Kodak Q4 2008 Earnings Call

Seeking Alpha publishes Kodak earnings call transcript. One of the analysts is trying to test Kodak's commitment to CMOS image sensors in these difficult times:

Joan Lappin - Gramercy Capital:

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Unfortunately, you teamed with the company that's now slipped to fifth.
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Should we still be expecting that camera phones are going to help us in the second half of the year?

Antonio Perez – Chairman and CEO:

Camera phones – I'm going to tell you information that you have, from some of our colleagues, with which we have excellent relationships, not just with Motorola by the way. We have excellent relationship with Nokia, and many others. They are obviously projecting a difficult year, for next year. Obviously we're going to take that into account, as well as what is the right business plan for that business, at this time.

Joan Lappin - Gramercy Capital:

But if you haven't been selling any of those, and you start selling some, it's incremental.

Antonio Perez – Chairman and CEO:

We are very happy with that. The question is the level of investment. The whole question, here, is if the market is contracting and we don't have the 10% growth that we enjoy in the digital portfolio for more than a year, obviously we're not going to have the revenues, cash, and earnings that we had before. We are going to have less. We have to make sure that we realize that and peak where we are going to put that money. That's the exercise, portfolio management.

What conclusion we can draw from this? Probably, no business unit is immune from cuts in this difficult time.