Eastman Kodak Company
Kodak Completes Acquisition of Laser-Pacific Media Corporation
HOLLYWOOD, CA, Oct. 31 -- Eastman Kodak Company (NYSE: EK) announced that it has completed the acquisition of Laser-Pacific Media Corporation (Nasdaq NM: LPAC), a leading Hollywood-based post-production company.
Laser-Pacific stockholders voted on October 30 to approve the acquisition, which was previously announced on August 1, 2003. Kodak acquired the outstanding shares of Laser-Pacific at a price of $4.22 per share. The purchase price, totaling approximately $30.5 million, will be paid in cash. As of June 30, Laser-Pacific had $1.9 million in net debt.
Laser-Pacific will operate as a wholly owned subsidiary of Kodak, and will become a part of the company's Entertainment Imaging services group, headed by Bertrand Decoux, vice president and general manager. Emory Cohen, co-founder of Laser-Pacific, will lead the subsidiary as CEO.
Laser-Pacific was founded in 1990 and has earned six Emmy® awards for outstanding achievement in engineering development. It provides a full spectrum of post-production services for television, home video and motion pictures, including film processing and transfer, editing, mastering, digital preview, and DVD compression and authoring services. Laser-Pacific and Cinesite, Kodak's visual-effects and digital restoration and mastering subsidiary will be the hub of Kodak's worldwide entertainment imaging services group.
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.
For more information about Kodak products and services, visit www.kodak.com/go/motion.