Date: Thu, 18 Dec 1997 03:46:11 GMT Server: Apache/1.1.1 Content-type: text/html Set-Cookie: Apache=heart26922882416771673; path=/ Last-modified: Mon, 13 Oct 1997 21:40:43 GMT CPI Milestones

CPI Milestones


1997 - Sold remaining 49% interest in Fox Photo joint venture to Eastman Kodak Co for $53.9 million.

1996 - Entered joint venture with Eastman Kodak Co., selling 51% of Fox Photo, Inc. retail photofinishing division for $56.1 million in cash, while retaining 49% interest.

1996 - Sold electronic publishing division and announced an agreement to sell 50 marginal CPI Photo and Fox Photo stores in order to concentrate on core businesses and core markets.

1995 - Began testing of new photofinishing products and services based on applications of digital imaging technology.

1994 - Developed the Portrait Preview System for Sears Portrait Studios, incorporating digital imaging technology in highly successful new marketing programs.

1993 - Acquired Prints Plus, the leading non-franchise retailer of posters, prints and framing service in U.S., as CPI's third major segment.

1991 - Acquired Fox Photo, expanding the photofinishing division to a nationwide operation, and effectively doubling the segment's size.

1989 - Common stock listed for trading on the New York Stock Exchange with the objective of achieving higher corporate visibility, increased interest among investors, and greater shareholder liquidity.

1988 - Entered the electronic publishing industry with two objectives - first, to develop a new retail service business, and second, to closely monitor ongoing developments in digital imaging technology.

1982 - Following thorough testing and analysis, entered the one-hour photofinishing industry, which has become CPI's second major business.

1982 - Initial public offering of common stock issued in order to expand the company's equity capital base and facilitate future growth.

1981 - Developed the exclusive Video Vision® camera system for Sears Portrait Studios, which freed the photographer to work closely with the subject, concentrating on posing and expression, with improved portrait quality and customer satisfaction.

1973 - In order to concentrate on growing with Sears, which was the world's leading retailer, resigned all other portrait photography accounts, including Montgomery Ward. In 1986, CPI became the exclusive portrait service at Sears.

1970 - Began Sears marketing operations and portrait production in Canada. There are presently 119 studios in Sears stores. The first location in a non-Sears mall opened in 1991.

1970 - Opened first permanent Sears Portrait Studio in Northwest Plaza, St. Louis. CPI's network in the United States has grown to 812 locations in Sears stores and 99 studios in non-Sears malls.

1967 - Opened first permanent mall studio, called Children's Photographer, in Evergreen Plaza, Chicago. It's location recognized the suburban shopping mall as a wave of the future in both mass and specialty retailing.

1965 - Began production of color portrait photography, CPI's second major innovation in portrait marketing. Prior to this, color portraiture was labor intensive because of hand-tinting, and consequently more costly.

1964 - Moved company headquarters and portrait production lab to present location in historic building. Other labs have since been added in Nevada, Connecticut and Canada.

1964 - Revolutionized portrait photography marketing by producing a complete selection of pre-printed finished portraits in a variety of sizes. The customer no longer had to return for proof selection, place the order, then make still another trip to pick up the finished portraits.

1959 - The company was operating 20 studios from Wichita, Kansas to York, Pennsylvania.

1959 - Began traveling photography service to mass merchandisers, including Montgomery Ward and Sears, employing promotional marketing to attract customers.

1942 - Opened first studio, named Rembrandt Studio, in St. Louis, Missouri.



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