q4_2007pressrelease.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 Exchange Act of
1934
Date
of report (Date of earliest event reported):
January
24, 2008
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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January
24, 2008
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Item
2.02 Results of Operations and Financial Condition
On January
24, 2008, the registrant publicly released its financial results for fourth
quarter and full year 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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Eastman
Chemical Company and segment sales and results from continuing
operations
excluding sales revenue and operating results from divested
product
lines;
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Eastman
Chemical Company and segment sales and results from continuing
operations
excluding sales revenue and results from continuing operations
from sales
in Latin America of PET products manufactured at the divested
Mexico and
Argentina PET manufacturing
facilities;
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·
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Eastman
Chemical Company operating earnings, earnings before tax,
net earnings and
net earnings per diluted share, each from continuing operations,
excluding
accelerated depreciation costs, and asset impairments and
restructuring
charges (credit), and other operating income;
and
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Segment
results from continuing operations excluding accelerated
depreciation
costs, asset impairments and restructuring charges (credit),
and other
operating (income) loss.
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Tables
3,
4, 5, and 6 in the accompanying financial tables reconcile these non-GAAP
financial measures to the most directly comparable GAAP financial
measures.
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, for
evaluation and analysis of ongoing business results and of the impact
on the
company and segments of strategic decisions and actions to reduce
costs and to
improve the profitability of the company, management believes that
corporate and
segment earnings from continuing operations should be considered
both with and
without accelerated depreciation costs, asset impairments and restructuring
charges, and other operating (income) loss, and that corporate and
segment sales
and results from continuing operations should be considered both
with and
without revenues and results from continuing operations from divested
product
lines and from sales in Latin America of PET products manufactured
at the
divested Mexico and Argentina manufacturing facilities. 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.
EASTMAN
CHEMICAL COMPANY - EMN
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January
24, 2008
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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 24, 2008 of fourth
quarter and full year 2007 financial results.
EASTMAN
CHEMICAL COMPANY - EMN
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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
24,
2008
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