Kodak 2003 Annual Report Download - page 5

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currently supplying OLED screens for Kodak’s digital camera manufactur-
ing. The JV continues to focus on manufacturing process improvements,
and Kodak researchers have created a new generation of chemistry used
for coating OLED backplanes. Display and Components results are includ-
ed in the “All Other” category.
In Commercial Printing, the Kodak Polychrome Graphics joint venture
is the world’s leading manufacturer of offset thermal press plates. The JV
has now delivered 14 consecutive quarters of operating profit, showing
consistent improvement over that period. And despite a weak printing
market, the NexPress Solutions JV continued to receive good customer
acceptance as unit placements increased.
A key acquisition for Commercial Printing was Scitex Digital Printing,
now named Kodak Versamark, Inc. The company is a world leader in high-
speed, variable inkjet printing systems. These are used for printing utility
bills, credit card statements and other direct mail pieces—as well as tra-
ditional commercial printing. Kodak and Versamark’s leadership in inkjet
technology make a strong combination in the fast-growing market for
continuous inkjet printing.
The scope and depth of the Commercial Printing portfolio will be
expanded further with the March 8, 2004 agreement to acquire the
NexPress and Heidelberg Digital printing businesses from our NexPress JV
partner, Heidelberger Druckmaschinen AG.
OUTLOOK
In looking to the future, we’re confident that our strategy—along with the
related planned actions—will enhance service to our customers and our
value as an investment. This is not a one-year process, however. Like the
rest of the industry, we will be in an environment of change for the next
several years.
We will continue to be aggressive in all of our efforts to grow tradi-
tional product sales in emerging markets, and maximize our manufactur-
ing share worldwide in order to fund overall growth of the Company.
Careful management of costs, as always, will be a priority.
Kodak strengths are legion, starting with a winning and inclusive cul-
ture that motivates dedicated Kodak employees around the world. Our
brand is recognized in every corner of the earth. Our technology is the
envy of our competitors. Our leadership is experienced, capable and bold
in making Kodak’s vision a reality. All of this—and more—gives us confi-
dence in the future. We especially thank you, the investor, for your com-
mitment to a strong, growing Eastman Kodak Company.
Daniel A. Carp
Chairman and Chief Executive Officer
Antonio M. Perez
President and Chief Operating Officer
Management’s Letter
5
“Kodak and Versamark’s leadership in inkjet technology make a strong combination in the
fast-growing market for continuous inkjet printing.”
“Kodak strengths are legion, starting with a winning and inclusive culture that motivates
dedicated Kodak employees around the world.”
“Our brand is recognized in every corner of the earth.”