SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 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
1, 2008
EASTMAN KODAK
COMPANY
(Exact
name of registrant as specified in charter)
New Jersey |
1-87 |
16-0417150 |
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
343 State Street, Rochester, New York 14650 |
(Address of Principal Executive Offices) (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 May 1, 2008, Eastman Kodak Company issued a press release describing
its financial results for its first fiscal quarter ended March 31, 2008.
A copy of the press release is attached as Exhibit 99.1 to this report.
Within the Company's first quarter 2008 press release, the Company makes
reference to certain non-GAAP financial measures including "Digital
revenue", "Traditional revenue", 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 - Due to the Company's ongoing
digital transformation, management views the Company’s performance based
on digital revenue growth. Digital revenue growth forms the basis of
internal management performance expectations 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 financial data that management uses to assess the Company’s growth
on a year-over-year and quarter-sequential basis, as the Company
continues 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, 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. (U.S. GAAP), minus
capital expenditures, plus proceeds from the sale of assets and certain
businesses, plus investments in unconsolidated affiliates, and minus
dividends. Net cash generation forms the basis of internal management
performance expectations 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 |
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Exhibit 99.1 | Press release issued May 1, | Furnished with |
2008 regarding financial results | this document | |
for the first quarter of 2008 |
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 |
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By: |
/s/ Diane E. Wilfong |
Name: |
Diane E. Wilfong |
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Title: |
Chief Accounting Officer |
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and Controller |
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Date: |
May 1, 2008 |
EXHIBIT INDEX
Exhibit No. |
Description |
|
99.1 |
Press release issued May 1, 2008 regarding financial results for the first quarter of 2008 |