Still, analysts say that Polaroid banked too much on them, as it did on Helios, I-Zone and JoyCam.
"There was always this next great product that will save the company," said Gibboney Huske of Credit Suisse First Boston.
"It was a vicious cycle of constantly putting all the eggs in one basket."
The phases of Polaroid
1937: Edwin H. Land founds Polaroid and develops products including day glasses and a polarizing desk lamp, 11 years after dropping out of Harvard University after his freshman year to study light polarization.
1947: Land introduces instant imaging at the Optical Society of America meeting in New York. A year later, the company introduces its first instant camera and film in Boston. The camera retails for US$89.50.
1963: Polaroid introduces instant color film and Model 100 folding pack camera, the first to use transistorized electronics to manage shutter speed for timing.
1972: Company introduces the SX-70, the first Polaroid camera that ejects a print from the camera, which then develops when exposed to light.
1983: Polaroid boasts 13,402 employees, US$1.3 billion in sales, and more than 1,000 patents. The company introduces the Polaroid Palette, a computer image recorder, and begins selling blank videocassette tapes.
1991: Land dies at age 81. The company produces its 1 billionth pack of instant film and is paid US$925 million by Eastman-Kodak to settle a patent infringement lawsuit.
1995: Gary DiCamillo is hired as first outsider to head Polaroid. Company lays off 2,500 workers amid concerns of slumping sales. Some stockholders worry it is ignoring instant imaging, its cash cow, in favor of unproven technology.
1997: Polaroid shares briefly trade at more than US$60.
February 2001: Announces 950 job cuts along with plan to sell real estate assets and restructure company to develop instant imaging business.
June 2001: Polaroid cuts 2,000 jobs, or 25 percent of work force; further cuts planned.
July 2001: The company announces it will miss bond payments and is exploring a possible merger or sale, despite receiving a reprieve from lenders.
Oct. 12, 2001: Company files for Chapter 11 restructuring. Shares, trading in which has been halted, last traded at US$0.28.
Source: Polaroid Corp
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