Form 8-K_3rd_Qtr_2005_Earnings_Release
EASTMAN
CHEMICAL COMPANY - EMN
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October
27, 2005
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UNITED
STATES
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SECURITIES
AND EXCHANGE COMMISSION
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WASHINGTON,
DC 20549
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Pursuant
to Section 13 or 15
(d) of the Securities and Exchange Act of
1934
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Date
of Report (Date of earliest event reported):
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October
27, 2005
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EASTMAN
CHEMICAL
COMPANY
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(Exact
name of registrant as
specified in its charter)
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Delaware
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1-12626
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62-1539359
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(State
of other jurisdiction of
incorporation
or organization)
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(Commission
File Number)
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(I.R.S.
employer identification No.)
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200 South
Wilcox Drive, Kingsport, TN
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37660
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (423)
229-2000
EASTMAN
CHEMICAL COMPANY - EMN
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October
27, 2005
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Item
2.02 Results of Operations and Financial Condition
On October
27, 2005, the registrant publicly released its financial results for
the third 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:
·
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Total
CASPI segment sales revenue, operating earnings, asset impairments
and
restructuring charges and other operating income excluding the CASPI
restructured, divested and consolidated product lines component of
each of
these items
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·
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Eastman
Chemical Company Operating Earnings,
Earnings Before Tax, Net Earnings and Diluted Earnings Per Share
excluding; asset impairments and restructuring charges, and
a
net deferred tax credit related to assets held for sale in the CASPI
segment
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Eastman's management believes that asset impairments
and
restructuring charges, net deferred tax benefit and corporate, Eastman Division,
and CASPI 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 and financial position 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 financial
tables
reconciles operating earnings, earnings before tax, net earnings and earnings
per share on a GAAP basis, as reflected in Eastman's Consolidated Statements
of
Earnings, to operating earnings, earnings before tax, net earnings and earnings
per share excluding the asset impairments and restructuring charges, and net
deferred tax benefit. Tables 4a and 4b in the accompanying financial
tables
reconcile 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
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October
27, 2005
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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 October 27, 2005 of third
quarter
2005 financial results.
EASTMAN
CHEMICAL COMPANY - EMN
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October
27, 2005
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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.
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Eastman
Chemical Company
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By:
/s/ Curtis E. Espeland
Curtis
E. Espeland
Vice
President and Chief Accounting Officer
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Date: October
27, 2005
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