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): August 2, 2007
Eastman Kodak Company
(Exact name of registrant as specified in charter)
New Jersey 1-87 16-0417150
--------------------------------------------------------------------------------
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) 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
--------------
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
--------------------------------------------------------
On August 2, 2007, Eastman Kodak Company issued a press release describing its
financial results for its second fiscal quarter ended June 30, 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 second quarter 2007 press release and financial discussion
document, the Company makes reference to certain non-GAAP financial measures
including "Digital earnings improvement", "Traditional earnings improvement",
"Digital revenue", "Traditional revenue", "Net cash generation", "GCG digital
revenue improvement", "Net cash generation goal", "Digital earnings from
operations goal" and "Digital revenue growth forecast", 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 earnings improvement / Traditional earnings improvement / Digital
revenue / Traditional revenue / GCG digital revenue improvement / Digital
earnings from operations goal / Digital revenue growth forecast - 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 net cash generation. These three key metrics are
emphasized in the Company's attached earnings release for the second 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 / Net cash generation goal - 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 these measures as tools 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, acquisitions 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
--------------------------------------------
(c) Exhibits
--------
Exhibit 99.1 Press release issued August 2, Furnished with
2007 regarding financial results this document
for the second quarter of 2007
Exhibit 99.2 Financial discussion document issued Furnished with
August 2, 2007 regarding financial this document
results for the second quarter of 2007
SIGNATURES
----------
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
----------------------------
Name: Diane E. Wilfong
Title: Chief Accounting Officer
and Controller
Date: August 2, 2007
EXHIBIT INDEX
-------------
Exhibit No. Description
---------- ------------
99.1 Press release issued August 2, 2007 regarding financial results for the
second quarter of 2007
99.2 Financial discussion document issued August 2, 2007 regarding financial
results for the second quarter of 2007