astman Kodak, the legendary American film and camera company that's struggled to adapt to the digital age, is teetering on the edge of bankruptcy. Though the company insists it has no intentions to file for bankruptcy protection, Kodak's share price plummeted to $0.78 on Friday amid fears of that very scenario. Here, a brief guide to Kodak's rise and fall, by the numbers:
Years Kodak Eastman Co. has been in existence. In 1880, George Eastman began commercially manufacturing dry photographic plates
Price of the first Kodak camera sold in 1888. It came pre-loaded with enough film for 100 shots. After the film had been exposed, the user sent the whole camera to Rochester, N.Y., for the film to be developed, prints made, and new film inserted. That whole process cost another $10.
The year the 100,000th Kodak camera was manufactured.
Number of Kodak instamatic cameras produced from 1963 to 1970
U.S. sales for Kodak in 1962 — the first year the company reached that mark
Company sales in 1981
Number of straight years the company has been unprofitable. "Once synonymous with photography, Kodak has struggled with the move to digital cameras and failed to turn a profit since 2007," says Reuters.
More than $1.76 billion
Kodak's losses since 2008
Amount the company disclosed it had borrowed against its credit line last week
As much as $3 billion
Estimated worth of Kodak's digital-imaging patents, which the cash-strapped company is reportedly looking to sell off
Number of people Kodak employed in 1973
Number of people Kodak employed in 1998
Number of people Kodak currently employees
Value of Kodak shares in 2003, "when Eastman Kodak was one of the bluest of the blue chips." In September of that year, "the picture began to fade," says Franklin Paul at Reuters. "Film sales were dying, and Kodak slashed its dividend by 70 percent, hoping to gain flexibility as it beefed up spending on commercial and inkjet printers, medical imaging devices and other digital systems. It stopped investing in traditional consumer film."
Amount Kodak shares were worth just one year ago
"Unbelievably low" price to which Kodak shares tumbled on Friday amid bankruptcy fears. "The decision is clear: either try to keep going or file for bankruptcy, which is no shame for an ordinary company, but quite a tragedy for the corporation that for years had huge success with its 'Kodak moment' ad campaign," says David Zielenziger in the International Business Times.
Amount Kodak shares were up in Monday trading, following Friday's selloff
Sources: Bloomberg BusinessWeek (2), Democrat and Chronicle, Forbes, International Business Times, Kodak.com, Reuters, TheStreet, Wall Street Journal
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- The world's dumbest idea: Taxing solar energy
- 31 TV shows to watch in 2014
- Why atheism doesn't have the upper hand over religion
- Attack of the invasive species
- 14 wonderful words with no English equivalent
- He said he was leaving. She ignored him.
- Which states get screwed worst by the Electoral College?
- 10 things you need to know today: April 19, 2014
- How Captain America won over China
- If a nuclear bomb exploded in downtown Washington, what should you do?
Subscribe to the Week