Archived posting to the Leica Users Group, 2005/06/01
[Author Prev] [Author Next] [Thread Prev] [Thread Next] [Author Index] [Topic Index] [Home] [Search]Do any of the fanboys want to explain to the more skeptical amongst us what in all of yesterday's releases and PR blather suggest that the company is taking a new tack that will give it a better chance to survive? Where's the real news? On 6/1/05 9:31 AM, "Timothy Atherton" <tim@kairosphoto.com> wrote: > More following: > >> Leica announced the following today [June 1,2005] >> >> >> "Dear ladies and gentlemen, >> >> By agreeing to the capital measures proposed by Leica >> Camera AG's Board of Management and the Supervisory >> Board, the company has taken a decisive step on the way >> to overcoming the financial crisis. A comprehensive report >> will supply you with further details. > > > All Associated Press News > FRANKFURT, Germany (AP) - Shareholders of Germany's struggling Leica > Camera AG approved a plan Tuesday to raise 23 million euros ($28.4 > million) in a share sale aimed at allowing the company to continue > funding its operations. > > Swiss executive Josef Spichtig, who was named chief executive in April, > proposed the plan after the Solms-based company's banks cut off lines of > credit earlier this year. He predicted the company won't break even > before 2006 at the earliest. > > "We know that no short-term miracles are to be expected," he told the > shareholders, who included representatives of luxury retailer Hermes and > Austrian Capital Management, which hold some 60 percent of the company's > shares between them. > > Spichtig said the company would seek to offer more digital products, > including the Digital Modul-R, a back that gives Leica's analog models > the capability to become digital. Leica is also expected to partner with > a yet as unnamed company to make compact cameras, and continue > production of its upscale M- and R-series. > > "Leica is not meant to become a small shop for the nostalgic, but a way > to connect tradition with innovation in a meaningful way and grow > again," he said. > > Leica shares were down 4.3 percent to 2.44 euros ($3.01) in late > afternoon trading in Frankfurt. > > Spichtig became CEO after Ralf Coenen agreed to step down, the second > such move in 10 months. Coenen was named CEO in January and replaced > Hanns-Peter Cohn, who left to be the head of Vitra AG, a Swiss furniture > maker. Cohn had been CEO since 1999. > > The company posted a fiscal year 2004-2005 net loss of 15.5 million > euros ($19.1 million), more than 14 million euros ($17.3 million) it had > forecast. > > Founded in 1849 as a maker of microscopes, Leica became a brand of > choice for photographers seeking high-end, handmade 35mm cameras. Its > first model was invented in 1914 by Oskar Barnack, but not sold until > 1925. The company has nearly 1,300 workers in Germany. > > ___ > > On the Net: > > http://www.leica-camera.com > > > _______________________________________________ > Leica Users Group. > See http://leica-users.org/mailman/listinfo/lug for more information