EASTMAN
CHEMICAL COMPANY - EMN
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January
25, 2007
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Item
2.02 Results of Operations and Financial Condition
On January
25, 2007, the registrant publicly released its financial results for
fourth-quarter and full-year 2006. 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:
Eastman
Chemical Company Operating Earnings, Earnings Before Tax, Net Earnings and
Net
Earnings Per Diluted Share excluding accelerated depreciation costs, asset
impairments and restructuring charges, other operating income, gain on sale
of
investment in Genencor, early debt extinguishment costs, and net deferred
tax
benefit.
Eastman’s
management believes that the accelerated depreciation costs, asset impairments
and restructuring charges, other operating income, gain on sale of equity
investment in Genencor, early debt extinguishment costs, and net deferred
tax
benefit 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 and segment results,
respectively, without the identified items. Management utilizes corporate
earnings and segment operating results excluding the identified items in
the
measures it uses to evaluate business 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 3 and 6 in the
accompanying fourth-quarter and full-year 2006 financial tables reconciles
operating earnings, earnings before tax, net earnings, and net earnings per
diluted share on a GAAP basis, as reflected in Eastman’s Consolidated Statements
of Earnings, to operating earnings, earnings before tax, net earnings, and
net
earnings per diluted share excluding accelerated depreciation costs, asset
impairments and restructuring charges, other operating income, gain on sale
of
equity investment in Genencor, early debt extinguishment costs, and net deferred
tax benefit.
In
addition, the Company has chosen to present sales revenue and operating earnings
(loss) attributable to recently divested product lines. Tables 4 and 5 in
the
accompanying fourth-quarter and full-year 2006 financial tables provide this
information on a GAAP basis.
EASTMAN
CHEMICAL COMPANY - EMN
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January
25, 2007
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Item
9.01 Financial Statements and Exhibits:
(d)
Exhibits
The
following exhibit is furnished pursuant to Item 9.01:
99.01
Public release by the registrant on January 25, 2007 of fourth-quarter
and full-year 2006 financial results.
EASTMAN
CHEMICAL COMPANY - EMN
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January
25, 2007
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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:
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Curtis
E. Espeland
Vice
President and Chief Accounting Officer
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Date: January
25, 2007
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