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USA Today
6 days ago
- Business
- USA Today
Iconic US film company Kodak warns it may go out of business
The American company credited with revolutionizing amateur photography is warning it could go out of business after more than 130 years. The Rochester, New York-based Eastman Kodak Co. offered a bleak picture of its financials in earnings reports and filings, tracking a second quarter loss and sending shares tumbling in early trading Tuesday, Aug. 12. The iconic brand said in Monday, Aug. 11 government filings that there is "substantial doubt" about the company's ability to continue, as it faces more than $470 million in debt and slashes its pension plan in an attempt to remain afloat. "Kodak has debt coming due within twelve months and does not have committed financing or available liquidity to meet such debt obligations if they were to become due in accordance with their current terms," the company said in its filings to the Securities and Exchange Commission. Kodak became one of the most iconic American companies in the late 19th century with the introducton of the Kodak #1 camera in 1888, credited with making photography accessible to the everyday person. Though it rose to prominence for its film photography products, it struggled to adapt to the changing industry as digital imaging took over, with the company filing for bankruptcy in 2012. In recent years, it has pursued specialty chemicals and pharmaceuticals. This camera revolutionized photography: Whatever happened to the Kodak Instamatic? Tariffs had no 'material impact' In its most recent earnings report, Kodak said its consolidated revenues were $263 million at the end of the quarter on June 30, a decrease of $4 million since the same period last year. Gross profit decreased 12% compared to last year's second quarter end, Kodak disclosed, and its cash balance sits at $155 million, marking a loss of just under 23% since the end of December. Jim Continenza, Kodak's Executive Chairman and CEO, said tariffs have not had a "material impact" on its businesses, noting the domestic production of many of its products such as printing plates, film, inkjet presses and inks and pharmaceutical ingredients. What's next for Kodak? Kodak's chief financial officer David Bullwinkle said in the company's Aug. 11 statement it plans to focus on its advanced chemicals and materials sector moving forward, and said the cut to its retirement program is going toward paying down its debt. He said the company expects to "have a clear understanding" by Friday, Aug. 15 of how it will meet its debt obligations. "For the second half of the year, we will continue to focus on reducing costs today and converting our investments into long-term growth," Bullwinkle said. The company was founded by George Eastman in 1889 and renamed a few years later to the Eastman Kodak Company. Eastman's Kodak Brownie camera introduced in 1900 made photography accessible to everyday Americans, later introducing color versions in the 1920s and 1930s, and offering the world's first digital camera in 1975. Kathryn Palmer is a national trending news reporter for USA TODAY. You can reach her at kapalmer@ and on X @KathrynPlmr.
Yahoo
29-05-2025
- General
- Yahoo
Wichita veteran recounts career taking intelligence photos for the Air Force
WICHITA, Kan. (KSNW) – A Wichita veteran spent nearly 25 years flying high with the Air Force, capturing countless intelligence photos along the way. Ron Bogard is a native of Picher, Oklahoma, who migrated to Wichita and graduated from Wichita West High School in 1965. He joined the Air Force after getting drafted, and through his training, discovered what would become a lifelong passion. 'I didn't know a thing about photography. Nothing. Mom gave me a Kodak Brownie when I was about 10 years old, and I don't think I shot three rolls of film through it. But I went to tech school, and it turned out I had a talent for it,' he said. Bogard was soon stationed at the base photolab at Scott Air Force Base in Illinois, shooting everything from military ceremonies and portraits to medical photography and documenting deadly auto and industrial accidents. 'I've been able to put a lot of things away and keep them away. And I've done that for my whole career,' he said. Bogard eventually received the call to head to Vietnam, and after completing additional training, including combat photography school, he was on his way, but he didn't stay long. 'I reported in, and the 1st sergeant came out and said, 'Bogard, go back over there, you're going to Thailand. We need aerial photographers in Thailand,'' he said. Bogard says he didn't mind the safer assignment, where he continued to shoot photos from the air, as well as some impressive ones on the ground. 'I was there for President Johnson when he came. I was one of the photographers that took his pictures,' he said. Tune into KSN News at 10 every Wednesday for our Veteran Salute Bogard was eventually sent back to Forbes Air Force Base in Topeka, where he joined a photo mapping unit and soon found himself flying over numerous South American countries, creating aerial maps. After taking an early discharge, Bogard returned to Wichita to attend Wichita State University. However, after getting married, he chose to re-enlist. His second round with the Air Force sent him to Hill Air Force Base in Utah, where he photographed bomb and missile tests for the next nine years. 'Loved every minute of it. We raised our kids in the mountains and the deserts. We camped all the time,' Bogard said. But he wasn't done gathering aerial intelligence overseas, and his next mission was a highly classified one in Germany. 'Our job was to spy on the East Germans and the Russians. We flew into the Berlin Corridor, flew around the Berlin Circle and then would fly out,' Bogard said. He spent four years taking photos around the Berlin Wall and was eventually sent back to South Carolina, where he was in charge of aerial video and even wrote a training manual. However, when another overseas assignment came up, his wife put her foot down. 'The time came where we got an assignment to Panama. Brenda put her foot down, and I'm in Wichita,' Bogard said. And while Bogard wrapped up his Air Force career in 1989 as a senior master sergeant, his love for photography continues to this day. If you want to nominate a veteran for our Veteran Salute, send an email to connect3news@ or fill out our online contact form! Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
