|
EASTMAN
CHEMICAL COMPANY - EMN
|
|
April
28, 2005
|
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
Current
Report
Pursuant
to Section 13 or 15 (d) of the Securities and Exchange Act of 1934
Date
of Report (Date of earliest event reported):
April
28, 2005
EASTMAN
CHEMICAL COMPANY
(Exact
name of registrant as specified in its charter)
|
Delaware
|
|
1-12626
|
|
62-1539359
|
|
(State
or other jurisdiction of
incorporation
or organization) |
|
(Commission
File
Number) |
|
(I.R.S.
employer
identification
No.) |
|
|
|
|
|
|
|
100
N. Eastman Road, Kingsport, TN
(Address
of principal executive offices) |
|
37660
(Zip
Code) |
|
|
|
|
Registrant’s
telephone number, including area code: (423)
229-2000
|
EASTMAN
CHEMICAL COMPANY - EMN
|
|
April
28, 2005
|
Item
2.02 Results of Operations and Financial Condition
On April
28, 2005, the registrant publicly released its financial results for
the first quarter 2005. The full text of the release is furnished as
Exhibit 99.01 to this Form 8-K, and is incorporated herein by reference. This
information shall not be deemed “filed” for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), or
incorporated by reference in any filing under the Securities Act of 1933, as
amended, or the Exchange Act, except as shall be expressly set forth by specific
reference in such a filing.
This Form
8-K includes the following non-GAAP financial measures:
| · |
Net
earnings and diluted earnings per share excluding asset impairments and
restructuring charges, other operating income, and a net deferred tax
benefit |
| · |
Operating
earnings excluding asset impairments and restructuring charges and other
operating income |
| · |
Eastman
Chemical Company and Eastman Division sales revenue excluding
restructured, divested, and consolidated product lines sales revenue from
the coatings, adhesives, specialty polymers and inks ("CASPI")
segment. |
Eastman’s
management believes that the asset impairments and restructuring charges, other
operating income, net deferred tax benefit, and corporate and Eastman Division
sales revenue including restructured, divested, and consolidated product lines
sales revenue from the CASPI segment do not reflect ongoing business results.
However, management believes that these items are indicative of the performance
of certain businesses and product lines, results of continuous efforts to reduce
costs, and results of other actions to improve the profitability of the company.
Management believes that investors can better evaluate and analyze historical
and future business trends if they also consider the reported corporate,
division and segment results, respectively, without the identified items.
Management utilizes corporate earnings and division and segment sales revenue
and operating results excluding the identified items in the measures it uses to
evaluate corporate, division and segment performance and in determining certain
performance-based compensation. These measures are not recognized in accordance
with generally accepted accounting principles (GAAP) and should not be viewed as
alternatives to the GAAP measures of performance. Table 8 in the accompanying
first-quarter 2005 financial tables reconciles operating earnings, net earnings
and earnings per share on a GAAP basis, as reflected in Eastman’s Consolidated
Statements of Earnings, to operating earnings, net earnings and earnings per
share excluding asset impairments and restructuring charges, other operating
income, and the net deferred tax benefit. Tables 4a and 4b in the accompanying
first-quarter 2005 financial tables reconciles corporate and Eastman Division
sales revenue on a GAAP basis to sales revenue excluding restructured, divested,
and consolidated product lines sales revenue from the CASPI
segment.
|
EASTMAN
CHEMICAL COMPANY - EMN
|
|
April
28, 2005
|
Item
9.01 Financial Statements and Exhibits:
(c)
Exhibits
The
following exhibit is furnished pursuant to Item 9.01:
99.01
Public release by the registrant on April 28, 2005 of first quarter 2005
financial results.
|
EASTMAN
CHEMICAL COMPANY - EMN
|
|
April
28, 2005
|
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
Chemical Company
|
| |
|
By: __/s/
Curtis E. Espeland___________________
Curtis E. Espeland
Vice President and Chief Accounting Officer |
| |
|
Date:
April 28, 2005 |
| |
|
|
| |
|
|