Restructuring At ImageState

Posted on 4/15/2002 by Jim Pickerell | Printable Version | Comments (0)



April 15, 2002

Recently, ImageState has gone through some major restructuring of its business. Sheldon
Marshall, President of the company, says they had "geared up the business anticipating a
much bigger business than it is. With the changes in the economy other factors, we found
it necessary to downsize to meet the level of existing business that we have."

They have scaled back their London operation and moved the headquarters of the group to
New York. Marshall and Chief Financial Officer, Chris Adamson, will be working out of New
York for the foreseeable future. All photographic content has been centralized in the New
York office. All relationship management and content production will also be controlled
from New York. However, the International Sales Department will remain in London.

Stephen Harvey Franklin, who formerly headed ImageState's London operation will be leaving
the company. Marshall said, "As a result of the consolidation, fundamentally, we don't
need someone of Stephen's caliber in the UK. We have downsized the management in the UK
and are building up our management in the U.S." Currently ImageState has a staff of
approximately 32 people in New York, and is looking to make additional hires. The Seattle
office has been closed entirely. There is a remote sales staff based in Seattle, but they
will be operating from their homes.

European photographers will still deliver their images to London where a photo liaison
person will make an initial edit. However, the final decisions on what images will be
added to the file, or selected for catalogs, will be made in New York. This will be the
case for both Rights Protected and Royalty Free images. In the future, London will be
primarily a sales office.

The contract of George Sinclair who was Managing Director for North America was not
renewed, and Marshall will be taking over operational control for the medium term.
Sinclair will be handling a few specific integration projects for his remaining months
with ImageState.

John Macfie, former president of International Stock, will be leaving the company later in
the year. Donna Sickles who was Director of Operations for International Stock is taking
over the operations role at ImageState. Lindsey Nicholson, former VP of Index Stock, has
recently been hired to be Director of Photographer Relations for ImageState.

In the last fiscal year ending June 30, 2001, Image State had gross sales of 3.164 million
pounds and cost of sales (mostly royalties) of 1.203 million pounds leaving a gross profit
of 1.961 million pounds. Operating expenses, not counting a write down of loans to
discontinued operations, were 8.450 million pounds showing a huge loss on operations.

Marshall says that in the past year they have been trying to get the company to a
breakeven situation and, "now with the restructuring we have put in place, we have managed
to do that. We had record sales last month and have a much healthier run rate. I believe
we are moving forward toward profitability."

Copyright © 2002 Jim Pickerell. The above article may not be copied, reproduced, excerpted or distributed in any manner without written permission from the author. All requests should be submitted to Selling Stock at 10319 Westlake Drive, Suite 162, Bethesda, MD 20817, phone 301-251-0720, e-mail: wvz@fpcubgbf.pbz

Jim Pickerell is founder of, an online newsletter that publishes daily. He is also available for personal telephone consultations on pricing and other matters related to stock photography. He occasionally acts as an expert witness on matters related to stock photography. For his current curriculum vitae go to:  


Be the first to comment below.

Post Comment

You must log in to post comments.

Stay Connected

Sign up to receive our FREE weekly email listing new stories posted.

Follow Us

Free Stuff

Recent Stories – Summer 2016
If you’ve been shooting all summer and haven’t had time to keep up with your reading here are links to a few stories you might want to check out as we move into the fall. To begin, be sure to complet...
Read More
Corbis Acquisition by VCG/Getty Images
This story provides links to several stories that relate to the Visual China Group (VCG) acquisition of Corbis and the role Getty Images has been assigned in the transfer of Corbis assets to the Gett...
Read More
Finding The Right Image
Many think search will be solved with better Metadata. While metadata is important, there are limits to how far it can take the customer toward finding the right piece of content. This story provides...
Read More
Where Is The Stock Photo Industry Headed?
For new readers, or those who may have missed some of what I have written over the last few months, the following are a list of stories worth looking at to get a sense of where the industry is headed.
Read More
Photography As A Career
It’s that time of year when high school seniors are waiting for college acceptance letters and thinking about future careers. If you know someone who is thinking about photography as a career you mig...
Read More
2014 Stories You May Have Missed
For many the end of the year is a time to review past experiences and consider whether it makes sense to chart a new course in the year ahead. Stock photography has changed dramatically for professio...
Read More
More Stories In 2014 You May Have Missed
Every so often I put together a list of the most important stories we’ve published in the recent past. If you are engaged in the business of stock photography the links below are to stories that we’v...
Read More
Getty: A Three Month Review
In all the excitement about 35 million FREE images it is worth looking back at some of things that have been happening at Getty Images in the last three months. After watching revenue decline for the...
Read More
State Of Stock Photo Industry: 2013
If you’re looking for an overview of the state of the stock photo industry as of October 2013 the stories listed below are a good place to start. Regular readers of Selling-Stock will have seen all t...
Read More
Education Market Shifts To Digital
If supplying pictures for educational use is a significant part of your business plan you need to be aware of how the market is trending toward digital delivery and how that is likely to affect the p...
Read More

More from Free Stuff