Eastman Chemical Co. 8-K for period ending 12/31/2005 dated 01-26-05
EASTMAN
CHEMICAL COMPANY - EMN
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January
26, 2006
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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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January
26, 2006
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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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January
26, 2006
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Item
2.02 Results of Operations and Financial Condition
On January
26, 2006, the registrant publicly released its financial results for
the fourth quarter and full year 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; and
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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, other
operating income, gain on the sale of the investment
in
Genencor, charge associated with the early repayment of
debt, and certain net deferred tax
benefits.
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Eastman's
management believes that asset impairments and restructuring charges, other
operating income, gain on the sale of the investment in Genencor, charges
associated with the early repayment of debt, and the net deferred tax benefits,
and corporate, Eastman Division, and CASPI sales revenue and operating earnings
including restructured, divested, and consolidated product lines sales revenue
and operating earnings 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 identified
items. Table 5 in the accompanying financial tables reconciles CASPI
segment revenue, operating earnings, asset impairments and restructuring
charges, and other operating income on a GAAP basis to these measures excluding
the identified items. 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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January
26, 2006
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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 January 26, 2006 of fourth
quarter
and full year 2005 financial results.
EASTMAN
CHEMICAL COMPANY - EMN
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January
26, 2006
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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: January
26, 2006
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