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UNITED STATES
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): November 12, 2004
Eastman Kodak Company
(Exact name of registrant as specified in its charter)
New Jersey 1-87 16-0417150
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(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
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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 Securities
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))
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ITEM 2.05 Costs Associated with Exit or Disposal Activities
On November 12, 2004, Eastman Kodak Company committed to a plan to close
five overnight photofinishing labs and the associated photofinishing
head office and call center located in the United Kingdom. These
actions, which are expected to be completed by October 2005, reflect the
Company's plan to deal effectively with the continued worldwide volume
decline in traditional products driven by the increasing popularity of
digital products worldwide.
In conjunction with the lab closures, the Company will pay approximately
$10 million in severance costs to employees and will incur other exit and
disposal costs amounting to approximately $6 million. In addition, the
Company will record a charge in cost of goods sold of approximately $4
million in 2004 for inventory and intangible asset write-downs and $23
million for accelerated depreciation on the related long-lived assets
during the remainder of 2004 and 2005. The severance and other exit and
disposal costs require the outlay of cash, while the accelerated
depreciation and inventory write-downs represent a non-cash charge.
These lab closures are part of the Company's restructuring program that was
announced on January 22, 2004. The Company expects that it will continue
to consolidate its worldwide overnight photofinishing operations in order
to eliminate excess capacity.
A copy of the November 17, 2004 press release related to the lab
closures is attached hereto as Exhibit (99.1).
ITEM 9.01 Financial Statements and Exhibits
(c) Exhibits
(99.1) Eastman Kodak Company press release dated November 17, 2004
regarding photofinishing lab closures in the United Kingdom.
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SIGNATURE
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/ Richard G. Brown, Jr.
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Richard G. Brown, Jr.
Controller
Date: November 17, 2004
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EASTMAN KODAK COMPANY
INDEX TO EXHIBITS
Exhibit No.
(99.1) Eastman Kodak Company press release dated November 17, 2004
regarding photofinishing lab closures in the United Kingdom.