1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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): October 25, 2004
Eastman Kodak Company
(Exact name of registrant as specified in its charter)
New Jersey 1-87 16-0417150
----------------------------------------------------------------------
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
343 State Street,
Rochester, New York 14650
(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code (585) 724-4000
-------------
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:
[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Securities
Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c)under the
Exchange Act (17 CFR 240.13e-4(c))
2
ITEM 2.05 Costs Associated with Exit or Disposal Activities
On October 25, 2004, Eastman Kodak Company committed to a plan to close
three overnight photofinishing labs located in Spain and Norway and to
downsize a lab located in Switzerland. These actions, which are
expected to be completed by March 31, 2005, reflect the Company's plan
to deal effectively with the continued worldwide volume decline in
traditional products driven by the increasing popularity of digital
products worldwide.
In conjunction with the lab closures, the Company will pay approximately
$26 million in severance costs to employees and will incur other exit
and disposal costs amounting to approximately $4 million. In addition,
the Company will record a charge in cost of goods sold of approximately
$2 million in 2004 for inventory write-downs and $13 million for
accelerated depreciation on the related long-lived assets during the
remainder of 2004 and the first quarter of 2005. The severance and shut
down costs require the outlay of cash, while the accelerated
depreciation and inventory write-downs represent a non-cash charge.
These lab closures are part of the Company's restructuring program that
was announced on January 22, 2004. The Company expects that it will
continue to consolidate its worldwide overnight photofinishing
operations in order to eliminate excess capacity.
A copy of the October 27, 2004 press releases related to the lab
closures in Europe are attached hereto as Exhibits (99.1), (99.2) and
(99.3).
ITEM 9.01 Financial Statements and Exhibits
(c) Exhibits
(99.1) Eastman Kodak Company press release dated October 27, 2004
regarding photofinishing lab closures in Spain.
(99.2) Eastman Kodak Company press release dated October 27, 2004
regarding a photofinishing lab closure in Norway.
(99.3) Eastman Kodak Company press release dated October 27, 2004
regarding the downsize of a photofinishing lab in Switzerland.
3
SIGNATURE
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.
EASTMAN KODAK COMPANY
By: /s/ Richard G. Brown,Jr.
----------------------------
Richard G. Brown, Jr.
Controller
Date: October 27, 2004
4
EASTMAN KODAK COMPANY
INDEX TO EXHIBITS
Exhibit No.
(99.1) Eastman Kodak Company press release dated October 27, 2004
regarding photofinishing lab closures in Spain.
(99.2) Eastman Kodak Company press release dated October 27, 2004
regarding a photofinishing lab closure in Norway.
(99.3) Eastman Kodak Company press release dated October 27, 2004
regarding the downsize of a photofinishing lab in Switzerland.