Winsor C. asks:
<< I did a quick search on Google the other day and could find no
information on Polaroid's financial difficulties that was not at least a
year old. Is there anything going on currently? Have they solved their
problems? >>
It was in the financial section of my local paper, as a result of their
just released quarterly report. It is also in the July 25th weekly
newsline from the Photo Marketing Association:
POLAROID POSTS $52 MILLION SECOND-QUARTER LOSS; CREDIT SUISSE FIRST
BOSTON DROPS COVERAGE
Polaroid Corp., Cambridge, Mass., posted an operating loss of $52
million for the second quarter, including $16 million in one-time losses
associated with the liquidation of discontinued models and product
lines. Excluding these charges, the second-quarter operating loss was
$36 million and in line with previously announced expectations. Net loss
after taxes was $110 million. Second-quarter revenues were $334
million, compared to $486 million for the comparable period last year.
About half of the 31 percent decline was due to the weak economy and
less demand for instant cameras and films. The balance reflected a
difficult comparison with last year's second quarter, which included new
product introductions, as well as product liquidations, dealer inventory
reductions, discontinued businesses, and the impact of foreign
exchange. Credit Suisse First Boston, New York, N.Y., dropped coverage
of Polaroid because its second-quarter revenue fell $33.2 million below
Credit Suisse First Boston's model, down 31.6 percent year-over-year.
PMA states: "Photocopying by members for internal use is permitted."
Hum, but they e-mail this out! Me thinks they need to rethink that in
light of the electronic era.
Gary Reese
Las Vegas, NV
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