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): September 13, 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 September 13, 2004, Eastman Kodak Company committed to plans to close the manufacturing operations and the wholesale photofinishing lab in Coburg, Australia. Manufacturing operations will cease November 26, 2004 and photofinishing operations will cease October 22, 2004. These actions reflect the Company's plan to deal effectively with the continued worldwide volume decline in traditional photography products driven by the increasing popularity of digital photography in Australia and worldwide. The manufacturing operations in Coburg, Australia comprise photographic paper sensitizing and finishing, photographic film finishing and photochemical manufacturing. These operations will be consolidated, where necessary, into other existing Kodak manufacturing facilities. Kodak will continue to maintain a significant presence in the Australian consumer and commercial market and will continue to offer a full range of traditional and digital photographic goods and services. As a result of these actions, the Company will incur restructuring-related charges of approximately $105 million, including accelerated depreciation on the equipment and buildings (through November 26, 2004), employee severance costs and other exit costs of approximately $60 million, $35 million and $10 million, respectively. In addition, the Company will record approximately $5 million in other operational charges. The estimated restructuring-related charges exclude the potential impacts from any pension plan settlement or curtailment gains or losses that may be incurred, as these amounts are not currently determinable. The severance, other exit costs and other operational charges require the outlay of cash, while the accelerated depreciation represents a non-cash charge. These actions are a 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 manufacturing and overnight photofinishing operations in order to eliminate excess capacity. Copies of the September 16, 2004 press releases released in Australia and the U.S. related to this action are attached as Exhibits (99.1) and (99.2). ITEM 9.01 Financial Statements and Exhibits (c) Exhibits (99.1) Eastman Kodak Company Australian press release dated 16 September, 2004 regarding closure of Coburg, Australia plant. (99.2) Eastman Kodak Company U.S. press release dated September 16, 2004 regarding closure of Coburg, Australia plant.
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: September 16, 2004
4 EASTMAN KODAK COMPANY INDEX TO EXHIBITS Exhibit No. (99.1) Eastman Kodak Company Australian press release dated 16 September, 2004. (99.2) Eastman Kodak Company U.S. press release dated September 16, 2004.
Exhibit (99.1)
EASTMAN KODAK COMPANY
Thursday, 16 September, 2004
KODAK ANNOUNCES CLOSURE OF COBURG PLANT
A statement from John Allen
Chairman and Managing Director, Kodak Australia
It is with regret that I announce the closure of the
Coburg manufacturing plant. The plant will cease
operating on 26 November 2004 and most impacted employees
will leave the company on 2 December 2004.
It is also with regret that I announce the closure of the
wholesale photo processing lab at Coburg. The last day
for production will be 22 October 2004.
All impacted employees will receive their full redundancy
and other entitlements. We are also offering employees
and their families a comprehensive counselling and career
transition program to help with finding new employment.
As a result of these closures, approximately 600 staff
will be made redundant.
These closures have been caused by the fundamental change
in consumer behaviour driven by the increasing popularity
of digital photography, in Australia and worldwide.
This decision was in no way influenced by the performance
of our operations, or Australian economic, industrial or
political factors - Kodak values the strong support it
has received from its employees, governments and the
local community.
Kodak remains committed to the Australian market and will
continue to offer a full range of traditional and digital
photographic services and products to our consumer and
commercial customers.
/s/ John Allen
Media Contact:
Paul Conroy
Phone: 0418 371 099
Exhibit (99.2) EASTMAN KODAK COMPANY Media Contacts: Gerard Meuchner 585-724-4513 gerard.meuchner@kodak.com Chris Veronda 585-722-9627 christopher.veronda@kodak.com Investor Relations Contacts: Don Flick 585-724-4352 donald.flick@kodak.com Carol Wilke 585-724-6791 carol.wilke@kodak.com Patty Yahn-Urlaub 585-724-4683 patty.yahn-urlaub@kodak.com In Response to Consumer Shift to Digital, Kodak Announces Closing of Australia Plant Photographic Paper Plant to Close at End of November ROCHESTER, N.Y., Sept. 16 - In response to shifting consumer preference for more digital products and services, Eastman Kodak Company announced that a plant in Coburg, Australia, that primarily manufactures color photographic paper will close at the end of November, affecting a total of about 600 employees at the plant and associated operations. The decision to close the Coburg plant reflects the decline in demand for traditional consumer photographic products with the rise in popularity of digital photography, especially in developed markets. The closing is part of Kodak's three-year program, announced in January, to reduce worldwide employment by 12,000 to 15,000, and to reduce total facilities square footage by one-third. "This decision in no way reflects upon the performance of our Coburg employees, which has been excellent," said Daniel T. Meek, Director, Global Manufacturing & Logistics, and Senior Vice President, Eastman Kodak Company. "We thank them for their service, and we will do all we can to assist them in their transition." Impacted employees will receive severance benefits, counseling and assistance in securing new employment. Kodak remains committed to the Australian market and will continue to offer a range of traditional and digital imaging services and products. Products currently made at the Coburg plant will be transitioned to other Kodak plants in Europe, North America, and Asia. 2004