German website, Spiegel Online, has reported that Leica is in financial crisis after many banks cut its credit lines following an announcement last week, which said it stood to lose half its operating capital. The company, which introduced the first 35mm still camera in 1924, is also expected to close the financial year with an operating loss of €10 million (approx $13 million). Last year it reported a loss of €1.6 million (approx $2.1 million). Shareholders will hold a meeting on May 31 to discuss the future of the company. Spiegel Online says that Leica has missed the boat where digital photography is concerned and it is also suffering due to the low rate of the US dollar versus the Euro.
Thursday, February 24, 2005
Leica in financial crisis: Digital Photography Review
German website, Spiegel Online, has reported that Leica is in financial crisis after many banks cut its credit lines following an announcement last week, which said it stood to lose half its operating capital. The company, which introduced the first 35mm still camera in 1924, is also expected to close the financial year with an operating loss of €10 million (approx $13 million). Last year it reported a loss of €1.6 million (approx $2.1 million). Shareholders will hold a meeting on May 31 to discuss the future of the company. Spiegel Online says that Leica has missed the boat where digital photography is concerned and it is also suffering due to the low rate of the US dollar versus the Euro.
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