder − Eastman Kodak Company − Hoover's Online 3 VP and Director, Health, Safety & Environment VP and Director, Human Resources Robert L. Berman 45 VP and Director, Inkjet Systems Program William J. Lloyd 63 VP and Director, Public Affairs Stephen J. Ciccone 42 VP and Director of Worldwide Color Film Manufacturing & Global Manufacturing and Logistics Daniel T. Meek VP and General Manager, D&FIS Worldwide Digital Sales Michael A. Korizno VP and General Manager Capture and Traditional Media Consumer Imaging Mary Jane Hellyar VP and General Manager and Chief Strategy Officer, Software and Digital Services Business, Digital & Applied Imaging Philip Gerskovich 47 VP and General Manager, Digital Gregory R. Westbrook Cameras, Accesssories, and Home Printing Solutions VP and General Manager Global John J. Chiazza Integrated Supply Chain VP and General Manager, Global Philip V. Tatusko Operations, Commercial Imaging Group VP and General Manager, Global Mary Burkhardt Sites, Global Manufacturing and Logistics VP and General Manager Health Richard F. Cimino Imaging Americas VP and General Manager, kodak.com Robert L. (Bob) LaPerle VP and General Manager, Latin American Region, Consumer Imaging Jamie Cohen VP and General Manager, Wholesale and Online Services Brad W. Kruchten VP and Manager Kodak Rochester Operations and Site Services Charles C. Barrentine VP and Managing Director, David G. Monderer 39 Report Builder − Eastman Kodak Company − Hoover's Online 4 Corporate Business Development VP and President, Commercial & James Manchisi Government Systems VP and President, Kodak Japan, Ltd., and General Manager Japan Region Yoshikazu Hori VP and Regional Business General Manager, Consumer Imaging, Greater Asia Region John Tseng VP and General Manager, D&FIS Worldwide Consumer & Professional Sales Gerald P. (Jerry) Quindlen VP and Vice Chairman, Greater China Ying Yeh CTO and VP, Health Imaging Group Michael W. Jackman Chairman, Eastman Kodak S.A., Etienne Bourgeois VP, European, African, and Middle Eastern Region (EAMER), and Regional Operations Manager CEO, Encad Barry R. Lathan President, Display and Components Willy C. Shih President, Kodak Canada Michael P. Ducey President and General Manager, Kodak Display Leslie G. Polgar President, Ofoto Inc. Lisa Gansky VP, Health Imaging Group Connie Meza 44 56 45 VP, Health Imaging and Regional Roger L. (Vern) Davenport Business General Manager, US and Canada 45 VP, Latin American Region and Regional Operations Manager Jorge Perez−Cordova 54 Treasurer William G. Love Controller Richard G. Brown Jr. 55 Director, D&FIS Business Pierre Schaeffer Strategy and Marketing Services 40 Director, D&FIS Human Resources Jean−Luc Duchemin 48 Director, D&FIS Finance Michael Pomeroy 45 Director, Global Capture Flow, Ted McNeff Report Builder − Eastman Kodak Company − Hoover's Online 5 and Divisional VP Director, Multicultural Aubyn Thomas Marketing, Corporate Marketing Office Director, Worldwide Operations, Rick Gary Consumer Imaging Service and Support, Retail Business Segment Director, Worldwide Original Equipment Manufacturers Business; VP, Health Imaging Group Jonathan J. Tweed Regional Business General Manager, Kodak Professional; Regional Operations Manager, EAMER Claudio D'Amico 46 General Manager, Consumer Output Kent McNeley 46 General Manager, D&FIS Operations Mark Rajkowski 45 General Manager, Home Printing Richard Stearns 55 General Manager, Professional Output John Blake 37 General Manager, Worldwide Digital Camera and System Development Yusuke Kojima 58 General Manager, The Americas Diane F. McCue Region & VP, Kodak Professional Division Manager, Communications and Public Relations, Global Diversity Office David Kassnoff Chief Privacy Officer Dale E. Skivington Assistant to the Chairman, CEO, Diane Wilfong and President Chief Governance Officer Laurence L. Hickey 49 Board Members Title Name Age Chairman, President, and CEO Daniel A. Carp 55 Director Richard S. Braddock 61 Director William W. (Bill) Bradley 61 Director Martha Layne Collins 67 Report Builder − Eastman Kodak Company − Hoover's Online 6 Director Timothy M. (Tim) Donahue 54 Director William H. Hernandez 55 Director Durk I. Jager 59 Director Debra L. Lee 49 Director Delano E. Lewis 64 Director Paul O'Neill 67 Director Hector de J. Ruiz 58 Director Laura D Andrea Tyson 55 Industry Information • Consumer Products Manufacturers ♦ Photographic &Optical Equipment/Supplies Manufacturers (primary) • Health Care ♦ Health Care Products ◊ Medical Equipment & Supplies • Computer Hardware ♦ Computer Peripherals ◊ Printing & Imaging Equipment • Retail ♦ Office Products Retail & Distribution SIC Codes 3423 Hand and edge tools, nec 3429 Hardware, nec 3484 Small arms 3577 Computer peripheral equipment, nec 3579 Office machines, nec 3823 Process control instruments 3826 Analytical instruments 3827 Optical instruments and lenses 3841 Surgical and medical instruments 3861 Photographic equipment and supplies 5044 Office equipment 5047 Medical and hospital equipment NAICS Codes 325992 Photographic Film, Paper, Plate, and Chemical Manufacturing 333293 Printing Machinery and Equipment Manufacturing 333314 Optical Instrument and Lens Manufacturing 333315 Photographic and Photocopying Equipment Manufacturing Report Builder − Eastman Kodak Company − Hoover's Online 7 33411 Computer and Peripheral Equipment Manufacturing 334119 Other Computer Peripheral Equipment Manufacturing 339112 Surgical and Medical Instrument Manufacturing 339113 Surgical Appliance and Supplies Manufacturing 423410 Photographic Equipment and Supplies Merchant Wholesalers 424120 Stationery and Office Supplies Merchant Wholesalers Top Competitors • Canon • Fuji Photo • Sony All Competitors • 3M • Agfa • Canon • CASIO COMPUTER • China Lucky Film • Duracell • Fuji Photo • Hewlett−Packard • Jazz Photo • Konica Minolta • Leica Camera • Matsushita • Nikon • Olympus • Pentax • Philips Electronics • Photo Control • PhotoWorks • Polaroid • Ricoh • Sharp • Sony • Xerox Rankings • #150 in FORTUNE 500 • S&P 500 • Dow Jones Industrials Subsidiaries/Affiliates Covered By Hoover's Online • Cinesite, Inc. • ENCAD, Inc. Report Builder − Eastman Kodak Company − Hoover's Online 8 • Kodak Polychrome Graphics LLC • Kodak Versamark, Inc. • Laser−Pacific Media Corporation • NexPress Solutions LLC • PracticeWorks, Inc. Report Builder − Eastman Kodak Company − Hoover's Online 9 Biographies Daniel A. Carp, Age 55 Chairman, President, and CEO, $1,030,769 salary, $2,327,325 bonus Other Company Affiliations Company Title Texas Instruments Incorporated Director Salary Bonus Biography Mr. Carp is Chairman, Chief Executive Officer, and President of Eastman Kodak Company. He became Chairman on December 8, 2000. He was elected CEO effective January 1, 2000. He was President from January 1, 1997 until April 2001 and was re−elected President in January 2002. Mr. Carp served as Executive Vice President and Assistant Chief Operating Officer from November 1995 to January 1997. Mr. Carp began his career with Kodak in 1970 and has held a number of increasingly responsible positions in market research, business planning, marketing management and line of business management. In 1986, Mr. Carp was named Assistant General Manager of the Latin American Region and in September 1988, he was elected a Vice President and named General Manager of that region. In 1991, he was named General Manager of the European Marketing Companies and, later that same year, General Manager, European, African and Middle Eastern Region. He holds a BBA degree in quantitative methods from Ohio University, an MBA degree from Rochester Institute of Technology and an MS degree in management from the Sloan School of Management, Massachusetts Institute of Technology. Mr. Carp is a director of Texas Instruments Inc. Source: Company Web Site, 2003 Jude Rake, Age 45 COO, Kodak Consumer Imaging U.S. & Canada Region Other Company Affiliations Company Title Salary Fellowes, Inc. EVP and Chief Marketing Officer Bonus Biography Jude Rake is Chief Operating Officer for the U.S. and Canada Region of Kodak's Consumer Imaging business. His responsibilities include business strategy and execution, marketing, market research, public relations, photofinishing operations, and new products and services for Consumer Imaging's capture, output, and digital services businesses. This includes a vast array of products and services such as Kodak Max and Advantix premium films, Kodak One Time Use and Advantix Cameras, Kodak Picture Processing, Kodak Picture Maker and Picture CD, and Kodak Picture Center Online, which is co−branded with retailers. Jude has an undergraduate degree in Civil Engineering from Purdue University, and an MBA with concentrations in Marketing and Finance from the University of Chicago. Prior to joining Kodak in September, 2000, Jude worked at SC Johnson Wax for eight years. His last position there was Vice President and General Manager of their Home Cleaning business, SCJ's largest division. While at SCJ he drove significant top and bottom line growth on the businesses he led, and he championed development and commercialization of several expansive innovations, including Windex Outdoor, Pledge Grab−Its and Off! Candles. Jude was also named to Advertising Age's Report Builder − Eastman Kodak Company − Hoover's Online 10 Top 100 Marketers list in both 1994 and 1998 for his leadership of breakthrough advertising. Prior to SCJ, Jude was Manager of Marketing and Business Development at Pepsi−Cola International where he led global expansion of a new innovative package, and development of Pepsi's first international advertising campaign. During his time at Pepsi he worked in twenty−eight different countries. Before Pepsi he was Brand Manager at The Clorox Company where he worked on Clorox Bleach and Formula 409. The advertising work he led on Clorox won two Mobius awards in 1988. In between undergraduate and graduate school, he was a Structural Engineer designing and building Nuclear Power Plants for Bechtel. Jude and his wife Kathy have been married since 1981, and they have two daughters Jennifer and Megan. He has been very active in the community for the past 25 years coaching youth basketball and soccer. He enjoys sports, outdoor adventures, gardening and of course photography. Source: Company Web Site, 2003 Robert H. Brust, Age 59 EVP and CFO, $635,828 salary, $669,240 bonus Other Company Affiliations Company Title Salary Delphi Corporation Director Bonus Biography Mr. Brust was named Chief Financial Officer and Executive Vice President of Eastman Kodak Company, effective January 3, 2000. He reports to Daniel A. Carp, Chairman and Chief Executive Officer, President and Chief Operating Officer. Prior to joining Kodak, Mr. Brust was Senior Vice President and Chief Financial Officer of Unisys Corporation, a global information services and technology company with $8 billion in revenues, located in Blue Bell, Pennsylvania. He joined Unisys in 1997, where he directed the company's financial organization, including treasury, control, tax, information systems, mergers and acquisitions, strategy, procurement, and investor relations. He is largely credited for strengthening Unisys' balance sheet and achieving a significant upgrade in the company's credit ratings. Mr. Brust went to Unisys following a distinguished 31−year career at General Electric, where he last ran the finance operations of that company's plastics division as it grew from $900 million in revenues to about $8 billion. He joined General Electric in 1965, working in a variety of financial and financial management positions in businesses as diverse as motors, capacitors, steam turbines and generators, and engineering services. He joined the plastics division in 1983, directing the financial operation of that business through its dramatic period of growth. Mr. Brust is a graduate of Penn State University with a BS degree in accounting. He is a member of the board of directors of Delphi Corporation and Rochester Business Alliance, Inc. He is also a member of The Conference Board Council of Financial Executives. Source: Company Web Site, 2003 Michael P. Morley EVP and Chief Administrative Officer, $491,154 salary, $514,800 bonus Other Company Affiliations Company Title Charter One Financial, Inc. Director Salary Report Builder − Eastman Kodak Company − Hoover's Online Bonus 11 Biography Mr. Morley began his Kodak career in 1964, in the Film Testing Division at Kodak Park. From 1970 through 1981, he held a variety of human resource assignments at Kodak Park Division culminating with the position of director of Personnel Relations. Transferred to Kodak Colorado Division in 1982, he served as director of Industrial Relations. Mr. Morley returned to Rochester in 1985, as director of Industrial Relations for the Kodak Research Laboratory and the following year was named director of Industrial Relations for Kodak Apparatus Division. In 1986, Mr. Morley was awarded a Sloan Fellowship for study at the Massachusetts Institute of Technology. In 1987, after earning an MS in management from MIT, he returned to Kodak as regional business manager, U.S. and Canadian regions, Professional Photography Division. Mr. Morley also received a BS degree from the Rochester Institute of Technology. In 1990, Mr. Morley was named director, Corporate Human Resource Strategic Planning. In 1991, he became general manager of Consumer Services Division of the Photographic Products Group. Mr. Morley was elected a vice president of the company in May 1991. Later in the year, he was named general manager of the Imaging Resources Group. In January 1992, Mr. Morley became general manager of U.S. and Canada, Consumer Imaging Division. Mr. Morley was appointed director, Human Resources, effective February 1, 1994, and elected a senior vice president of the company February 11, 1994. On October 23, 2000, he was appointed Chief Administrative Officer and elected an Executive Vice President of the company. He is a member of the board of directors for Charter One Bank F.S.B; and Chairman of the Board, NACME (National Action Council for Minorities In Engineering, Inc.); member of the board of directors for IMC (Industrial Management Council); member of the board of governors for the Al Sigl Center and MIT Sloan School; and a member of the board of trustees for Rochester Institute of Technology, and Chairman, Personnel Roundtable. Source: Company Web Site, 2003 James C. Stoffel, Age 57 SVP, CTO, and Director, Research & Development Other Company Affiliations Company Title Harris Corporation Director Salary Bonus Biography Dr. Stoffel joined Kodak in 1997, in the newly created position of vice president and director, Electronic Imaging Products Research & Development. He was promoted to director of R&D in 1998. He had previously been with Xerox Corporation. Jim began his career at Xerox and held various positions of increasing responsibility in research, product development, manufacturing, and marketing. In 1989, he was named vice president & chief engineer; and subsequently, vice president, imaging systems development; and vice president and general manager of the Advance Imaging business unit for Xerox. Stoffel was elected a corporate officer and vice president of Kodak in 1998. In 1999, he was promoted to Director of Research and Development and vice president, responsible for research and development for all Kodak laboratories worldwide. In 2000, he was appointed Chief Technical Officer and elected a senior vice president. He also has responsibility for Kodak Ventures (venture capital and new business incubation) and the new Kodak Display Business Unit. Stoffel received a BSEE Magna Cum Laude degree from the University of Notre Dame. As a NDEA Fellow at Syracuse University, he received his MSEE degree in 1970 and his Ph.D. in 1972. He is the author/editor of "Binary and Graphical Image Processing", a reference book for graduate students. He holds over 25 U.S. patents and numerous international patents. Stoffel currently is on the board of directors of NexPress Solutions LLC and Phogenix Imaging. He is also a member of the advisory board at Stanford University Electrical Engineering Department, and the Research Board at the University of Notre Dame. He also serves on the Executive Committee and Board of the Information Technologies Industries Association, Washington, D.C. Report Builder − Eastman Kodak Company − Hoover's Online 12 Source: Company Web Site, 2003 Henri D. Petit SVP; Chairman and President, Greater Asia Region, and Director, International Regional Operations Other Company Affiliations Company Title Chesapeake Corporation Director Salary Bonus Recent Work Highlights • Eastman Kodak Company ♦ 2003 − 2003, VP and Chairman & President, Greater Asia Region Biography Following three years with a French sub−nuclear physics research lab, Henri Petit began his Kodak career in 1975 as assistant to the manager of the Purchasing Division, Kodak−Pathé (France). In 1980, he became assistant to the manager of Kodak−Pathé's Photofinishing Laboratory in Sevran. In the following year, Petit was named manager of the Photofinishing Laboratory. After taking part in an internship program and training in marketing and management in Rochester, New York, he became business unit manager, Business Information Systems and Corporate Accounts, Kodak−Pathé in 1985. In 1987, he was named business unit manager of the Photofinishing Systems Division, responsible for marketing of photographic papers, chemicals and equipment to photofinishing labs. In 1989, Petit was appointed general manager and vice president, Motion Picture and Television Imaging, Europe, Africa and Middle East Region located in London. In December 1992, he was appointed corporate vice president and worldwide general manager of Motion Picture and Television Imaging and relocated to the U.S. In November 1995, Petit was named general manager of European, African and Middle Eastern Region. In September 1997, he was appointed Chief Operating Officer of Consumer Imaging. Effective February 2001, he was named to his current position based in Shanghai, China. A native of Baden−Baden, Germany, Henri Petit holds a masters degree in engineering from the École Superieure de Physique et Chimie de Paris, a post−graduate degree in nuclear physics, and a Ph.D. in corpuscular electronics from the University of Paris XI, France. He attended the Advanced Management Program, I.N.S.E.A.D., Fontainbleau, France. Source: Company Web Site, 2003 Candy M. Obourn, Age 53 SVP and COO, Health Imaging Other Company Affiliations Company Title Parker Hannifin Corporation Director Salary Bonus Biography Candy M. Obourn began her career at Kodak as a systems analyst in 1974. She later held management assignments in Management Information Systems, Corporate Planning, Business Imaging Systems and Document Imaging divisions. In 1990, as general manager of Data Processing Products, Business Imaging Systems, she was responsible for profit and loss Report Builder − Eastman Kodak Company − Hoover's Online 13 of Kodak's Data Processing Products business. This included computer output microfilm equipment, service and supplies, as well as complementary optical, printer and CD products. In 1991 she served as assistant to the chairman, Eastman Kodak Company. In December 1991, Mrs. Obourn was elected a vice president and named director, Information Systems and Business Processes. She was elected chief information officer and was responsible for both Information Systems and the Reengineering of Kodak's Business Processes. In October 1993, she was elected vice president and general manager, Business Imaging Systems, becoming President of the division in October 1995. In this position, she was responsible for profit and loss of Kodak's Business Imaging Systems unit, which provides Document Management Systems, supplies and service. In April 1998, she was given additional responsibility for the Office Imaging division that manufactures copiers and supplies. The combined divisions were renamed Document Imaging. The copier business was sold to Heidelberger Druckmaschinen AG in 1999. In October 1999, she was elected a corporate senior vice president effective January 2000. In January 2002, she was named Chief Operating Officer of Kodak's Health Imaging division, responsible for profit and loss for their $2.3B products and services business with a direct staff of 4,700. Mrs. Obourn received her BA in mathematics from Boston University, where she graduated with honors. She is a member of the board of directors of Parker Hannifin Corporation. She was on the board of directors of Cognos Inc. from 1999−2002. She served on the board of directors at Stratus Computer, Inc. from 1993 until sold in 1998. Source: Company Web Site, 2003 Carl E. Gustin Jr., Age 51 SVP and Chief Marketing Officer Biography Carl Gustin joined Kodak as vice president and general manager of the Digital and Applied Imaging Division in August 1994. In October 1995, he was appointed to his present position as chief marketing officer and senior vice president, Eastman Kodak Company, in addition to his role as acting president and general manager of Digital and Applied Imaging, which he did through 1996. As chief marketing officer, Gustin has been breaking new ground in the areas of advertising and marketing in an effort to fuel new market growth while further enhancing and broadening the reach of the brand. His areas of responsibility include: corporate−wide general marketing, internet marketing, developer relations, presence marketing, corporate branding, new business incubation, multicultural marketing, business research as well as providing leadership and direction for the marketing functions across the company. Gustin is currently a member of Kodak's Senior Executive Council; Chairman of the Corporate Brand Management Council; and Chairman, e−Business Management Council. In 2000, he led the development and launch of Kodak's new Infoimaging campaign that, along with key industry partners, has been recategorizing the imaging sector as a $385 billion category involving hundreds of new and established imaging companies. These companies are providing a wide array of traditional and digital imaging products and services spanning devices, infrastructure and services/media. Most recently, his office has managed the new worldwide, multi−business unit brand and marketing effort, "Share Moments/Share Life," drawing on Kodak's long legacy of customer emotional involvement across all product lines and services. During Gustin's tenure, Kodak was inducted into the American Marketing Association's Marketing Hall of Fame in 1997. In 1997, Kodak was also awarded AMA's GOLD EFFIE for the Tall Tales Corporate Branding Campaign, and an OBIE award for the unique bus advertising at the '96 Atlanta Olympic Games, as well as numerous awards for our internet site. In addition, Bill Delaney, Delaney Report, who named him "Corporate Marketing Executive of the Year" for 1996, recognized Gustin for his leadership in corporate marketing. Gustin was also named one of Ad Age's Top 50 marketers in 1996. Prior to Kodak, Gustin was with Digital Equipment Corporation (DEC) in 1994. He joined DEC as the PCBU's worldwide vice president of Product and Market Strategy and was then promoted to DEC's Computer Systems Division, where he was responsible for product and marketing strategy as well as all communications activities (advertising, PR, research, collateral support, industrial design, direct marketing, etc.). Prior to joining DEC, he was vice president of Worldwide Communications and Marketing Support for Apple Computer. Most notably, he was responsible for Apple's highly acclaimed advertising campaigns including: PowerBook, Hard Way/Easy Way desktop and Does More/Costs Less full product line campaigns. In addition, prior to heading up communications for Apple, he was executive aide to John Sculley, Chairman & CEO, Apple Report Builder − Eastman Kodak Company − Hoover's Online 14 Computer. Prior to working with John Sculley, Gustin was the director of sales, Southern Operations, for reseller operations. When he first joined Apple in 1988, he was the business development executive for the Southeast Region. Before joining Apple, he spent the years of 1974 through 1988 as senior vice president and director of marketing services for two different Young & Rubicam affiliates, president and general manager of Doyle Dane Bernbach's Midwestern operations, and senior vice president/partner in a smaller regional agency. Before his advertising career, Gustin was a research chemist for the Fairfield Engineering Co. Source: Company Web Site, 2003 Carl A. Marchetto SVP and President, Commerical Imaging Group Biography Mr. Marchetto began his career at Kodak in 1996 as director of Image Acquisition Systems and vice president Commercial & Government Systems. He was named president, Commercial & Government Systems in April 1998. He was elected a corporate vice president of the company in June 1998 and a senior vice president in February 2001. On November 14, 2001 he was appointed president, Commercial Imaging Group. Prior to joining Kodak from 1977 to 1979, Marchetto was employed at Farrell Company, located in Ansonia, Connecticut. From 1979 to 1990, he was employed with Jet Propulsion Laboratory, located in Pasadena, California and from 1990 to 1996, he was employed with Lockheed Martin Corporation−Astro Space Division, located in Princeton, New Jersey. Marchetto is a member of the board of directors of NexPress Solutions L.L.C.; Kodak Polychrome Graphics; and St. Joseph's Villa; and on the board of governors of the National Space Club. He has a BS degree in engineering from Stevens Institute of Technology and an MS in mechanical engineering from California State University. He also participated in the engineering management program at the California Institute of Technology. His achievements include five NASA awards and five NASA technology grants. Born in Summit, New Jersey, Marchetto resides in Victor, New York, with his wife and two children. Source: Company Web Site, 2003 James Langley, Age 53 SVP and President, Commercial Printing Recent Work Highlights • Eastman Kodak Company ♦ Title held until 2003: President, Commercial Printing Biography Langley joined Kodak in 2003 as President, Commercial Printing, a business that includes Kodak's Encad subsidiary and its NexPress and Kodak Polychrome Graphics joint ventures. The Commercial Printing business also includes an initiative to enter the digital asset management market and publishing services, which involves managing the distribution and output of digital assets, such as images. He reports to President and Chief Operating Officer Antonio M. Perez. Langley joined Kodak after a 30−year career at Hewlett−Packard Company. Most recently, he was vice president of Commercial Printing at HP from March 2000 to August 2002. Prior to that assignment, he served for three years as vice president of Inkjet Worldwide Office, responsible for expanding the presence of HP's inkjet products in new, higher−end markets. This included all−in−one office printing devices, large format printing, photofinishing and commercial printing. From Report Builder − Eastman Kodak Company − Hoover's Online 15 August 1993 to June 1997, Langley served as the general manager of HP's Vancouver Printer Division. As general manager, he led the development of high−performance inkjet technology and products for retail and commercial channels. Langley joined HP in 1972, working in a variety of technical and management positions involving laser printers. A native of Berkeley, California, Langley holds a Bachelor of Science degree in Mechanical Engineering from the University of California−Berkeley and a Masters of Science degree in both Mechanical Engineering and Computer Science from Stanford University. He also completed the Executive MBA program at the University of Michigan. Source: Company Press Release, September 25, 2003 Bernard Masson SVP and President, Digital and Film Imaging Systems (D&FIS) Recent Work Highlights • Eastman Kodak Company ♦ 2003 − 2003, SVP and President, Display Group Biography Bernard Masson is president of the company's Display Group, a position he assumed in December 2002. He joined Kodak in May 2002, as a consultant to the company's Photography Group, with an emphasis on output − or the delivery of hardcopy images and photographs. He remains a strategic advisor to the Photography Group on output and other segments of the group's business. On December 13, 2002 he was elected senior vice president of the company. Prior to Kodak, Masson was an executive vice president at Lexmark International Inc. and president of the company's Consumer Printer Division between 1997 and 2001. He joined Lexmark in 1995. From 1992 until 1995, Masson was vice president and general manager of DH Print, a subsidiary of DH Technology, based in San Diego. The company designs, manufactures and markets specialty printers worldwide. During his 28−year career, Masson also has worked for the Calcomp subsidiary of Lockheed Martin Corp. and the Memorex subsidiary of Burroughs Corp. A native of Paris, Masson graduated with an MS in electronics and mechanics from Ecole Nationale Superieure d'Electronique et d'Electromecanique de Caen, in France. He also attended the Stanford Executive Institute and the UCLA Executive Institute. Masson and his wife Jany live in Rochester, NY. Source: Company Web Site, 2003 Daniel I. Kerpelman, Age 44 SVP and President, Health Imaging Biography Dan Kerpelman joined Kodak in June 2002, as president of Health Imaging. In this capacity, he is responsible for developing strategies for pursuing growth opportunities created by the convergence of imaging and information technologies. He also manages the day−to−day operations of Kodak's second largest business. Kerpelman brings to Kodak nearly 15 years of broad management experience in the diagnostic imaging industry, including his most recent position as General Manager of the Global Diagnostic X−Ray Division of GE Medical Systems, a unit of General Electric Co. In his 17−year career at GE, Kerpelman spent most of his time with the company's Medical Systems unit, in which he served as General Manager for Global Quality; General Manager of Global Service Operations; Region Services Manager; Manager of Logistics; and Manager of Safety & Regulatory Engineering. During his time in Global Quality, he led GE Medical Report Builder − Eastman Kodak Company − Hoover's Online 16 Systems' Six Sigma quality initiative. He joined GE in 1985 as a software engineer in the company's Research & Development unit. Prior to GE, Kerpelman worked as a software engineer at Hewlett−Packard Co. Fluent in English, Italian and French, Kerpelman holds a BS in Computer Science from the University of Maryland, an MS in Computer Engineering from Rensselaer Polytechnic Institute, and a MBA from Northwestern University. Source: Company Web Site, 2003 Eric G. Rodli, Age 47 SVP and President, Entertainment Imaging Biography Eric G. Rodli was appointed president, Entertainment Imaging, and senior vice president, Eastman Kodak Company in September 2001. His responsibilities include defining growth objectives and implementing business strategies to expand the company's role as the world's leading supplier of motion imaging solutions, including film, hybrid, and digital media products and services. Since January 2000, Rodli has served as Chief Operating Officer and Vice President of the Entertainment Imaging division. Prior to joining Kodak, Rodli was president of Bexel, the largest broadcast video and audio equipment rental service in the U.S. In his twenty−year career, Rodli has had a broad range of senior management positions. He began his career at the Boston Consulting Group; served as president of Iwerks Entertainment; and later was a partner at the Price Waterhouse Coopers Management Consulting Group, specializing in the firm's entertainment strategy practice. Rodli is based at Kodak's Entertainment Imaging headquarters in Hollywood. Source: Company Web Site, 2003 Gary P. Van Graafeiland, Age 56 SVP and General Counsel Biography Mr. Van Graafeiland was elected a senior vice president and named general counsel of Eastman Kodak Company effective February 14, 1992. He is also the Company's Chief Compliance Officer. Mr. Van Graafeiland joined the Kodak Legal Department as a member of the Corporate Legal Staff in 1979. He was named assistant general counsel and director of the Corporate Legal Staff in January 1989, and was elected corporate secretary effective January 1990. Prior to joining Kodak, Mr. Van Graafeiland was associated with the Rochester law firm of Harter, Secrest & Emery. A graduate of Union College with a BA in English, Mr. Van Graafeiland holds a JD degree from Cornell University Law School. He is a member of the American Corporate Counsel Association, the Association of General Counsel, the Civil Justice Reform Group, the American Bar Association, the New York State Bar Association, and the Monroe County Bar Association. He is a member of the Executive Committee of the Association of General Counsel. He is also a member and former chairman of the board of directors of the Rochester School of the Holy Childhood, and a member of the board of directors of ESL Federal Credit Union and the board of trustees of the U.S. − China Legal Cooperation Fund. Source: Company Web Site, 2003 Karen A. Smith−Pilkington, Age 46 SVP and Vice Chairman, Greater Asia Report Builder − Eastman Kodak Company − Hoover's Online 17 Recent Work Highlights • Eastman Kodak Company ♦ 2001 − 2003, SVP and President, Kodak Professional ♦ Title held until 2004: SVP and Business Operations Manager, Consumer and Professional Imaging Products and Services Biography Smith−Pilkington was second−in−command of Kodak's combined Consumer & Professional Imaging operations, focusing primarily on the integration of those two organizations. Previously, she was president of Kodak Professional, which provides imaging products, solutions and services to professional photographers and related labs. Smith−Pilkington has had global responsibilities in Consumer Imaging, Health Imaging and Kodak Professional. She also served as the regional business unit general manager for Kodak Professional in Canada. Smith−Pilkington holds a B.A. in Political Science (Summa Cum Laude) from the State University of New York at Geneseo (1978); a Masters in Industrial and Labor Relations from Cornell University (1980); and a Masters of Business Administration from the William E. Simon School of Graduate Business Administration at the University of Rochester (1988). Source: Company Press Release, December 17, 2003 Charles S. Brown Jr., Age 52 SVP and Director of Global Manufacturing and Logistics Biography Mr. Brown began his Kodak career as a process engineer in the Synthetic Chemicals Division in 1973 and served in various technical and supervisory capacities until 1982. In 1982−84, he was involved in several developmental assignments leading to his movement into production management. Mr. Brown's Kodak experience has been primarily in manufacturing serving as the director, Manufacturing Research and Engineering Division; manufacturing manager, Materials for Ektacolor Paper and Chemicals; and manager, Synthetic Chemicals Division. In 1993, he was named the general manager of Sensitized Goods Platform Center, the company's unit responsible for the development of new photographic films, papers and photochemical products, and manufacturing technologies. On November 1, 1995 he was named chief operating officer, Consumer Imaging and vice president, Eastman Kodak Company. His primary responsibilities included Consumer Imaging's film, paper and camera businesses. Mr. Brown was then named the assistant director, Imaging Materials Manufacturing beginning September 1, 1997. Mr. Brown was named to his current position, director, Global Manufacturing and Logistics, and vice president, Eastman Kodak Company, effective February 1, 1999. In this position, he provides leadership for Kodak's global operations for film, photographic paper, chemical products and equipment. On April 14, 2000 Eastman Kodak Company's board of directors elected Mr. Brown a senior vice president. A native of Waukegan, Illinois, he received BS and Masters of Engineering degrees in chemical engineering from Cornell University in 1972 and 1973, respectively. He earned an MBA from Rochester Institute of Technology in 1979 and an MS in management as a Fellow at Massachusetts Institute of Technology, Sloan School of Management, in 1992. He is a member of AIChE; the Society of Engineers, the Engineering College Advisory Council and University Council at Cornell University. He is also a member of the Board of Trustees, Nazareth College; and a member of the Board of Directors, National Association of Manufacturers. Source: Company Web Site, 2003 Report Builder − Eastman Kodak Company − Hoover's Online 18 Nachum (Homi) Shamir, Age 49 VP; President, Kodak Versamark Other Company Affiliations Company Title Kodak Versamark, Inc. President; VP, Eastman Kodak Salary Bonus Biography Shamir joined Kodak as President, Kodak Versamark Inc., a wholly owned subsidiary. The company formed Kodak Versamark after the acquisition of the assets of Dayton, Ohio−based Scitex Digital Printing. Shamir joined Scitex in 1993 as managing director of the Asia−Pacific and Japan regions for Scitex Digital Printing, where he was responsible for positioning the company as a regional leader in high−speed, variable information technology. He was promoted to president and CEO of Scitex Digital Printing, the Dayton, Ohio, subsidiary, in January 2001. Shamir became president and CEO of Scitex Corporation in July 2003. Prior to joining Scitex, Shamir spent 16 years in the Asia−Pacific region holding executive−level positions for a number of companies in Hong Kong, Australia, Fiji and the Philippines. He earned a master's degree in Public Administration from Harvard University in 1990, and a Bachelor of Science degree from Hebrew University in Jerusalem in 1980. Shamir is a board member of Scitex Corporation, and also serves on the board of the Victoria Theatre in Dayton, as an executive director of the printing industry's EDSF association, and on the external advisory board of the College of Engineering and Computer Science at Wright State University. Shamir and his family reside in Dayton. Source: Company Press Release, January 21, 2004 Kim E. VanGelder, Age 39 VP and CIO Biography VanGelder joined Kodak in September 1984 and has held a variety of assignments of increasing responsibility, all in the Information Technology arena. She has a B.S. in Mathematics from the Rochester Institute of Technology. Source: Company Press Release, December 17, 2003 Larry Morgan VP, Consumer Imaging and Director, Worldwide Marketing Biography Mr. Morgan has over 20 years of US and International experience with Kodak, Pepsi−Cola and Richardson−Vicks. Mr. Morgan joined Richardson−Vicks (now part of Proctor and Gamble Health Care) in 1975. While there, he moved through Report Builder − Eastman Kodak Company − Hoover's Online 19 the brand management ranks on a number of products including Clearasil, Fixodent, and new products. Prior to leaving, he managed their largest business, Oil of Olay, leading that business to a 50% sales increase. In 1981, Mr. Morgan joined Pepsi−Cola's international division as Marketing Manager for their North Latin America Region. He was promoted to general manager of Pepsi's Colombian subsidiary in 1983. Morgan joined Kodak in the Ultra Technologies group in 1986 as manager of Marketing. In 1988, Kodak moved him to Business Manager for worldwide development of one−time−use cameras, and he championed the introduction and early growth of that business. In 1990, he was named Marketing Manager for the Northeast Sales Zone. In 1993, he was appointed U.S. general manager of Marketing for Image−Taking Products, and in 1995 was named vice president, Consumer Imaging, for Image−Taking Products for the U.S. and Canada. In 1997, Mr. Morgan took a special assignment to head a "Tiger Team" dedicated to the relaunch of the Advantix Photo System. In the assignment, he led an effort that successfully established this strategic business. In February, 1998, he was named director of Marketing for Kodak's worldwide film business. In 1999, Mr. Morgan was named director, Worldwide Marketing, and vice president, Consumer Imaging, responsible for worldwide strategic planning for Kodak's traditional and APS film and cameras and one−time−use cameras. Most recently he has been Vice President of WW Marketing for Capture Products (Film, Cameras, One−Time Use Cameras and Batteries). A native of Dryden, New York, Morgan has a Bachelor's Degree in Agricultural Economics from Cornell University and an MBA from the Darden School of the University of Virginia. Source: Company Web Site, 2003 Atul Minocha VP Health Imaging Group; Chief Marketing Officer Biography Upon joining Kodak in 1999, Minocha served as Director of Marketing for Health Imaging's U.S. and Canada region. In 2001, he was named to his most recent position, Vice President of Marketing for Health Imaging's Americas organization, which comprises the United States and Canada and Latin America regions. Among his accomplishments, Minocha led marketing initiatives that helped the Americas organization gain market share in six out of seven product categories. He also has played an instrumental role in transitioning U.S. customers and prospects from traditional film−based medical imaging products to digital products. More than 50% of the Americas' 2002 revenue came from digital products. Prior to joining Kodak, Minocha held top marketing positions with AlliedSignal Inc.; Graco Inc., the world's leading manufacturer of fluid−handling equipment; Cummins Engine Company's Power Generation Group; and DCM Toyota Limited, a joint venture between DCM Limited and Toyota to manufacture and market light trucks in India. Minocha holds a bachelor's degree in Mechanical Engineering from the Indian Institute of Technology, New Delhi, India. He also earned an MBA from Yale School of Management, New Haven, Conn. Source: Company Press Release, February 18, 2003 Joyce P. Haag, Age 53 VP Legal and Assistant General Counsel Biography Ms. Haag began her Kodak career in 1981, as a lawyer on the Legal Staff. She was elected assistant secretary in December 1991 and elected corporate secretary in February 1995. In January 2001, she was appointed to the additional position of Assistant General Counsel. She currently is doing a two year developmental assignment on the Marketing, Antitrust, Trademark and Litigation Legal Staff. A graduate of Mt. Holyoke College, Ms. Haag holds a BA degree in mathematics and graduated Phi Beta Kappa. She was a Sara Williston Scholar at Mt. Holyoke. She received her JD and Report Builder − Eastman Kodak Company − Hoover's Online 20 graduated cum laude from Cornell Law School. Prior to joining the Kodak Legal staff, Ms. Haag was an associate with Boylan, Brown, Code, Fowler Vigdor & Wilson LLP in Rochester, New York. Ms. Haag is currently a member of the American Society of Corporate Secretaries the President's Council of Cornell Women and ACCA. Ms. Haag has also been a member of the Board of Governors of the Genesee Hospital (1988−1996), Chair of the Genesee Hospital Foundation (1988−1996), a director of Via Health, Inc. (1995−1997), a member of the Board of Trustees of Monroe County Bar Association (1984−1985), Director of Fleet Bank, NA (1996−1998), a member of the Board of Trustees Margaret Woodbury Strong Museum (1996−1998) and the Secretary of the American Society of Corporate Secretaries. Source: Company Web Site, 2003 Matthias Freund, Age 54 VP and Acting President, Consumer and Professional Imaging Products and Services (Retiring March 1, 2004) Recent Work Highlights • Eastman Kodak Company ♦ 2003 − 2003, VP and CEO, Photofinishing; Acting President, Consumer Imaging Products and Services; COO, Consumer Imaging ♦ 2003 − 2003, VP and CEO, Photofinishing; Acting President, Consumer Imaging Products and Services; COO, Consumer Imaging ♦ Title held until 2003: VP and CEO Qualex & COO Consumer Imaging, Biography Mr. Freund began his career with Eastman Kodak Company at Kodak AG, Germany, in 1972, as a business planner in Commercial Labs and Professional Wholesaler, followed by an assignment as sales representative for Photofinishing Products and marketing manager in Commercial Labs. In 1979, he was named the manager of Customer Service and European Logistics and Supply manager for Kodak Copier and Clinical Chemistry business. In 1983, Mr. Freund was transferred to Rochester as the European manager, Consumer Electronics Division and Product Planning director, Video equipment. In 1986, he returned to Kodak AG as national sales manager, Photofinishing System Division. In 1988, Mr. Freund returned to Rochester as manager, Product & Marketing Planning New Photographic Systems (Photo CD and APS). In 1993, he was named the country business unit manager, Consumer Imaging, Kodak AG, Germany. In 1996, Mr. Freund was named general manager, Photofinishing Product Business, Consumer Imaging, Kodak, Rochester. He was elected a corporate vice president in September, 1996. In 1998, Mr. Freund was named general manager, Consumer Imaging, U.S. and Canada Region, and vice president, Kodak, as well as president and chief executive officer of Qualex Inc., in 1998. He achieved significant productivity improvements while improving quality by 19% in 1999, followed by an additional 16% improvement so far this year. In 2000, he assumed the additional responsibility of general manager, Output Product and Service Business, Consumer Imaging. In September, 2000 Mr. Freund was named chief operating officer, Consumer Imaging and retained his title of CEO at Qualex. Mr. Freund is a native of Stade, Germany, and holds a Business degree in Photo Trade Marketing from Fotofachschule, Kiel. He also graduated as Polizei Oberwachtmeister (equivalent to U.S. Military Police Colonel) from Police Academy in Hamburg, Germany. Source: Company Web Site, 2003 Mark V. Gulling, Age 51 VP and Director, Global Shared Services Report Builder − Eastman Kodak Company − Hoover's Online 21 Recent Work Highlights • Eastman Kodak Company ♦ Title held until 2003: VP and CIO ♦ Title held until 2003: VP and CIO Biography Mark Gulling began his career at Kodak in 1974 as a systems analyst in the Corporate Information Systems Division. From 1974−1985, he supported sales, billing, credit, advertising, and distribution systems acting in various analyst, supervisory, and management roles. In 1986, Mark became the Information Systems Director for Eastman Savings and Loan, a banking institution that serves Kodak employees. In 1989, Mark moved to the newly formed Health Group and was instrumental in launching Business Process Reengineering within Kodak, starting in the Health Sciences Division. From 1991−1992, he served as the Reengineering Project Manager responsible for the redesign and implementation of the major business processes for Kodak's Dental business. In 1993, he became the Information Systems Director responsible for the worldwide information systems for the Business Imaging Systems and Office Imaging businesses. In 1996, Mark was named Program Manager for the Corporate Enterprise Resource Planning (ERP) initiative. In 1998, Mark was named Assistant Chief Information Officer of Eastman Kodak Company. In 2000, Mark was named Acting Chief Information Officer. On February 9, 2001, Mark was appointed Chief Information Officer and Vice President, Eastman Kodak Company. In 2002, he received the 2001 CEO Diversity Award for his achievement in pursuit of diversity. He received his latest assignment as director of Global Shared Services in 2003. Mark received his BS degree in Mathematics and Economics from Ashland University in 1974. In 1991, he completed an executive education program at Duke University. Source: Company Web Site, 2003 Mark A. Schneider VP and CTO, Consumer Imaging Biography Mr. Schneider is a 1981 graduate of Clarkson University. He started his career with Kodak as a summer employee, working as an injection molding press operator. Obtaining his degree in Mechanical and Industrial engineering, Mr. Schneider began work full−time at Kodak as a camera−manufacturing engineer in Consumer Products. In the mid−80's Mr. Schneider moved to the Boston area, joining the then newly acquired Eikonix Corp. Eikonix (and later Atex) provided the opportunity to get involved with a variety of digital imaging capture and output technologies. These systems created digitally enhanced images for the printing and publishing industry. Returning to Rochester in 1990, Mr. Schneider began working on the Cineon Digital Film System as the product manager for the Workstation product. This role included significant software development and OEM relationship building. The project required coordinating operations in Rochester, Los Angeles, San Francisco, and Melbourne, Australia. Following work on Cineon, Mr. Schneider moved back to the camera business, taking the role of managing the group responsible for the sourcing of Consumer Imaging's traditional camera line. From this role he moved on to become the Category Manager for APS cameras. In late 1997 he became Director − Research, Development and Manufacturing for Cameras. In April of 2000, Mr. Schneider was named General Manager, Worldwide Cameras and Batteries Business, and Vice−President, Consumer Imaging. In May of 2001, Mr. Schneider moved into the role of Chief Technology Officer and Vice President, Consumer Imaging. In October of 2001, Consumer Imaging (CI) re−aligned its product groups. At this time Mr. Schneider was named Worldwide General Manager, Imaging Equipment and Network Services. In this role Mr. Schneider is now responsible for CI's portfolio of Wholesale Photofinishing Equipment, Retail Photofinishing Equipment, Kiosk Products and Network Services for Consumers. (Network Services includes support of Retail On−line Photofinishing sites (collectively referred to as Retail.com), Picture CD, and AOL You've Got Pictures.) Mr. Schneider was named an Officer of the Company in December of 2001. Report Builder − Eastman Kodak Company − Hoover's Online 22 Source: Company Web Site, 2003 Sharon J. Crino VP and Area Business General Manager, Health Imaging Europe, Pacific, Middle East, Africa, and Russia Biography Ms. Crino currently holds the position of Area Business general manager, Health Imaging, Europe, Pacific, Middle East, Africa, and Russia Area (EPMAR) and vice president, Eastman Kodak Company, residing in Geneva, Switzerland. She was elected vice president, Eastman Kodak Company in 2001. In Ms. Crino's current position she provides overall leadership, coordination, and management for all of Health Imaging EPMAR, including Sales, Marketing, Services, and Operations, in order to facilitate the delivery of all business commitments for the EPMAR Health Imaging Business. This business contributes revenues in excess of $1B, and employs approximately 1000+ employees. Ms. Crino began her career with Eastman Kodak in 1970 in Business Systems Imaging Division. She joined Copy Products at the inception of the this Division in 1975, where she held a number of positions including sales, marketing, operations, staff assistant, and first and second line management positions. In 1991, she joined the Health Group as a Healthcare Account Executive where she managed the combination of portfolios brought in through the acquisition of Sterling Drug and the existing Health Sciences portfolio of products and services. In 1993, she became director and vice president, Health Group Marketing, managing the Corporate Account team that crossed all Business Units within Eastman Kodak Company. In 1997, Ms Crino became the Regional Business general manager and vice president, Health Imaging, Europe, Middle East, Africa, and Russia, based in London. During this time, Ms. Crino was part of the WW acquisition team for the Imation Medical business and successfully managed the major integration for Europe, Middle East, Africa, and Russia in a three−month period. In Ms. Crino's current role, she is able to apply her diverse experiences to support the growth in the medical imaging business in EPMAR as it moves from a traditional to a digital environment, while recognizing the cultural, geographic, and economic sensitivities. This new environment is made up of products and services designed to meet the Diagnostic Imaging Market, which includes traditional X−ray film based products, and increasingly, digitally captured diagnostic images to create digital solutions for the Medical Imaging market. Ms. Crino has had 14 geographic moves with Eastman Kodak Company. Sharon is a member of Kodak Women who are Leaders (KLW), an organization of middle and senior management women. She also attended the Rochester School of Nursing in Rochester, N.Y. Source: Company Web Site, 2003 Alain Popelard, Age 62 VP and Associate Director, Global Manufacturing and Logistics (Retiring March 31, 2004) Biography Alain Popelard began his Kodak career in 1969 as an operation researcher in Kodak's French subsidiary at Kodak Pathe. From 1972 through 1974, he led the French Distribution Re−engineering project, then created and managed the French Southern Region until 1981. After returning to Paris to lead the Information Systems function for France, he left in 1985 to manage the Customer and Marketing Support organization. In 1988, he became the French Manufacturing Manager and in 1992, joined the European Region headquarters in London as the European Photofinishing Regional Business Unit Manager. In 1997, he moved to Rochester as Director of Strategy and Strategic Opportunities in Imaging Materials Manufacturing. Mr. Popelard was named to his current position February 1, 2000, and was named a company vice president February 14, 2000. A native of Normandy, France, Popelard received his education in scientific and general engineering at Ecole Centrale De Paris and received his MBA at the Sorbonne in Paris. Source: Company Web Site, 2003 Report Builder − Eastman Kodak Company − Hoover's Online 23 Jack C. Chang VP and Associate Director of Research & Development Biography Dr. Chang began his Kodak career in 1967 as a research chemist in the company's Research Laboratories. Over the next 17 years, he worked in Special Projects, Analytical Sciences and Electrophotography. In 1984, he was named manager of the Advanced Technology Division for Copy Products. He later served as director of the Chemistry Division, later the Corporate Research Laboratory, and the PhotoScience Research Division. In 1996, he was appointed associate director and vice president of Imaging Research and Advanced Development, Materials. He was elected a vice president of the company in 1998. He is responsible for building and maintaining the company's core competencies and guiding the careers of the technical staff, in addition to building and strengthening Kodak's imaging systems core technical competency. In 1999, he was appointed Associate Director, Research and Development and Vice President. Chang received his B.A. degree from Asbury College in Wilmore, Kentucky, a M.S. from the University of Illinois at Urbana, and his Ph.D in Analytical Chemistry from the University of Illinois at Urbana. He has done post−doctoral studies at Massachusetts Institute of Technology in Electroluminescence of Aromatic Hydrocarbons. Source: Company Web Site, 2003 Essie L. Calhoun VP, Chief Diversity Officer, and Director, Community Affairs Recent Work Highlights • Eastman Kodak Company ♦ 2003 − 2003, VP and Director Multicultural Marketing, Community Relations and Corporate Contributions Biography Calhoun began her Kodak career as a Copy Products Division Sales Representative in 1982, later holding positions as a Marketing Specialist and Sales Manager. In 1988, Calhoun joined Communications & Public Affairs as Director of Public Affairs Planning. A year later, she was appointed Director of Community Relations, and in 1994 she assumed her current position as Director, Community Relations and Contributions. In 2000, she was elected a corporate vice president, and was named Director of Multicultural Marketing in 2002. She is the founder of several organizations focused on leadership development, including the United Way of Rochester's African American Leadership Development Program; the African American Leadership Roundtable; and the Kodak Youth Leadership Academy. She has served on boards and committees of numerous organizations including current service on the boards of: United Way of Greater Rochester, Urban League of Rochester (Past Chair), Roberts Wesleyan College, and Rochester Institute of Technology. She received a B.Ed degree in Social Science from the University of Toledo, a M.S. in Administration and Supervision from Bowie State University, and an Honorary Doctorate from Roberts Wesleyan College. Source: Company Press Release, September 12, 2003 Report Builder − Eastman Kodak Company − Hoover's Online 24 Richard S. Morabito VP and Chief Purchasing Officer Biography Monderer began his Kodak career in 1973 as a Cost Engineer in the Kodak Colorado Division. Upon graduation from college, he moved to Rochester, NY and spent several years as an Industrial Engineer supporting film manufacturing, marketing and corporate projects. In 1980 he joined Finance and Administration and held several positions in financial analysis and financial management, supporting various marketing and manufacturing organizations. In 1986, he was appointed Director of Finance, Corporate Accounts and from 1988 through 1991 served in London, England as Director of Finance, Copy Products and Printer Products, European Region. Monderer returned to the United States in 1991 as the Business and Alliance Manager for Professional Imaging. He joined Corporate Business Development in 1995, was named to his current position of managing director in 1997, and was appointed vice president, Business Strategy and Information Technology in 2000. In 2001, the Board of Directors elected him a corporate vice president. Monderer holds a BS in engineering from the University of Colorado with honors and an MBA in finance from the Rochester Institute of Technology. Source: Company Web Site, 2003 Stevan G. Ramirez VP and Chief Quality Officer Biography Mr. Ramirez joined Eastman Kodak Company in March 2000, as the director and vice president of Worldwide Quality and Supply Chain, Consumer Imaging. In February 2001, he was named Chief Quality Officer and vice president, reporting to Mike Morley, Chief Administrative Officer. Prior to joining Kodak, Mr. Ramirez was a vice president of Customer Services Operations at Xerox Corp., concluding a 28−year career with Xerox. Mr. Ramirez holds a BS degree in Business Management from the University of Redlands in Redlands, Calif. and an MBA from the Simon School of the University of Rochester. He serves on the board of directors and is the resource committee chairperson of the Wilson Commencement Center, a foundation that provides assistance to low−income families. Mr. Ramirez is a member of the Hispanic MBAs, and is a member and management sponsor of the Kodak Hispanic Organization for Leadership and Advancement (HOLA). Source: Company Web Site, 2003 Claude H. (Bud) Denker III VP and Director, Brand and Market Development Recent Work Highlights • Norrell Corporation ♦ Last position held, SVP, Customer Development, East Report Builder − Eastman Kodak Company − Hoover's Online 25 Biography Bud Denker joined Kodak in September 2001 in the position of director and vice president, Brand and Market Development, Corporate Marketing Office. In this role, his areas of responsibility include leading Kodak's Presence Marketing efforts and the recently tasked Customer Relationship Management initiatives. The Presence Marketing responsibilities will include strategically managing Kodak's relationships with premiere customers including Walt Disney Company, the Olympic Organizing Committees, the United States National Parks, Hollywood and Highlands, New York Yankees, and many other important accounts and venues. His team works directly with the customer and with Kodak's business units to build brand and revenue enhancing initiatives which provide value to Kodak and to the customer. Prior to joining Kodak, Denker worked in the Internet, Information Technology industry with Computerjobs.com Inc. as senior vice president. His responsibilities included all revenue, operations, business development and alliance partnership activities, as well as serving on its executive management team. While in his tenure, the company achieved record revenue growth and sustained profitability. Previous to Computerjobs.com, Denker was senior vice president, Sales, for Norrell Corporation, a $1.5B outsourcing services provider based in Atlanta, GA. His responsibilities included revenue growth and P&L management throughout its hundreds of offices in the United States. He also led the development of business with the company's largest customers. Before joining Norrell, Denker spent 15 years working with leading consumer packaged goods companies of Pillsbury, Grand Metropolitan, and PepsiCo Corporation. With Pillsbury, he served as vice president, Sales, responsible for their largest revenue division and later as vice president, Strategic Operations, responsible for the sales and marketing integration efforts of the company's acquisitions. At PepsiCo, Denker worked in various sales and marketing positions during his 11−year tenure and most recently as vice president/general manager of the company's largest bottling operation in the U.S. Denker received his Bachelor of Science Degree from Lake Superior State University and his MBA from Western Michigan University. Source: Company Web Site, 2003 Michael P. Benard VP and Director, Communications & Public Affairs Biography Michael Benard, Eastman Kodak Company's director of Communications & Public Affairs, has worldwide responsibility for internal and external communications, government affairs, community relations, corporate contributions, and management communications. Mr. Benard joined Kodak in 1986 as a senior speechwriter, and took charge of the speechwriting team in 1987. He progressed through a series of management responsibilities including employee communications, KBTV (Kodak Business TeleVision network), and corporate communications. He was appointed director, Communications & Public Affairs in May 1994 and elected vice president, Eastman Kodak Company in November 1994. He is a member of the company's Senior Executive Council, Global Leadership Forum, Corporate Policy Committee, Trade Policy Committee, Corporate Brand Management Council, Health, Safety, & Environment Management Council, Corporate Contributions Policy Committee and Corporate Ethics Committee. At Kodak, he has led the Communications & Public Affairs teams that have earned four Silver Anvils, the highest award from the Public Relations Society of America. He was named a "PR All−Star" by Inside PR magazine. The performance of Kodak's Communications & Public Affairs operation has been recognized in books and articles such as: Value−Added Public Relations by Thomas L. Harris, and Reputation Management magazine. In addition he is a member of The Brookings Council, the Public Relations Seminar and the Wisemen. Prior to joining Kodak, Mr. Benard spent 12 years with PPG Industries, a major producer of glass, coatings, chemicals and fiberglass. While there, he served in a variety of public relations and marketing communications assignments involving both corporate and business unit activities. His last position there was as manager of Communications for the Coatings Group. A graduate of John Carroll University, Mr. Benard holds a BA in English and a M.Ed. from Temple University. Source: Company Web Site, 2003 Report Builder − Eastman Kodak Company − Hoover's Online 26 Sharon L. Delman VP and Director Corporate Branding and CMO Kodak.com Biography Sharon Delman currently serves as the Director & VP, Corporate Branding & CMO of Kodak.com for Eastman Kodak Company. In this role, Delman leads the site's marketing efforts on a worldwide basis and is responsible for assessing, building and nurturing both kodak.com's photo community and commercial imaging strategy and marketing capability. She is charged with helping create a Web site that drives traffic, provides compelling site content, builds Kodak consumer loyalty and generates revenue. In that effort, Delman leads both an internal marketing team and manages kodak.com's external agency partners. Prior to her role at kodak.com, Delman was the director for Kodak's worldwide marketing development and education, in which she provided marketing and educational consultancy to Kodak's business units and regions. She also created the first Kodak Marketing Development Council, comprised of the marketing heads of Kodak's business units. Delman brings a vast amount of consumer marketing experience to her position at Kodak. Before joining Kodak, Sharon worked with Kraft Foods for more than six years, steadily rising from assistant brand manager to senior brand manager. During her tenure with Kraft, she was the lead manager on multimillion dollar brands such as Philadelphia Cream Cheese and DiGiorno Rising Pizza Crust, successfully leading both teams to outstanding business results. She led the agency and marketing team in developing new advertising content for Philadelphia Cream Cheese, representing the first time in more than five years that Philadelphia employed a unified campaign idea worldwide. Delman began her career in the advertising industry working first with Rosenfeld, Sirowitz & Humphrey Advertising and then with Jordan, McGrath, Case & Taylor Advertising, both located in New York City. In this capacity, she formulated solutions to clients' marketing problems, identified markets and opportunities, performed analyses, presented recommendations and directed creative, research and media teams for clients such as Quaker Oats, Welch's and the Bain de Soleil brand. Delman holds both a Bachelor of Arts and a Master of Business Administration from the University of Chicago. She was also an international business fellow with Waseda University's Graduate School of Commerce in Tokyo. She serves on the Board of Governors for the University of Chicago and is an appointed trustee with the Marketing Sciences Institute. She speaks both Japanese and German. Source: Company Web Site, 2003 Michael A. Martino VP and Director, Corporate Strategic and Financial Planning Biography Mr. Martino began his career at Eastman Kodak Company in April 1985, as a Financial Analyst in the Equipment Manufacturing Division and, subsequently, held a variety of increasingly responsible positions in Finance & Administration. From 1992 to 1995, Mr. Martino served as Finance Director, Commercial Film Flow, Imaging Materials Manufacturing. In 1995, he was named Finance Director, Output Solutions, Digital &Applied Imaging. In 1996, he assumed the role of Controller, Digital Product Center. From 1997 through 2001, Mr. Martino served in several positions in Corporate Financial Reporting & Analysis, assuming the role of Director in 1999. In 2001, Mr. Martino was named to his current position as director and vice president, Corporate Strategic & Financial Planning, in Rochester, New York. Prior to joining Kodak, Mr. Martino served as senior structural engineer for Skidmore, Owings & Merrill, Architects & Engineers, in Chicago, Illinois. He began his career as a structural engineer for Heery & Heery, Architects & Engineers, Atlanta, Ga. A native of Brockway, Pennsylvania, he received a Bachelor of Architectural Engineering from The Pennsylvania State University in 1978 and a Master of Business Administration from the Kellogg Graduate School of Management, Northwestern University in 1985. Report Builder − Eastman Kodak Company − Hoover's Online 27 Source: Company Web Site, 2003 Barry S. Brenner VP and Director, Corporate Strategic Planning Biography Mr. Brenner began his career at Eastman Kodak Company in May 1973, as a research physicist in the Research Laboratories and, subsequently, held a variety of increasingly responsible positions in marketing, strategic planning, new business development, and information technology. From 1989 to 1992, Mr. Brenner was named country general manager and managing director, Kodak Singapore Pte. Ltd., Republic of Singapore. From 1992 to 1993, he was director, Corporate Strategic Planning, Imaging Group. From 1993 to 1995, he was manager, Global Strategy and New Business Development, Consumer Imaging. From 1995 to 1997, he was named a regional business general manager and divisional vice president for Consumer Imaging, Eastman Kodak Asia Pacific Ltd., Tokyo, Japan. From 1997 to 1998, Mr. Brenner held the position as regional business general manager and vice president, Consumer Imaging, Kodak Japan Ltd., Tokyo, Japan. In 1998, Mr. Brenner was named to his current position as director and vice president, Corporate Strategic Planning, in Rochester, New York. Mr. Brenner is a member of the American Management Association; American Chamber of Commerce, Japan; and the American Society of Mechanical Engineers. A native of Merchantville, New Jersey, Mr. Brenner received a Bachelor of Science in mechanical engineering from Cornell University; a Master of Science in mechanical engineering from Lehigh University; a Master of Business Administration from the graduate school of management (Simon School) at the University of Rochester; and attended the Executive Development Program at the Kellogg Graduate School of Management, Northwestern University. Source: Company Web Site, 2003 Aaron J. McLeod VP and General Manager, D&FIS Worldwide Professional Customer Relationships Recent Work Highlights • Eastman Kodak Company ♦ Title held until 2003: VP and Director, Customer Advocacy & Industry Resource Kodak Professional Division Biography Aaron Jeff McLeod began his professional career with Eastman Kodak Company in 1973 as a technical sales representative. In 1983, Jeff worked as a marketing planning specialist before becoming manager of Customer and Technical Sales Representative training. Jeff accepted his first international assignment in 1985 and moved to Kuala Lumpur, Malaysia, as marketing manager for Kodak Malaysia. In 1988, Jeff expanded his international marketing and general management experiences working as manager of Marketing Operations for the Professional Photography Division for the Asia−Pacific Region based in Singapore. Upon being repatriated to the United States in 1990, Jeff became director, U.S. Marketing Operations, Professional Photography Division. In 1992, he became national sales manager and vice president, Professional Imaging. In 1996, Jeff was appointed general manager and vice president, Kodak Professional Division, U.S. and Canada. He was elected a corporate vice president in July 1998. Born in Dothan, Alabama, Jeff received his Bachelor of Arts Degree in Business Administration from Morehouse College. He is actively involved in his local church and is the founder of Achievers in Life − a church−based organization dedicated to helping boys, ages 4 − Report Builder − Eastman Kodak Company − Hoover's Online 28 15, develop physically, mentally, spiritually, and socially in order to reach their fullest potentials. He also serves on the Board of Directors for Greater Rochester YMCA. In addition he serves as chairman of the Rochester Institute of Technology's McGhee Advisory Committee. Source: Company Web Site, 2003 Robert P. Rozek VP and Director, Finance, European, African, and Middle East Recent Work Highlights • Eastman Kodak Company ♦ 2003 − 2003, Controller Biography Robert Rozek joined Eastman Kodak Company in May 2001, as Controller, reporting to Robert Brust, Chief Financial Officer and Executive Vice President. He now is Vice President and Director, Finance, for the company's European, African and Middle Eastern Region (EAMER). Rozek also will be responsible for the finance operations of the company's Consumer & Professional Imaging operations in the region, as well as those of Eastman Kodak S.A., the company's European subsidiary headquartered in Geneva. Prior to joining Kodak, Mr. Rozek was a partner at PricewaterhouseCoopers LLP and served as the lead partner with multi−national clients across a number of industries, including industrial products, services, biotech and financial services. He has had significant experience in mergers, acquisitions, equity and debt capital management and risk management. Mr. Rozek graduated cum laude from Canisius College with a BS in Accounting and currently holds CPA licenses in New York, Massachusetts, Rhode Island and Maine. He currently serves on the executive committee of the Board of Trustees of the Massachusetts Chapter of the Leukemia and Lymphoma Society of America and is active in fund−raising efforts for the American Heart Association. Source: Company Web Site, 2003 Paul A. Walrath VP; Director, Global Paper and Imaging Chemicals Flow; Divisional VP, Global Manufacturing and Logistics Biography Paul Walrath is currently Director, Global Paper & Imaging Chemicals Flow, and Divisional Vice President, Global Manufacturing & Logistics. Before his appointment to his current position, Walrath served as Associate Director, Global Capture Flow. Prior to that assignment, Walrath was Manager, Imaging Materials Manufacturing, at Kodak's facility in Xiamen, China, and Assistant Manufacturing Manager for Imaging Materials Manufacturing in Chalon, France. He has held a number of manufacturing positions since joining Kodak in 1976. Walrath holds a BS in Chemical Engineering from Clarkson University and an MBA from the University of Rochester. Source: Company Press Release, October 22, 2003 David E. Wilson Report Builder − Eastman Kodak Company − Hoover's Online 29 VP and Director, Global Logistics Biography Prior to joining Kodak in 1973, David W. Wilson worked for the U.S. Government as a VISTA (Volunteers in Service to America) volunteer serving in Harlem and the South Bronx, NY. He joined Kodak in the Estimating and Planning Department of the company's Distribution Division, and was first assigned to the European Region headquarters in London, England in 1977 where he held a variety of positions in Distribution, Marketing and Finance. After returning briefly to the United States in 1982 in a corporate staff position, he was appointed general manager of Kodak Kenya, Ltd. in 1984 with responsibility for East and Central Africa. While based in Nairobi, he assumed additional responsibility as general manager, Kodak Zimbabwe Ltd. and general manager, Ugandan Photographic Supply Co. In 1987, Wilson was assigned to South Korea where he established Kodak's first subsidiary company in that country. He served as president and CEO of Kodak Korea Ltd. from its inception in 1988 until 1990. In 1990, he returned to Europe as regional manager and divisional vice president, Logistics having responsibility for physical distribution, customer service and supply chain management for the European, African and Middle Eastern Region. Wilson was appointed cluster general manager for Kodak Nordic in 1995. Based in Stockholm, he was responsible for Kodak's operations in Denmark, Finland, Norway and Sweden. In 1997, he was named general manager, Marketing Companies, European, African and Middle Eastern Region, once again relocating to London. In 1998, Wilson was named general manager, U.S. & Canada Region and was elected a corporate vice president. In this capacity he provided infrastructure support services for the business units in the region. In 2002, he took on worldwide responsibility and was appointed director, Global Logistics and vice president, Eastman Kodak Company. He holds a BA in history and political science and a MBA in business administration from the University of Rochester. He also completed the Executive Development Program at the University of Michigan. Wilson is a member of the Board of Trustees for the Rochester Institute of Technology's American College of Management and Technology in Dubrovnik, Croatia, and a member of the Board of Directors of the Rochester Philharmonic Orchestra, Inc. Club memberships include: Royal Ocean Racing Club, London, England; Muthaiga Club, Nairobi, Kenya; and Royal London Yacht Club, Cowes, Isle of Wight, United Kingdom. He currently resides in Rochester, New York, with his wife, Jennifer, and two sons, Alex and Jack. Source: Company Web Site, 2003 R. Hays Bell VP and Director, Health, Safety & Environment Biography Dr. Bell began his Kodak career in 1982 as a technical assistant to the directors of the Health and Environment Laboratories (HAEL). He was manager of Technical Issues, HAEL, from 1984−1986. He became director of HAEL in 1986, director and vice president of Health, Safety, and Environment (HSE) in 1991, and was named to his current position in 1992. Prior to joining Kodak, he served as a member of the Senior Executive Service in the U.S. Government and was director of the Technical Support Directorate at the Occupational Safety and Health Administration. He also worked nine years for Owens Corning Fiberglas Corporation in their research organization. He is a member of the International Leadership Council of The Nature Conservancy and Trustee of the Central and Western New York Chapter, The Nature Conservancy; member of the Society of Toxicology; American Industrial Hygiene Association; American Chemical Society; American Association for the Advancement of Science; and New York Academy of Sciences. Dr. Bell's civic memberships include adjunct professor, Department of Environmental Medicine, University of Rochester and voluntary professor, Department of Environmental Health, University of Cincinnati. A native of Lamartine, Pennsylvania, Dr. Bell holds a BS degree in chemistry from Grove City College, PA; an MS and Ph.D. in organic chemistry from The Ohio State University, and a two−year NIH/NIEHS postdoctoral in toxicology and environmental health from the Kettering Laboratory, College of Medicine, University of Cincinnati, OH. Report Builder − Eastman Kodak Company − Hoover's Online 30 Source: Company Web Site, 2003 Report Builder − Eastman Kodak Company − Hoover's Online 31 Overview When Kodak made the Brownies, folks began to smile. The inventor of the world−famous Brownie camera (1900), Kodak remains the world's #1 maker of photographic film (ahead of Fuji Photo Film); yet it has launched an historic, billion−dollar remake of its business. The company is focusing less on sales of traditional photographic film, which represents 70% of the company's revenues, and is investing heavily in digital cameras and imaging technology. The company also has long−term plans to sell ink jet printers and flat−panel displays. Part of Kodak's shift to a digital technology business includes a 20% reduction in its work force (about 14,000 people) over the next three years. With digital technology transforming photography, the company is aiming for a big share of the digital imaging market, which allows photos to be altered via computer and stored on the Internet; in addition to bundling image manipulation software with its digital cameras, it offers other computerized products such as hot−swappable CD writers. Deals with US and European cell phone operators are allowing Kodak to tap into the camera−phone market by offering online photo services and printing capabilities at Bluetooth−enabled Kodak kiosks. The company has slashed its stock dividend by 70% saying the company needs more flexibility to meet future revenue goals. Kodak says it will spend $3 billion in the next three years acquiring and investing in digital technologies. In early 2004 the company acquired the Digital Print division of Heidelberger Druckmaschinen. The company said amid this push for new technologies, it will stop shipping reloadable cameras using 35 mm film in the US, Canada, and Western Europe; however, it will continue to invest in traditional film technology in emerging markets. For example, it has purchased a minority stake in China's leading filmmaker, Lucky Film Co. Also, the company will roll out new designs for reloadable film cameras in China, India, Eastern Europe, and Latin America. Kodak sold its Remote Sensing Systems (RSS) business (including the Research Systems subsidiary) to optical imaging component maker ITT Industries in early 2004. The RSS unit designs satellite imaging systems for the aerospace and defense industries. The sale is in line with the company's strategy to focus on digital technologies and its markets in consumer and health imaging. The company has filed a copyright infringement suit against Sony. The suit involves 10 of Kodak's patents for digital photo technology, which the company registered between February 1987 and June of 2003. Sony is denying any wrong−doing. Report Builder − Eastman Kodak Company − Hoover's Online 32 History After developing a method for dry−plate photography, George Eastman established The Eastman Dry Plate and Film Company in 1884. In 1888 it introduced its first camera, a small, easy−to−use device that was loaded with enough film for 100 pictures. Owners mailed the camera back to the company, which returned it with the pictures and more film. The firm settled on the name Eastman Kodak in 1892, after Eastman tried many combinations of letters starting and ending with "k," which he thought was a "strong, incisive sort of letter." The user−friendly Brownie camera followed in 1900. Three years later Kodak introduced a home movie camera, projector, and film. Ailing and convinced that his work was done, Eastman committed suicide in 1932. Kodak continued to dominate the photography industry with the introduction of color film (Kodachrome, 1935) and a handheld movie camera (1951). The company established US plants to produce the chemicals, plastics, and fibers used in its film production. The Instamatic, introduced in 1963, became Kodak's biggest success. The camera's foolproof film cartridge eliminated the need for loading in the dark. By 1976 Kodak had sold an estimated 60 million Instamatics, 50 million more cameras than all its competitors combined. Subsequent introductions included the Kodak instant camera (1976) and the unsuccessful disc camera (1982). In the 1980s Kodak diversified into electronic publishing, batteries, floppy disks (Verbatim, 1985, sold 1990), pharmaceuticals (Sterling Drug, sold 1994), and do−it−yourself and household products (L&F Products, sold 1994). Kodak entered a joint research and development project with four Japanese photo giants (Canon, Nikon, Minolta, and Fuji Photo Film) in 1992 to develop the Advanced Photography System. Also that year the company introduced the Photo CD, a CD capable of storing photographs. George Fisher, former chairman of Motorola, became Kodak's chairman and CEO in 1993. Fisher began cutting debt by selling noncore assets. Kodak spun off Eastman Chemical in 1994. Sales in 1996 included its money−losing copier sales and services business. Kodak wrote off nearly $1.5 billion in 1997, mostly because of costs related to the layoffs. That year Kodak bought the document management operations from Wang Laboratories (now part of Getronics), and the next year it formed deals to expand its digital offerings, including a collaboration with Intel and Adobe Systems allowing consumers to manipulate, print, and send personal photos from their PCs. Kodak acquired the medical imaging business of Imation in 1998, but it also unloaded more of its noncore operations, including its 450−store Fox Photo chain. President and COO Daniel Carp replaced Fisher as CEO in early 2000. Also that year Kodak formed a joint venture with computer giant Hewlett−Packard to develop photofinishing equipment for digital photography; extended its push into the online photo business by buying the remaining shares (it already owned 51%) of PictureVision, a digital image storage service; and acquired Lumisys, a maker of digital imaging systems for the medical industry. In early 2001 Kodak announced a three−year plan to introduce camera and film vending machines in about 10,000 high−traffic US locations (amusement parks, zoos, airports, ski resorts, and other tourist spots). It also completed its acquisition of Bell & Howell's (now ProQuest) imaging operations. In April former Avaya executive Patricia Russo was named president and COO; Carp remained chairman and CEO. Further hits to the economy and Kodak's revenue prompted management in 2001 to eliminate regional divisions and realign the business along product lines. In December, Kodak and SANYO Electric Co. announced the formation of a business venture to manufacture OLED displays for cameras, PDAs, and other devices. In January 2002 Russo left to rejoin Lucent Technologies; Carp assumed her responsibilities. In May, Kodak renewed a multi−year agreement that secured its position as the exclusive imaging supplier of film and related products for The Walt Disney Company. In June 2003 Kodak closed its only single−use camera factory in the US and shifted operations Report Builder − Eastman Kodak Company − Hoover's Online 33 overseas. A month later Kodak said it would purchase PracticeWorks, a dental imaging and software business. In July 2003 Kodak announced it would cut as many as 6,000 jobs worldwide. This came after reducing as many as 2,200 jobs in the US and Western Europe earlier in the year and cutting as many as 7,000 jobs worldwide in 2002. In October 2003, Kodak purchased Laser−Pacific Media Corporation, which provides post−production film editing and processing for television, video, and motion pictures. Kodak also announced in the fall of 2003 that it would work with IBM on the storage and management of medical images used by health professionals and purchase Algotec Systems Ltd. by the end of 2003. Algotec develops technology for radiology departments interested in storing digital images. In January 2004, the company completed purchase of Scitex Digital Printing. The company, which Kodak renamed Versamark, manufactures high−speed inkjet printers used to print invoices, credit card statements, direct mail pieces, and other jobs requiring high volumes. As part of its January 2004 announcement that it would stop selling film−based cameras in Western markets by year’s end, Kodak said it also would stop global production of its Advantix Advanced Photo System (APS) cameras. Production of 35mm and APS film will continue. In February, Kodak Japan purchased the outstanding shares of digital camera developer Chinon Industries (it already owned about 60% of the company) and made it a wholly owned subsidiary. Report Builder − Eastman Kodak Company − Hoover's Online 34 Products/Operations Eastman Kodak has manufacturing plants in Australia, Brazil, Canada, China, England, France, Germany, India, Indonesia, Mexico, Russia, and the US. 2002 Sales $ mil. % of total Photography US Foreign Health Imaging US Foreign Commercial Imaging US Foreign Other US Foreign Total Photography Health imaging Commercial imaging Other imaging Total 4,034 4,968 31 39 1,088 1,186 8 9 818 638 6 5 53 50 1 1 12,835 100 2002 Sales $ mil. % of total 9,002 70 2,274 18 1,456 11 103 1 12,835 100 Archived Charts 2001 Sales $ mil. % of total Photography US Foreign Health Imaging US Foreign Commercial Imaging US Foreign Other US Total Photography Health imaging Commercial imaging Other imaging Total $4,482 $4,921 34 37 $1,089 $1,173 8 9 $ $ 820 639 6 5 $ 68 $13,234 100 2001 Sales $ mil. % of total 9,403 71 2,262 17 1,459 11 110 1 13,234 100 Report Builder − Eastman Kodak Company − Hoover's Online 35 Other Resources Available On Hoover's Online News for Eastman Kodak (last 90 days) Company Press Release Archive Other Resources • Headquarters Map • SEC Filings ♦ 10−K Filings • Stock Quote • Stock Chart • Earnings Estimates • ValuEngine Analysis • Annual Report • Investor Relations • Financial Data Definitions • Market Data Definitions • Comparison Data Definitions • Historical Financials & Employees Definitions Related Products From Our Trusted Partners Buy Reports and Books Additional Research On Eastman Kodak • D&B Business/Credit Reports: Eastman Kodak Company (D&B, Feb 1, 2004, Business Reports) • Kodak Acquires Applied Science Fiction Technologies • Manufacturing Branches • Corporate Hierarchy (Gartner, Inc., May 16, 2003, Business Reports) • E−mail Marketing: Kodak Measures Multichannel Impact (Jupitermedia Corporation, Feb 20, 2003, Business Reports) • Eastman Kodak Company: Company Profile (Datamonitor, Feb 1, 2004, Business Reports) • Quantitative Report for EK (ValuEngine, Inc., Jan 1, 2004, Business Reports) • Retail Travail: Selling in a Wal−Mart World (Hoover's, Inc., Feb 1, 2004, Business Reports) • Photographic Equipment & Supplies Mfg Deluxe Set (Harris Industry Reports, Aug 12, 2003, Business Reports) • Medical Equipment & Supplies: Financial Analysis Profiles (BizMiner, Dec 23, 2003, Business Reports) Additional 3rd Party Libraries Report Builder − Eastman Kodak Company − Hoover's Online 36 Annual Financials All amounts in millions of US Dollars Income Statement Dec 03 (Prelim.) Dec 02 Dec 01 13,317.0 12,835.0 13,234.0 Cost of Goods Sold −− 7,407.0 7,905.0 Gross Profit −− 5,428.0 5,329.0 Gross Profit Margin −− 42.3% 40.3% SG&A Expense −− 3,292.0 3,406.0 Depreciation & Amortization −− 818.0 919.0 Operating Income −− 1,318.0 1,004.0 Operating Margin −− 10.3% 7.6% Nonoperating Income −− (84.0) (18.0) Nonoperating Expenses −− 173.0 219.0 Income Before Taxes −− 963.0 108.0 Income Taxes −− 153.0 32.0 Net Income After Taxes −− 810.0 76.0 238.0 793.0 76.0 27.0 (23.0) 0.0 Total Operations 265.0 770.0 76.0 Total Net Income 265.0 770.0 76.0 Net Profit Margin 2.0% 6.0% 0.6% Diluted EPS from Continuing Operations ($) 0.83 2.72 0.26 Diluted EPS from Discontinued Operations ($) 0.00 (0.08) 0.00 Diluted EPS from Total Operations ($) 0.83 2.64 0.26 1.15 1.80 2.21 Dec 03 (Prelim.) Dec 02 Dec 01 Cash −− 569.0 448.0 Net Receivables −− 2,234.0 2,337.0 Inventories −− 1,062.0 1,137.0 Revenue Continuing Operations Discontinued Operations Diluted EPS from Total Net Income ($) Dividends per Share Balance Sheet Assets Current Assets Report Builder − Eastman Kodak Company − Hoover's Online 37 Other Current Assets −− 669.0 761.0 Total Current Assets −− 4,534.0 4,683.0 Net Fixed Assets −− 5,420.0 5,659.0 Other Noncurrent Assets −− 3,415.0 3,020.0 Total Assets −− 13,369.0 13,362.0 Dec 03 (Prelim.) Dec 02 Dec 01 Accounts Payable −− 3,351.0 3,276.0 Short−Term Debt −− 1,442.0 1,534.0 Other Current Liabilities −− 584.0 544.0 Total Current Liabilities −− 5,377.0 5,354.0 Long−Term Debt −− 1,164.0 1,666.0 Other Noncurrent Liabilities −− 4,051.0 3,448.0 Total Liabilities −− 10,592.0 10,468.0 Preferred Stock Equity −− 0.0 0.0 Common Stock Equity −− 2,777.0 2,894.0 Total Equity −− 2,777.0 2,894.0 286.6 285.9 290.9 Dec 03 (Prelim.) Dec 02 Dec 01 Net Operating Cash Flow −− 2,204.0 2,065.0 Net Investing Cash Flow −− (758.0) (1,047.0) Net Financing Cash Flow −− (1,331.0) (808.0) Net Change in Cash −− 121.0 202.0 Depreciation & Amortization −− 818.0 919.0 Capital Expenditures −− (649.0) (1,049.0) Cash Dividends Paid Data Definitions −− (525.0) (643.0) Liabilities and Shareholders' Equity Current Liabilities Shareholders' Equity Shares Outstanding (mil.) Cash Flow Statement Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia Report Builder − Eastman Kodak Company − Hoover's Online 38 Quarterly Financials All amounts in millions of US Dollars except per share amounts. Income Statement Revenue Quarter Ending Dec Quarter Ending Quarter Ending Quarter Ending 03 (Prelim.) Sep 03 Jun 03 Mar 03 Quarter Ending Dec 02 3,778.0 3,447.0 3,352.0 2,740.0 3,435.0 Cost of Goods Sold −− 2,095.0 2,043.0 1,714.0 2,007.0 Gross Profit −− 1,352.0 1,309.0 1,026.0 1,428.0 Gross Profit Margin −− 39.2% 39.1% 37.4% 41.6% SG&A Expense −− 833.0 895.0 760.0 893.0 Depreciation & Amortization −− 225.0 193.0 202.0 217.0 Operating Income −− 294.0 221.0 64.0 318.0 Operating Margin −− 8.5% 6.6% 2.3% 9.3% Nonoperating Income −− (9.0) (9.0) (21.0) (10.0) Nonoperating Expenses −− 33.0 34.0 37.0 45.0 Income Before Taxes −− 100.0 134.0 (26.0) 156.0 Income Taxes −− (22.0) 22.0 (23.0) 3.0 Net Income After Taxes −− 122.0 112.0 (3.0) 153.0 Continuing Operations 7.0 122.0 112.0 (3.0) 136.0 Discontinued Operations 12.0 0.0 0.0 15.0 (23.0) Total Operations 19.0 122.0 112.0 12.0 113.0 Total Net Income 19.0 122.0 112.0 12.0 113.0 Net Profit Margin 0.5% 3.5% 3.3% 0.4% 3.3% Diluted EPS from Continuing Operations ($) 0.03 0.42 0.39 (0.01) 0.47 Diluted EPS from Discontinued Operations ($) 0.00 0.00 0.00 0.05 (0.08) Diluted EPS from Total Operations ($) 0.03 0.42 0.39 0.04 0.39 0.25 0.90 0.00 0.00 0.90 Quarter Ending Dec Quarter Ending Quarter Ending Quarter Ending 03 (Prelim.) Sep 03 Jun 03 Mar 03 Quarter Ending Dec 02 Diluted EPS from Total Net Income ($) Dividends per Share Balance Sheet Report Builder − Eastman Kodak Company − Hoover's Online 39 Assets Current Assets Cash −− 983.0 838.0 597.0 569.0 Net Receivables −− 2,340.0 2,462.0 2,073.0 2,234.0 Inventories −− 1,202.0 1,190.0 1,197.0 1,062.0 Other Current Assets −− 708.0 669.0 698.0 669.0 Total Current Assets −− 5,233.0 5,159.0 4,565.0 4,534.0 Net Fixed Assets −− 5,157.0 5,289.0 5,336.0 5,420.0 Other Noncurrent Assets −− 3,647.0 3,628.0 3,414.0 3,415.0 Total Assets −− 14,037.0 14,076.0 13,315.0 13,369.0 Quarter Ending Dec Quarter Ending Quarter Ending Quarter Ending 03 (Prelim.) Sep 03 Jun 03 Mar 03 Quarter Ending Dec 02 Liabilities and Shareholders' Equity Current Liabilities Accounts Payable −− 3,531.0 3,538.0 3,179.0 3,351.0 Short−Term Debt −− 1,410.0 1,474.0 1,659.0 1,442.0 Other Current Liabilities −− 619.0 604.0 513.0 584.0 Total Current Liabilities −− 5,560.0 5,616.0 5,351.0 5,377.0 Long−Term Debt −− 1,480.0 1,516.0 1,045.0 1,164.0 Other Noncurrent Liabilities −− 4,073.0 4,090.0 4,055.0 4,051.0 Total Liabilities −− 11,113.0 11,222.0 10,451.0 10,592.0 Preferred Stock Equity −− 0.0 0.0 0.0 0.0 Common Stock Equity −− 2,924.0 2,854.0 2,864.0 2,777.0 Total Equity −− 2,924.0 2,854.0 2,864.0 2,777.0 286.6 286.6 286.5 286.5 285.9 Quarter Ending Dec Quarter Ending Quarter Ending Quarter Ending 03 (Prelim.) Sep 03 Jun 03 Mar 03 Quarter Ending Dec 02 Shareholders' Equity Shares Outstanding (mil.) Cumulative Cash Flow Statement Net Operating Cash Flow −− 843.0 233.0 106.0 2,204.0 Net Investing Cash Flow −− (474.0) (366.0) (187.0) (758.0) Net Financing Cash Flow −− 30.0 390.0 104.0 (1,331.0) Net Change in Cash −− 414.0 269.0 28.0 121.0 Report Builder − Eastman Kodak Company − Hoover's Online 40 Depreciation & Amortization −− 225.0 193.0 202.0 217.0 Capital Expenditures −− (441.0) (324.0) (165.0) (649.0) Cash Dividends Paid −− (258.0) 0.0 0.0 (525.0) Data Definitions Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia Report Builder − Eastman Kodak Company − Hoover's Online 41 Historical Financials & Employees Income Statement Year Revenue ($ mil.) Net Income ($ mil.) Net Profit Margin Employees Dec 02 12,835.0 770.0 6.0% 70,000 Dec 01 13,234.0 76.0 0.6% 75,100 Dec 00 13,994.0 1,407.0 10.1% 78,400 Dec 99 14,089.0 1,392.0 9.9% 80,650 Dec 98 13,406.0 1,390.0 10.4% 86,200 Dec 97 14,538.0 5.0 0.0% 97,500 Dec 96 15,968.0 1,288.0 8.1% 94,800 Dec 95 14,980.0 1,252.0 8.4% 96,600 Dec 94 13,557.0 557.0 4.1% 96,300 Dec 93 16,364.0 (1,515.0) −− 110,400 Stock History Stock Price ($) Year P/E Per Share ($) FY High FY Low FY Close High Low Earns. Div. Book Value Dec 02 38.5 25.2 35.0 14.6 9.6 2.6 1.8 9.7 Dec 01 50.0 24.4 29.4 192.1 93.8 0.3 2.2 9.9 Dec 00 67.5 35.3 39.4 14.7 7.7 4.6 1.8 11.8 Dec 99 80.4 56.6 66.2 18.6 13.1 4.3 1.8 12.6 Dec 98 88.9 57.9 72.0 21.0 13.7 4.2 1.8 12.4 Dec 97 94.8 53.3 60.6 9,475.0 5,331.0 0.0 1.7 9.8 Dec 96 85.0 65.1 80.2 22.3 17.0 3.8 1.6 14.3 Dec 95 70.4 47.1 67.0 19.2 12.8 3.7 1.6 14.8 Dec 94 56.4 40.7 47.8 23.3 16.8 1.6 1.7 11.8 Dec 93 65.0 40.2 56.2 −− −− (4.6) 2.0 10.2 2002 Year−End Financials Debt ratio 41.9% Return on equity 27.7% Cash ($ mil.) 569.0 Current ratio 0.84 Long−term debt ($ mil.) 1,164.0 Report Builder − Eastman Kodak Company − Hoover's Online 42 Shares Outstanding (mil.) 285.9 Dividend yield 5.1% Dividend payout 68.2% Market value ($ mil.) 10,019.1 Data Definitions Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia Report Builder − Eastman Kodak Company − Hoover's Online 43 Market Data Current Information Last Close 10−Mar−2004 $26.10 Price/Sales Ratio 0.56 52−Week High $32.46 Price/Book Ratio 2.56 52−Week Low $20.39 Price/Earnings Ratio 60−Month Beta 31.45 1.0 Price/Cash Flow Ratio Market Value (mil.) Shares Outstanding (mil.) Dividend Rate 6.26 $7,479.6 Return on Assets 1.9% 286.6 Return on Equity 9.1% 0.50 Current Ratio 0.94 Dividend Yield 1.9% Long−Term Debt/Equity −− # of Institutional Holders 1,017 % Owned by Institutions 80.7% Latest Short Interest Ratio Growth Rates 4.30 Latest Net Insider Transactions 0.00 12 Month 36 Month 60 Month 3.8% (1.8%) (1.0%) EPS Growth (68.6%) (24.5%) (30.0%) Dividend Growth (36.1%) (13.8%) (5.1%) Revenue Growth Data Definitions Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia Report Builder − Eastman Kodak Company − Hoover's Online 44 Comparison Data Company Industry1 Market2 40.99% 48.83% 47.92% Pre−Tax Profit Margin 2.73% 8.03% 5.80% Net Profit Margin 1.99% 4.70% 2.87% Return on Equity 9.1% 9.1% 5.7% Return on Assets 1.9% 4.4% 0.9% Return on Invested Capital 6.0% 8.3% 2.8% Company Industry1 Market2 0.56 1.13 1.43 31.45 24.29 50.09 Price/Book Ratio 2.56 2.18 2.84 Price/Cash Flow Ratio 6.26 10.27 15.76 Company Industry1 Market2 63.26 66.28 59.48 Inventory Turnover 6.4 4.0 7.5 Days Cost of Goods Sold in Inventory 56 90 48 Asset Turnover 1.0 1.0 0.3 Net Receivables Turnover Flow 5.7 5.5 6.2 Effective Tax Rate −− 37.5% −− Company Industry1 Market2 0.94 1.71 1.39 0.6 1.1 1.0 Leverage Ratio 4.80 2.07 6.02 Total Debt/Equity 0.99 0.22 1.43 Interest Coverage 3.30 15.40 2.00 Company Industry1 Market2 46.47 31.23 19.61 Fully Diluted Earnings Per Share from Total Operations 0.83 1.45 0.56 Dividends Per Share 1.15 0.42 0.42 Cash Flow Per Share 4.17 3.43 1.78 (1.14) 6.86 2.14 5.16 1.56 10.17 10.20 16.13 9.89 Profitability Gross Profit Margin Valuation Price/Sales Ratio Price/Earnings Ratio Operations Days of Sales Outstanding Financial Current Ratio Quick Ratio Per Share Data ($) Revenue Per Share Working Capital Per Share Long−Term Debt Per Share Book Value Per Share Report Builder − Eastman Kodak Company − Hoover's Online 45 Total Assets Per Share 48.98 33.43 59.58 Company Industry1 Market2 3.8% 5.8% 4.3% 12−Month Net Income Growth (65.6%) (2.8%) 70.2% 12−Month EPS Growth (68.6%) (3.3%) 75.0% 12−Month Dividend Growth (36.1%) 0.0% 2.4% 36−Month Revenue Growth (1.8%) 5.4% 1.7% 36−Month Net Income Growth (23.6%) (2.4%) (18.9%) 36−Month EPS Growth (24.5%) (2.1%) (19.7%) 36−Month Dividend Growth (13.8%) (0.1%) 1.5% Growth 12−Month Revenue Growth 1Industry: Photographic Equip/Supls Industry classifications are from Media General Financial Services, Inc. 2 . Public companies trading on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ National Market. Data Definitions Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia Report Builder − Eastman Kodak Company − Hoover's Online 46 Competitive Landscape KEY: Best of Group. Companies listed are Top Competitors. Key Numbers Eastman Kodak Annual Sales ($mil.) Canon 13,317.0 29,888.5 Employees −− Market Value ($mil.) −− 7,479.6 42,747.1 Profitability Fuji Photo Sony 20,880.9 63,264.0 72,633 161,100 15,141.1 37,179.2 Sony Industry2 Market3 Eastman Kodak Canon Fuji Photo 40.99% 59.66% 46.87% 38.41% 48.83% 47.92% Pre−Tax Profit Margin 2.73% 12.61% 5.02% 1.59% 8.03% 5.80% Net Profit Margin 1.99% 8.62% 2.24% 0.42% 4.70% 2.87% Return on Equity 9.1% 15.9% 3.1% 1.3% 9.1% 5.7% Return on Assets 1.9% 9.2% 1.8% 0.3% 4.4% 0.9% Return on Invested Capital 6.0% 15.3% 2.9% 0.9% 8.3% 2.8% 2 Market3 Gross Profit Margin Valuation Eastman Kodak Canon Fuji Photo 0.56 1.43 0.71 0.56 1.13 1.43 31.45 16.79 30.73 138.59 24.29 50.09 Price/Book Ratio 2.56 2.64 0.99 1.70 2.18 2.84 Price/Cash Flow Ratio 6.26 11.07 9.52 5.92 10.27 15.76 Eastman Kodak Canon Fuji Photo 63.26 52.42 78.41 76.26 66.28 59.48 Inventory Turnover 6.4 2.9 3.8 6.5 4.0 7.5 Days Cost of Goods Sold in Inventory 56 124 96 55 90 48 Asset Turnover 1.0 1.2 0.8 0.8 1.0 0.3 Net Receivables Turnover Flow 5.7 7.6 4.8 5.0 5.5 6.2 Effective Tax Rate −− 38.5% −− −− 37.5% −− Eastman Kodak Canon Fuji Photo 0.94 2.30 2.00 1.33 1.71 1.39 0.6 1.3 1.4 0.9 1.1 1.0 Leverage Ratio 4.80 1.73 1.77 4.01 2.07 6.02 Total Debt/Equity 0.99 0.06 0.17 0.98 0.22 1.43 Interest Coverage 3.30 79.80 14.80 5.10 15.40 2.00 2 Market3 Price/Sales Ratio Price/Earnings Ratio Operations Days of Sales Outstanding Financial Current Ratio Quick Ratio Per Share Data ($) Revenue Per Share Fully Diluted Earnings Per Share from Total Operations Sony Industry Sony Industry2 Market3 Sony Industry2 Market3 Eastman Kodak Canon Fuji Photo 46.47 34.05 41.40 71.39 31.23 19.61 0.83 2.90 0.96 0.29 1.45 0.56 Report Builder − Eastman Kodak Company − Hoover's Online Sony Industry 47 Dividends Per Share 1.15 0.26 0.21 0.22 0.42 0.42 Cash Flow Per Share 4.17 4.40 3.10 6.79 3.43 1.78 (1.14) 10.70 12.79 9.71 6.86 2.14 5.16 0.72 2.24 11.42 1.56 10.17 Book Value Per Share 10.20 18.43 29.79 23.66 16.13 9.89 Total Assets Per Share 48.98 31.91 52.58 94.89 33.43 59.58 Eastman Kodak Canon Fuji Photo 3.8% 22.0% 14.4% 6.1% 5.8% 4.3% 12−Month Net Income Growth (65.6%) 62.1% (4.8%) (84.8%) (2.8%) 70.2% 12−Month EPS Growth (68.6%) 62.0% (24.4%) (84.5%) (3.3%) 75.0% 12−Month Dividend Growth (36.1%) 23.8% 5.0% 4.8% 0.0% 2.4% 36−Month Revenue Growth (1.8%) 7.6% 18.9% 3.3% 5.4% 1.7% 36−Month Net Income Growth (23.6%) 29.9% (24.4%) (10.4%) (2.4%) (18.9%) 36−Month EPS Growth (24.5%) 29.8% (23.9%) (9.6%) (2.1%) (19.7%) 36−Month Dividend Growth (13.8%) 17.2% 0.0% (18.9%) (0.1%) 1.5% Working Capital Per Share Long−Term Debt Per Share Growth 12−Month Revenue Growth Sony Industry2 Market3 1 Data unavailable. Industry: Photographic Equip/Supls Industry classifications are from Media General Financial Services, Inc. . 3 Public companies trading on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ National Market. 2 Data Definitions Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia Report Builder − Eastman Kodak Company − Hoover's Online 48 Copyright 2004, Hoover's, Inc. Report Builder − Eastman Kodak Company − Hoover's Online 49
