THEY say a photograph captures a moment in time. For Kodak, whose iconic yellow-and-red logo has been synonymous with photography since the company was founded by George Eastman in 1888, that moment may have passed.
Shares in the Rochester, New York-based company fell to an all-time low of 47c on Wednesday following reports it was preparing to file for bankruptcy in the coming weeks.
Kodak announced on Tuesday the New York Stock Exchange had warned it would be delisted if its share price remained below $1 for the next six months.
This, in turn, followed a third-quarter loss of $222 million last year – its ninth quarterly loss in three years.
Analysts say Kodak’s decline has been some time coming.
“Everybody has a sinking feeling,” American Buckman, Buckman & Reid broker Ulysses Yannas said.
“It’s possible they can file for bankruptcy protection. Yet I don’t think it’s probable – principally because the need for cash is not imminent.”
With arguably more people than ever brandishing cameras and camera-phones in our increasingly snap-happy world, how did it come to this for the company that popularised the captured image?