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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): June 3, 2004
Eastman Kodak Company
(Exact name of registrant as specified in charter)
New Jersey 1-87 16-0417150
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
343 State Street,
Rochester, New York 14650
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(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code (585) 724-4000
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ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE
The Company changed its segment reporting structure effective January
1, 2004 in conjunction with an organizational realignment it announced
on August 21, 2003. In addition, on February 9, 2004, the Company
announced its intent to sell the assets and business of the Remote
Sensing Systems operation, including the stock of Kodak's wholly owned
subsidiary, Research Systems, Inc., collectively known as RSS, to ITT
Industries. Accounting Principles Generally Accepted in the United
States of America requires that when a company changes its reportable
segments or when a component of an entity, such as RSS, has been
reported as a discontinued operation, financial statements for prior
periods must also be reported using the new segment reporting structure
or report the financial results of the component in discontinued
operations.
In response to these requirements, on May 14, 2004, the Company filed a
Form 8-K that presented revised financial results reflecting the
Company's new segment reporting structure and RSS as a discontinued
operation as of December 31, 2003 and 2002 and for the three years in
the period ended December 31, 2003. The purpose of this Form 8-K is to
present the results of operations for each quarter of 2003 under the
new reportable segment structure, with RSS reflected as a discontinued
operation.
The results of the Digital and Film Imaging Systems (formerly known as
Photography) and Health Imaging segments have not been presented below
because these segments were not impacted by the change in the
reportable segment structure, nor were they impacted by the RSS
discontinued operation.
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For the three months ended March 31, 2003
(in millions)
OLD STRUCTURE
Commercial All Sub-
Imaging Other Total
Net sales $ 372 $ 21 $ 393
Cost of goods sold (COGS) 265 21 286
----- ----- -----
Gross profit 107 - 107
Selling, general and administrative
expenses (SG&A) 48 5 53
Research and development costs (R&D) 15 12 27
----- ----- -----
Earnings before interest, other
charges, net, and taxes (EFO) $ 44 $ (17) $ 27
===== ===== =====
NEW STRUCTURE
RSS
Commercial Graphic All Disc. Sub-
Imaging Communications Other Ops. Total
Net sales $ 186 $ 88 $ 19 $ 100 $ 393
COGS 126 66 17 77 286
----- ----- ----- ----- -----
Gross profit 60 22 2 23 107
SG&A 32 8 5 8 53
R&D 8 5 13 1 27
----- ----- ----- ----- -----
EFO $ 20 $ 9 $ (16) $ 14 $ 27
===== ===== ===== ===== =====
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For the three months ended June 30, 2003
(in millions)
OLD STRUCTURE
Commercial All Sub-
Imaging Other Total
Net sales $ 382 $ 22 $ 404
Cost of goods sold (COGS) 277 21 298
----- ----- -----
Gross profit 105 1 106
Selling, general and administrative
expenses (SG&A) 50 10 60
Research and development costs (R&D) 15 13 28
----- ----- -----
Earnings before interest, other
charges, net, and taxes (EFO) $ 40 $ (22) $ 18
===== ===== =====
NEW STRUCTURE
RSS
Commercial Graphic All Disc. Sub-
Imaging Communications Other Ops. Total
Net sales $ 199 $ 89 $ 23 $ 93 $ 404
COGS 127 76 22 73 298
----- ----- ----- ----- -----
Gross profit 72 13 1 20 106
SG&A 34 7 10 9 60
R&D 7 7 13 1 28
----- ----- ----- ----- -----
EFO $ 31 $ (1) $ (22) $ 10 $ 18
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For the three months ended Sept. 30, 2003
(in millions)
OLD STRUCTURE
Commercial All Sub-
Imaging Other Total
Net sales $ 373 $ 28 $ 401
Cost of goods sold (COGS) 280 17 297
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Gross profit 93 11 104
Selling, general and administrative
expenses (SG&A) 49 8 57
Research and development costs (R&D) 11 22 33
----- ----- -----
Earnings before interest, other
charges, net, and taxes (EFO) $ 33 $ (19) $ 14
===== ===== =====
NEW STRUCTURE
RSS
Commercial Graphic All Disc. Sub-
Imaging Communications Other Ops. Total
Net sales $ 190 $ 82 $ 28 $ 101 $ 401
COGS 130 72 16 79 297
----- ----- ----- ----- -----
Gross profit 60 10 12 22 104
SG&A 32 8 8 9 57
R&D 4 5 22 2 33
----- ----- ----- ----- -----
EFO $ 24 $ (3) $ (18) $ 11 $ 14
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For the three months ended Dec. 31, 2003
(in millions)
OLD STRUCTURE
Commercial All Sub-
Imaging Other Total
Net sales $ 432 $ 24 $ 456
Cost of goods sold (COGS) 313 14 327
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Gross profit 119 10 129
Selling, general and administrative
expenses (SG&A) 60 7 67
Research and development costs (R&D) 10 23 33
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Earnings before interest, other
charges, net, and taxes (EFO) $ 49 $ (20) $ 29
===== ===== =====
NEW STRUCTURE
RSS
Commercial Graphic All Disc. Sub-
Imaging Communications Other Ops. Total
Net sales $ 216 $ 87 $ 23 $ 130 $ 456
COGS 139 85 14 89 327
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Gross profit 77 2 9 41 129
SG&A 36 14 7 10 67
R&D 4 6 21 2 33
----- ----- ----- ----- -----
EFO $ 37 $ (18) $ (19) $ 29 $ 29
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For the year ended Dec. 31, 2003
(in millions)
OLD STRUCTURE
Commercial All Sub-
Imaging Other Total
Net sales $ 1,559 $ 95 $ 1,654
Cost of goods sold (COGS) 1,135 73 1,208
----- ----- -----
Gross profit 424 22 446
Selling, general and administrative
expenses (SG&A) 207 30 237
Research and development costs (R&D) 51 70 121
----- ----- -----
Earnings before interest, other
charges, net, and taxes (EFO) $ 166 $ (78) $ 88
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NEW STRUCTURE
RSS
Commercial Graphic All Disc. Sub-
Imaging Communications Other Ops. Total
Net sales $ 791 $ 346 $ 93 $ 424 $ 1,654
COGS 522 299 69 318 1,208
----- ----- ----- ----- -----
Gross profit 269 47 24 106 446
SG&A 134 37 30 36 237
R&D 23 23 69 6 121
----- ----- ----- ----- -----
EFO $ 112 $ (13) $ (75) $ 64 $ 88
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SIGNATURES
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 thereunto duly authorized.
EASTMAN KODAK COMPANY
(Registrant)
Date: June 3, 2004 /s/ Richard G. Brown, Jr.
Richard G. Brown, Jr.
Controller
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