SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): May 4, 2007
Eastman Kodak Company
(Exact name of registrant as specified in charter)
New Jersey 1-87 16-0417150
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(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
343 State Street,
Rochester, New York 14650
(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code (585) 724-4000
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition
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On May 4, 2007, Eastman Kodak Company issued a press release describing its
financial results for its first fiscal quarter ended March 31, 2007. Copies of
the press release and financial discussion document are attached as Exhibits
99.1 and 99.2, respectively, to this report.
Within the Company's first quarter 2007 press release and financial discussion
document, the Company makes reference to certain non-GAAP financial measures
including "Digital revenue", "Traditional revenue", "New Technologies revenue",
"Digital earnings", "Digital earnings improvement", "Digital earnings from
operations", and "Net cash generation", which have directly comparable GAAP
financial measures. The Company believes that these measures represent important
internal measures of performance. Accordingly, where these non-GAAP measures are
provided, it is done so that investors have the same financial data that
management uses with the belief that it will assist the investment community in
properly assessing the underlying performance of the Company on a year-over-year
basis. Whenever such information is presented, the Company has complied with the
provisions of the rules under Regulation G and Item 2.02 of Form 8-K. The
specific reasons, in addition to the reasons described above, why the Company's
management believes that the presentation of the non-GAAP financial measures
provides useful information to investors regarding Kodak's financial condition,
results of operations and cash flows are as follows:
Digital revenue / Traditional revenue / New Technologies revenue / Digital
earnings / Digital earnings from operations / Digital earnings improvement - Due
to the Company's ongoing digital transformation, management views the Company's
performance based on the following three key metrics: digital revenue growth,
digital earnings growth and the generation of cash. These three key metrics are
emphasized in the Company's attached earnings release for the first quarter of
2007. These digital measures form the basis of internal management performance
expectations and certain incentive compensation. Accordingly, these digital
measures are presented so that investors have the same financial data that
management uses with the belief that it will assist the investment community in
properly assessing the underlying performance of the Company against its key
metrics on a year-over-year and quarter-sequential basis, as the Company
undergoes this digital transformation.
Net cash generation - The Company believes that the presentation of net cash
generation is useful information to investors as it facilitates the comparison
of cash flows between reporting periods. In addition, management utilizes this
measure as a tool to assess the Company's ability to repay debt and repurchase
its own common stock, after it has satisfied its working capital needs
(including restructuring-related payments), dividends, capital expenditures, and
investments. The net cash generation measure equals net cash provided by
continuing operations from operating activities, as determined under Generally
Accepted Accounting Principles in the U.S. (GAAP), minus capital expenditures,
plus proceeds from the sale of assets, investments in unconsolidated affiliates,
and dividends. Net cash generation forms the basis of internal management
performance expectations (it is one of the Company's three key metrics) and
certain incentive compensation. Accordingly, the Company believes that the
presentation of this information is useful to investors as it provides them with
the same data as management uses to facilitate their assessment of the Company's
cash position.
Item 9.01. Financial Statements and Exhibits
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(c) Exhibits
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Exhibit 99.1 Press release issued May 4, 2007 Furnished with
regarding financial results for this document
the first quarter of 2007
Exhibit 99.2 Financial discussion document issued Furnished with
May 4, 2007 regarding financial this document
results for the first quarter of 2007
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
EASTMAN KODAK COMPANY
By: /s/ Diane E. Wilfong
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Name: Diane E. Wilfong
Title: Controller
Date: May 4, 2007
EXHIBIT INDEX
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Exhibit No. Description
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99.1 Press release issued May 4, 2007 regarding financial results for the
first quarter of 2007
99.2 Financial discussion document issued May 4, 2007 regarding financial
results for the first quarter of 2007