Forums.NitroExpress.com

...according to the below attached press release taken from the leica website (dated 1 march 2005), leica is in fact not insolvent/bankrupt...

...for the unaware, and in addition to its sterling reputation in the sports optics field, leica practically invented the compact 35mm camera and, concomitantly in terms of the enabling tool, photo journalism/reportage documentaries of the 20th century (see below attached amazon product description on new book on leica)...

...hopefully, the proposed recapitalization of the company will be successful...

* * * * * * *

In a difficult market environment, the Leica Camera Group, Solms, has closed the first nine months of fiscal year 2004/2005 (FY end March 31) with sales of € 70.6 million. This is 15.5 % below the figure for the comparable prior year period. The Company did not achieve the targeted sales increases as compared to the first two quarters. Therefore, the Company retracted its preceding result forecast as early as October 7, 2004, pointing out on December 14, 2004 that it expected an operating loss for fiscal 2004/2005 in the amount of € 10 million. The operating result for the nine-month period, amounting to € –5.4 million, is within the scope of this forecast.

The Leica system cameras business experienced a sales decline by 35 % to € 21.9 million. The digital addition to the Leica R SLR system, i.e., the digital camera back which is unique in 35-mm system photography worldwide, did not yet contribute to the sales due to a delay which was announced in November 2004. First deliveries are scheduled to start in April. At the American photo trade fair PMA, the Leica R system complete with its digital addition has been awarded the important DIMA Award for the most innovative digital photo system. Sales of the Leica compact cameras, among them the digital LEICA DIGILUX 2 model, grew by 40.2 % to € 13.7 million. From the point of view of the Company’s Board of Management, these facts prove Leica’s ability to offer attractive digital solutions. The sales volume of such solutions, however, could not make up for the declines in the analogue business.

Leica sports optics with its binoculars and scopes, though on a long-term growth path, saw a temporary slow-down by 8.7 % to € 21.4 million. This was predominantly due to the delayed market introduction of the LEICA GEOVID BRF binoculars with integrated rangefinder.

On February 17, 2005, the Company has pointed out that the losses mentioned in the forecast will lead to a loss in the amount of half of the registered share capital of Leica Camera AG. The Company will therefore convene an Extraordinary General Meeting for May 31, 2005. The shareholders’ meeting has to decide on capital measures which are currently being prepared. Simultaneously, the Board of Management is preparing a turnaround strategy.

On February 21, 2005, the Company has reported that, following the announcement of February 17, the banks have partially terminated the credit lines. These reductions of credit lines do not as yet endanger the Company’s solvency. In order to achieve provision of cover for financing for the period until the Extraordinary General Meeting negotiations have been entered into immediately and are currently continuing.
Effective March 1, 2005, the Company will be represented in the important Japanese market by its own sales company Leica Camera Japan Co., Ltd. The new company will be a joint venture of Leica Camera AG, Solms, and Hermès Japan Co., Ltd, Tokyo, with the former holding 51 % of the capital.

* * * * * * *

From Book News, Inc.
This work intersperses 200 famous images made with the famous camera, and text on the history of its invention and evolution as well as stories of prominent photographers who used a Leica. Author Pasi has passions for social history and photography and is particularly interested in objects made in Germany between the two wars that have become icons of the 20th century (he's also written about the VW Beetle). The book is large format (9.75x12) and was originally published in Italy (2003, Bolis Edizioni srl).Copyright © 2004 Book News, Inc., Portland, OR

Product Description:
The fascinating history of a twentieth-century icon—the first handheld camera—and the people who use it.
The Leica is both a product of the twentieth century's inventive spirit and the means by which that spirit could be documented for posterity. As the first handheld camera, the Leica made possible a new kind of documentary photography, and included among its devoted fans are many of the century's greatest photographers. Its combined qualities of precision and compactness made it an essential tool for photographers everywhere, and today more than ever the Leica is prized by collectors.

Leica is a social history of the people behind the camera—its ingenious inventor, Oskar Barnack, and the great photographers who found it indispensable, including Rodchenko, Kertész, Cartier-Bresson, Capa, and many others. This completely new volume is richly illustrated with details that will satisfy even the most avid collector: diagrams, patent drawings, advertising posters, and biographies of some of its famous users. It belongs on the bookshelf of everyone who loves photography. 120 color illustrations and photographs.