[Leica] What's Happening to Leica

[cummer at netvigator.com (howard cummer)]

Message: 29
Date: Wed, 18 May 2005 15:26:11 -0700 (PDT)
From: mak@teleport.com
Subject: [Leica] Leica Solms Come to jesus Meeting with bankers
To: Leica Users Group <lug@leica-users.org>, Leica Users Group
Anyone know what is up with Leica Solms? Are they having their meeting as 
scheduled this month? Have they run out of working capital closed the doors 
and ebayed the museum?
Mark

In this morning's South China Morning Post there was a Reuter's article 
datelined Solms entitled " Cult camera maker Leica is forced to focus on 
the digital world". The main points of the article were:
1. Leica is fighting for survival - unthinkable as that seems to devotees
2. They lost 3.4 million Euros on Sales of 119 million Euros in 2003 - 2004
3. Loss for 2004 - 2005 is projected at 12.8 million Euros
4. Leica has cut production to match reduced demand.
5. It will ask to raise 22 million Euros at the extraordinary shareholders 
meeting to be held at the end of the month where investors will be asked to 
approve a capital restructuring which will dilute their interest in the 
company.
6. The Leica R back will launch shortly with a price of 4,600 Euros and 
Leica company spokesman Gero Furchheim says orders received will keep 
production flat out for months.

Good news? Bad news? Time will tell.

Apologies if this is old news to Luggers with more up-to-date news sources 
but thought it was interesting enough to pass along.
Cheers
Howard (in rainy Hong Kong)