secondquarter2007pressrel.htm
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):
July
26, 2007
EASTMAN
CHEMICAL COMPANY
(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
or Other Jurisdiction
of
Incorporation)
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(Commission
File Number)
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(IRS
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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(423) 229-2000
(Registrant’s
Telephone Number, Including Area Code)
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:
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
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EASTMAN
CHEMICAL COMPANY - EMN
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July
26, 2007
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Item
2.02 Results of Operations and Financial Condition
On July
26, 2007, the registrant publicly released its financial results for second
quarter 2007. 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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Eastman
Chemical Company and segment sales excluding contract ethylene sales
under
a transition agreement related to the previous divestiture of the
polyethylene product lines;
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·
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Eastman
Chemical Company Operating Earnings, Earnings Before Tax, Net
Earnings and Earnings Per Diluted Share excluding accelerated depreciation
costs and asset impairments and restructuring charges;
and
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Segment
Operating Earnings excluding accelerated depreciation costs and asset
impairments and restructuring
charges.
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Eastman's
management believes that sales from contract ethylene sales under the transition
agreement related to the previous divestiture of the polyethylene product lines
do not reflect the continuing and expected future business of the Performance
Chemicals and Intermediates ("PCI") segment. In addition, management
believes that corporate and segment earnings should be considered both with
and
without accelerated depreciation costs and asset impairments and restructuring
charges for evaluation and analysis of ongoing business results. However,
management believes that these items are indicative of results of continuous
efforts to reduce costs and of 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 and segment results including and excluding the
identified items in the measures it uses to evaluate business performance and
in
determining certain performance-based compensation. These measures, excluding
the identified items, are not recognized in accordance with GAAP and should
not
be viewed as alternatives to the GAAP measures of performance. Tables 3, 4
and 6 in the accompanying second quarter 2007 financial tables
reconcile:
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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 and asset impairments and restructuring charges;
and
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Sales
Revenue on a GAAP basis, as reflected in Eastman's Consolidated Statements
of Earnings, to Sales Revenue excluding sales revenue resulting from
contract ethylene sales under a transition agreement related to the
previous divestiture of the polyethylene product
lines.
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In
addition, the Company has chosen separately to present Sales, Operating Earnings
(Loss), Accelerated Depreciation Costs, and Asset Impairments and
Restructuring Charges attributable to recently divested product lines. Tables
4
and 5 in the accompanying second quarter 2007 financial tables provide this
information on a GAAP basis.
EASTMAN
CHEMICAL COMPANY - EMN
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July
26, 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 July 26, 2007 of second
quarter 2007 financial results.
EASTMAN
CHEMICAL COMPANY - EMN
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July
26, 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:
/s/ Curtis E. Espeland
Curtis
E. Espeland
Vice
President and Chief Accounting Officer
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Date: July
26, 2007
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