Laser-Pacific Media Corporation(LPAC) - 500 Beiträge pro Seite

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Profile:Laser-Pacific Media Corporation is a provider of post-production services to the motion picture and television industries from its facilities in Hollywood, California. These post-production services include technical and creative services provided to the producers of primetime network television series, television movies and theatrical motion pictures. The Company`s primary services include telecine, editing, color timing, digital graphics and visual effects, duplication and digital compression. Laser-Pacific Media also provides sound editing and mixing, digital preview services, motion picture film processing, DVD authoring and mastering and numerous additional services as required by its customers. At the end of the process, the Company provides its customers with a completed master in high definition, standard definition or data format for television, home video, DVD or film release.


http://www.laserpacific.com

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Laser-Pacific Media Corporation Reports Strong First Quarter Results
Tuesday May 13, 4:01 pm ET
Company Posts Double-Digit Gains in Revenues and Net Income


HOLLYWOOD, Calif.--(BUSINESS WIRE)--May 13, 2003--Laser-Pacific Media Corporation (Nasdaq:LPAC - News) today reported increases in revenues, income from operations and net income for the three months ended March 31, 2003.
Revenues for the 2003 first quarter increased 22.6 percent to $9.8 million from $8.0 million in the first quarter 2002. Gross profit grew 32.4 percent to $2.7 million from $2.0 million a year earlier, and improved as a percentage of total revenues to 27.7 percent, compared with 25.7 percent in the first quarter of 2002. Income from operations for the current quarter totaled $1.3 million, a 48.7 percent increase over $850,000 in the corresponding year-ago period. Net income rose 66.9 percent to $656,000, or $0.09 per diluted share, from $393,000, or $0.06 per diluted share, in the 2002 first quarter.

"In spite of the challenging economic environment in the entertainment and advertising industries, Laser-Pacific posted double-digit gains in revenues and net income over prior-year periods," said James R. Parks, chairman and chief executive officer of Laser-Pacific. "In addition to higher demand in the quarter for the services we offer, results also benefited from an increased number of feature films serviced by the company."

Emory M. Cohen, president and chief operating officer of Laser-Pacific, said: "In addition to a busy `02-`03 television season, we have experienced healthy growth in activity in our new motion picture services operation during the first quarter of 2003. During this quarter we opened our first digital color timing theatre and it has been well received by our feature film clients. The timing theatre marks a significant milestone in our planned expansion of services for the feature film industry. With the enhanced film recording and film-to-data processes currently under development, we expect that motion picture services will be an increasingly significant factor in our future."

Laser-Pacific continued to strengthen its balance sheet, with current assets of $13.5 million, including $7.7 million in cash and cash equivalents, working capital of $6.5 million, and net stockholders` equity of $19.5 million, or $2.74 per diluted share, at March 31, 2003.

About Laser-Pacific Media Corporation

Laser-Pacific Media Corporation is a premier media technology company providing a comprehensive offering of post-production services to the motion picture and television industries. Well known as a leading provider of advanced high definition services to the entertainment industry, Laser-Pacific opened the world`s first digital high definition facility. Recognized for its pioneering work and technical innovations, the Company has been awarded five Emmy(TM) awards for outstanding achievement in engineering development, as well as numerous awards for technical excellence in the post production of television and the authoring of DVDs.

Statements included within this news release, which are not historical in nature, may constitute forward-looking statements for the purpose of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such statements, which include, but are not limited to, the Company`s future operating results, the Company`s ability to enter new markets, including the field of digital intermediaries, expand services, strengthen its balance sheet, cash position, and working capital, enter strategic alliances and consummate acquisitions, involve uncertainties, and actual results could differ from those described herein. Other factors include the Company`s ability to successfully expand capacity, general economic market or business conditions, investments in new technologies, continuation of sales levels, the risks related to the cost and availability of capital, and other factors, many of which are beyond the control of the Company. Careful consideration should be given to cautionary statements made in the Company`s most recently filed SEC documents, in particular, the Company`s 10-K and 10-Qs.

LASER-PACIFIC MEDIA CORPORATION
AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited)

Three Months Ended
March 31,
2003 2002

Revenues $9,794,754 $7,989,218
Operating costs
Direct costs 5,788,401 4,797,443
Depreciation 1,293,649 1,142,255
Total operating costs 7,082,050 5,939,698
Gross profit 2,712,704 2,049,520
Selling, general and administrative
expenses 1,449,539 1,199,918
Income from operations 1,263,165 849,602

Interest expense 189,866 225,530
Other income 19,899 30,988
Income before income taxes 1,093,198 655,060

Provision for income taxes 437,465 262,210
Net income $ 655,733 $ 392,850

Net income per share (basic) $ 0.09 $ 0.06

Net income per share (diluted) $ 0.09 $ 0.06

Weighted average shares outstanding (basic) 7,101,295 7,104,595

Weighted average shares outstanding (diluted) 7,115,653 7,127,528


LASER-PACIFIC MEDIA CORPORATION
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)

March 31, December 31,
2003 2002
Assets

Current Assets:
Cash and cash equivalents $ 7,690,677 $ 6,682,395
Receivables, net of allowance for doubtful
accounts 4,377,274 4,835,360
Other current assets 1,418,375 1,405,772

Total Current Assets 13,486,326 12,923,527

Net property and equipment, at cost 21,219,580 21,187,713
Other assets 185,254 188,579

Total Assets $34,891,160 $34,299,819

Liabilities and Stockholders` Equity

Current Liabilities:
Current installments of notes payable
to bank and long-term debt $ 3,390,215 $ 3,528,407
Other current liabilities 3,613,441 2,718,814

Total Current Liabilities 7,003,656 6,247,221

Deferred tax liabilities 829,058 829,058
Notes payable to bank and long-term debt,
less current installments 7,594,626 8,415,453

Stockholders` Equity:
Preferred stock, $.0001 par value. Authorized
3,500,000 shares; none issued -- --
Common stock, $.0001 par value. Authorized
25,000,000 shares; issued and outstanding
7,101,295 at March 31, 2003 and
December 31, 2002 710 710
Additional paid-in capital 18,089,063 18,089,063
Retained earnings 1,374,047 718,314

Net Stockholders` Equity 19,463,820 18,808,087

Total Liabilities and Stockholders` Equity $34,891,160 $34,299,819



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Contact:
Laser-Pacific Media Corporation
Robert McClain, 323/462-6266
[e-mail]
or
PondelWilkinson MS&L
Roger Pondel/Angie Yang, 323/866-6060
[e-mail]



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Source: Laser-Pacific Media Corporation

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Kodak to Acquire Laser-Pacific Media Corporation, Offering Expanded Digital Services for TV, Feature Films
Friday August 1, 8:09 am ET


HOLLYWOOD, Calif.--(BUSINESS WIRE)--Aug. 1, 2003--Eastman Kodak Company (NYSE: EK - News) announced today that it has entered into an agreement to purchase Laser-Pacific Media Corporation (NASDAQ NM: LPAC - News), a leading Hollywood-based post-production company with $31.8 million in revenues in fiscal year 2002. Under terms of the agreement, Kodak will acquire the outstanding shares of Laser-Pacific at a price of $4.22 per share. The purchase price, totaling $30.5 million, will be paid in Kodak stock or cash at Kodak`s option. As of March 31, 2003, Laser-Pacific had $3.3 million in net debt.
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Laser-Pacific will operate as a wholly owned subsidiary of Kodak, reporting to the company`s Entertainment Imaging products and services operation. Emory Cohen, co-founder and president of Laser-Pacific, will lead the subsidiary.

Founded in 1990, Laser-Pacific is well recognized in the Hollywood entertainment community. A winner of six Emmy® awards for outstanding achievement in engineering development, Laser-Pacific provides a full spectrum of post-production services for television, home video and motion pictures. These services include high-quality film processing, state-of-the-art film transfer, editing, mastering, digital preview services, and DVD compression and authoring.

The acquisition will allow Kodak to establish a major presence in television post-production and further extends the company`s current digital services capabilities in the feature film market.

"Our customers have been encouraging us to participate more broadly in the services business," said Eric Rodli, president, Entertainment Imaging products and services, and senior vice president, Eastman Kodak Company. "Consistent with our history of developing hardware and software tools that helped set industry standards for digital film scanning, recording, and image manipulation, this acquisition supports our growth strategy of expanding the benefits of film and making digital technology more useful to customers."

"This is a natural alliance," said Cohen. "There is a mutual commitment to supporting the creative community by providing products and services which enable the use of film and digital tools in their highest quality and most efficient forms. Kodak`s depth of technology and global brand presence, combined with Laser-Pacific`s history of innovation, service and operational efficiencies, will create a service organization poised to meet the expanding needs of our industry."

Laser-Pacific and Cinesite, Kodak`s visual-effects and digital restoration and mastering subsidiary, will make up the hub of Kodak`s worldwide entertainment imaging services group led by general manager, Bertrand Decoux.

"The motion picture industry is at a crossroads," Decoux said. "The convergence of film, digital and hybrid imaging technologies are changing the way movies are produced and distributed. The acquisition of Laser-Pacific is a logical combination. By playing a larger role in the service sector, we can ensure that the support our customers need is both accessible and affordable, while maintaining high image quality standards and creating work of greater value."

"This acquisition is consistent with Kodak`s commitment to offer a full array of the highest quality services available in the motion picture and television industries," Decoux said. "Cinesite London will provide state-of-the-art digital visual effects, practical effects, and models and miniatures services, while Cinesite Hollywood and Laser-Pacific will concentrate on providing high-quality digital mastering and restoration services for feature films. In addition, Laser-Pacific will continue to provide the episodic television market with its award-winning post-production services."

"This blending of capabilities will benefit both our customers and our staff," Cohen said. "We will provide Kodak with unique insights into the needs of the industry, strong customer relationships, and proven know-how. At the same time, we will benefit greatly from access to Kodak color science and imaging technology."

Kodak is the world leader in providing film, digital and hybrid motion imaging products, services and technology for the television, feature film and new media industries.

The transaction is subject to the approval of Laser-Pacific`s stockholders, SEC regulatory compliance and certain other customary conditions. The parties expect that the acquisition will close early in the fourth quarter of 2003. Kodak does not anticipate that the acquisition will have a material impact on its earnings.

For more information, visit www.kodak.com/go/motion.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on the current expectations and beliefs of management of Kodak and Laser-Pacific and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. In particular, the following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: failure of the transaction to close due to the failure to obtain regulatory or other approvals; failure of Laser-Pacific`s stockholders to approve the merger; the risk that the Kodak and Laser-Pacific businesses will not be integrated successfully and anticipated costs of such integration; failure of the combined company to retain and hire key executives, technical personnel and other employees; failure of the combined company to successfully manage its changing relationships with customers and suppliers; and those risks detailed from time to time in Kodak`s reports filed with the SEC, including the report on Form 10-Q for the period ended March 31, 2003, and Laser-Pacific`s periodic reports filed with the SEC, including the quarterly report on Form 10-Q for the quarterly period ended March 31, 2003.

Additional Information

Laser-Pacific will file a proxy statement describing the proposed merger with the United States Securities and Exchange Commission (SEC). LASER-PACIFIC STOCKHOLDERS ARE URGED TO REVIEW THE PROXY STATEMENT AND OTHER INFORMATION TO BE FILED WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. These documents will be available without charge on the SEC`s web site at http://www.sec.gov or from Laser-Pacific`s Secretary, Robert McClain at 809 North Cahuenga Boulevard, Hollywood, California 90038, [phone]. INVESTORS SHOULD READ THE PROXY STATEMENT CAREFULLY BEFORE MAKING ANY VOTING OR INVESTMENT DECISIONS. Laser-Pacific and its executive officers and directors may, under SEC rules, be deemed to be participants in the solicitation of proxies from stockholders of Laser-Pacific with respect to the transactions contemplated by the merger agreement. Information regarding such officers and directors is set forth in Laser-Pacific`s Proxy Statement filed with the SEC on April 29, 2003, relating to its 2003 Annual Meeting of Stockholders, and will be included in Laser-Pacific`s Proxy Statement for its Special Meeting of Stockholders to be filed with SEC. These documents are or will be available at the SEC website and from Laser-Pacific as set forth above.

In connection with its proposed acquisition of Laser-Pacific, Kodak may file with the SEC a Registration Statement on Form S-4 and other documents regarding the proposed transaction. LASER-PACIFIC`S STOCKHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT WHEN IT BECOMES AVAILABLE, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT KODAK, LASER-PACIFIC AND THE MERGER. You may obtain a free copy of the Registration Statement, when and if it becomes available, and other documents filed by Kodak with the SEC at the SEC`s web site at http://www.sec.gov. The Registration Statement, if filed with the SEC, and certain other documents may also be obtained without charge by Laser-Pacific stockholders by directing a request to: Coordinator, Shareholder Services, Eastman Kodak Company, 343 State Street, Rochester, New York 14650-0211, 585-724-5492.

For additional information about Kodak, visit Kodak`s web site on the Internet at: http://www.Kodak.com.



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Contact:
Media
Kodak
Gerard Meuchner, 585-724-4513
[e-mail]
or
Laser-Pacific
Roger Pondel, 323-866-6060
[e-mail]
or
Lisa Muldowney/Sally Christgau (trades)
760-438-5250
[e-mail]
or
Investor
Kodak
Patty Yahn-Urlaub, 585-724-4683
[e-mail]
or
Kodak
Roberto Trevino, 585-724-6791
[e-mail]



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Source: Eastman Kodak Company