1.   Also, the digital photography business has yet to reap a profit, analysts said, as rivals such as Hewlett-Packard Co. race to take the lead.

2.   Eastman Kodak Co., whose digital photography business continues to bleed profusely, said Tuesday that its sales and earnings had declined for a second consecutive quarter.

3.   Expansion has been a challenge for Polaroid, which invented the instant photography business, as sales of digital cameras have eroded its core.

4.   Even Colcord concedes that Polaroid faces a precipitous and probably permanent decline in its mainstay instant photography business.

5.   Four years later, he left the bank to devote himself fully to starting a photography business that would change the industry.

6.   He became a pilot, started his own aerial photography business and at one point built and flew his own plane.

7.   Iris, Epson, Canon and Hewlett Packard, electronics companies all, saw a new market and got into the photography business by default.

8.   Meanwhile, Withers continued taking pictures, and soon his photography business was strong enough to support him.

9.   Still, the general euphoria remains tempered by basic worries about the outlook for the photography business.

10.   The company has suffered mounting losses in its digital photography businesses, while the persistently strong dollar has hurt its profits overseas.