New Jersey
|
1-87
|
16-0417150
|
||
(State or other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
343 State Street, Rochester, New York
|
14650
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Not Applicable
|
||
(Former name or former address if changed since last report.)
|
¨
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
¨
|
Soliciting material pursuant to Rule 14a-12 under the Exchange 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))
|
Item 8.01
|
Other Events
|
Item 9.01
|
Financial Statements and Exhibits
|
(d)
|
Exhibits
|
99.1
|
Cash Flow Forecast and Financial Projections
|
99.2
|
Press release issued by Eastman Kodak Company dated October 12, 2012.
|
EASTMAN KODAK COMPANY
|
||
By:
|
/s/ Patrick M. Sheller
|
|
Patrick M. Sheller
|
||
Senior Vice President
|
||
General Counsel, Secretary & Chief Administrative Officer
|
Date:
|
October 12, 2012
|
Exhibit No.
|
Description
|
|
99.1 | Cash Flow Forecast and Financial Projections | |
99.2
|
Press release issued by Eastman Kodak Company dated October 12, 2012.
|
|
Draft and Subject to Material Changes
|
Page 1
|
Draft and Subject to Material Changes
|
Page 2
|
|
(i)
|
Pro forma to reflect the sales of Personalized Imaging and Document Imaging as if the transactions occurred on January 1, 2013
|
|
(ii)
|
Wind down of sales of consumer inkjet printers, as described in the Company’s September 28, 2012 press release
|
|
(iii)
|
The incorporation of updated forecasts of foreign exchange rates and commodity pricing versus the previously provided bondholder disclosure
|
|
(iv)
|
Additional adjustments related to estimated cost savings and reorganization of the Company’s operating structure as expected to be realized
|
Draft and Subject to Material Changes
|
Page 3
|
Draft and Subject to Material Changes
|
Page 4
|
Schedule 1: Select Forecast U.S. Cash Flows (a)
|
||||||||||||
($ in millions)
|
||||||||||||
Forecast
|
Forecast
|
Forecast
|
Forecast
|
Forecast
|
Forecast
|
Forecast
|
Forecast
|
Forecast
|
Forecast
|
|||
Sep-12
|
Oct-12
|
Nov-12
|
Dec-12
|
Jan-13
|
Feb-13
|
Mar-13
|
Apr-13
|
May-13
|
Jun-13
|
|||
U.S. Operating Cash Flow (b)
|
$ 1
|
$ (20)
|
$ (8)
|
$ 9
|
$ (49)
|
$ (13)
|
$ (2)
|
$ (18)
|
$ (11)
|
$ (17)
|
||
(a) Forecast as of 10/07/12 and includes U.S. cash flows only; excludes all other Kodak entities.
|
||||||||||||
(b) U.S. Operating Cash Flow equals cash from the Company's U.S. operations, including the U.S. portion of operations the Company has announced its intention to exit (e.g. Personalized Imaging, Document Imaging, Consumer Inkjet hardware sales) and $24m of dividends forecasted to be received mostly in December. U.S. Operating Cash Flow excludes any proceeds from asset sales, interest payments, payments related to Chapter 11 and disbursements related to pension and OPEB.
|
||||||||||||
Schedule 2: Pro Forma Commercial Imaging Combined Financial Projections
|
||||||
($ in millions)
|
||||||
1H 2013E
|
2H 2013E
|
2013E
|
2014E
|
2015E
|
||
Revenue
|
$ 1,202
|
$ 1,523
|
$ 2,725
|
$ 2,847
|
$ 3,041
|
|
COGS
|
1,007
|
1,149
|
2,156
|
2,148
|
2,261
|
|
Gross Profit(a)
|
$ 195
|
$ 374
|
$ 569
|
$ 698
|
$ 780
|
|
BU R&D
|
30
|
35
|
65
|
69
|
74
|
|
BU SG&A
|
138
|
159
|
296
|
296
|
319
|
|
EBIT Before Corp. Allocation (b)
|
$ 27
|
$ 180
|
$ 207
|
$ 333
|
$ 388
|
|
Depreciation
|
100
|
73
|
173
|
119
|
115
|
|
Amortization
|
10
|
10
|
19
|
16
|
15
|
|
EBITDA Before Corp. Allocation (b)
|
$ 137
|
$ 262
|
$ 399
|
$ 468
|
$ 517
|
|
Corporate SG&A
|
61
|
50
|
111
|
133
|
135
|
|
Corporate R&D
|
19
|
19
|
37
|
31
|
29
|
|
EBITDA After Corp. Costs (b)
|
$ 57
|
$ 193
|
$ 251
|
$ 304
|
$ 353
|
|
Plus: Cash provided by/(used by) NWC
|
8
|
(20)
|
(13)
|
5
|
5
|
|
Less: CapEx
|
(33)
|
(35)
|
(68)
|
(66)
|
(72)
|
|
Total Operating Cash Flow
|
$ 32
|
$ 138
|
$ 170
|
$ 243
|
$ 285
|
|
(a) Operational gross profit (i.e., not GAAP)
|
||||||
(b) Includes approximately $42 million of non-cash pension expense annually. Pension cash contributions
|
||||||
are yet to be determined and may differ from the non-cash pension expense
|
||||||
Note: Immaterial rounding differences may exist
|
Schedule 2: Pro Forma Commercial Imaging Digital Printing and Enterprise Financial Information (a)
|
||||||
($ in millions)
|
||||||
1H 2013E
|
2H 2013E
|
2013E
|
2014E
|
2015E
|
||
Revenue
|
$ 333
|
$ 500
|
$ 833
|
$ 1,107
|
$ 1,368
|
|
COGS
|
279
|
369
|
649
|
786
|
948
|
|
Gross Profit (b)
|
$ 53
|
$ 131
|
$ 184
|
$ 321
|
$ 420
|
|
BU R&D
|
||||||
BU SG&A
|
||||||
EBIT Before Corp. Allocation (c)
|
$ (22)
|
$ 28
|
$ 7
|
$ 126
|
$ 193
|
|
Depreciation
|
||||||
Amortization
|
||||||
EBITDA Before Corp. Allocation (c)
|
$ (9)
|
$ 41
|
$ 32
|
$ 152
|
$ 229
|
|
Corporate SG&A
|
||||||
Corporate R&D
|
||||||
EBITDA After Corp. Costs (c)
|
||||||
Plus: Cash provided by/(used by) NWC
|
||||||
Less: CapEx
|
||||||
Total Operating Cash Flow
|
||||||
(a) Includes IPS, EPS, Packaging and Functional Printing, and KSB
|
||||||
(b) Operational gross profit (i.e., not GAAP)
|
||||||
(c) Includes approximately $13 million of non-cash pension expense annually. Pension cash contributions
|
||||||
are yet to be determined and may differ from the non-cash pension expense
|
||||||
Note: Immaterial rounding differences may exist
|
Schedule 2: Pro Forma Commercial Imaging Graphics, Entertainment & Commercial Films Financial Information (a)
|
||||||
($ in millions)
|
||||||
1H 2013E
|
2H 2013E
|
2013E
|
2014E
|
2015E
|
||
Revenue
|
$ 794
|
$ 923
|
$ 1,717
|
$ 1,680
|
$ 1,642
|
|
COGS
|
654
|
752
|
1,406
|
1,347
|
1,304
|
|
Gross Profit (b)
|
$ 140
|
$ 171
|
$ 311
|
$ 333
|
$ 338
|
|
BU R&D
|
||||||
BU SG&A
|
||||||
EBIT Before Corp. Allocation (c)
|
$ 52
|
$ 83
|
$ 135
|
$ 167
|
$ 175
|
|
Depreciation
|
||||||
Amortization
|
||||||
EBITDA Before Corp. Allocation (c)
|
$ 101
|
$ 133
|
$ 234
|
$ 256
|
$ 257
|
|
Corporate SG&A
|
||||||
Corporate R&D
|
||||||
EBITDA After Corp. Costs (c)
|
||||||
Plus: Cash provided by/(used by) NWC
|
||||||
Less: CapEx
|
||||||
Total Operating Cash Flow
|
||||||
(a) Includes Prepress, Entertainment Imaging, Aerial & Industrial Materials, Manufacturing Trade Sales, Enterprise Software, and Graphics Films
|
||||||
(b) Operational gross profit (i.e., not GAAP)
|
||||||
(c) Includes approximately $29 million of non-cash pension expense annually. Pension cash contributions
|
||||||
are yet to be determined and may differ from the non-cash pension expense
|
||||||
Note: Immaterial rounding differences may exist
|
Schedule 2: Pro Forma Commercial Imaging Other Business Units Financial Information (a)
|
||||||
($ in millions)
|
||||||
1H 2013E
|
2H 2013E
|
2013E
|
2014E
|
2015E
|
||
Revenue
|
$ 75
|
$ 99
|
$ 175
|
$ 60
|
$ 31
|
|
COGS
|
73
|
28
|
101
|
16
|
8
|
|
Gross Profit (b)
|
$ 2
|
$ 71
|
$ 73
|
$ 44
|
$ 23
|
|
BU R&D
|
||||||
BU SG&A
|
||||||
EBIT Before Corp. Allocation
|
$ (3)
|
$ 68
|
$ 65
|
$ 40
|
$ 19
|
|
Depreciation
|
||||||
Amortization
|
||||||
EBITDA Before Corp. Allocation
|
$ 45
|
$ 89
|
$ 133
|
$ 60
|
$ 32
|
|
Corporate SG&A
|
||||||
Corporate R&D
|
||||||
EBITDA After Corp. Costs
|
||||||
Plus: Cash provided by/(used by) NWC
|
||||||
Less: CapEx
|
||||||
Total Operating Cash Flow
|
||||||
(a) Includes Other Non-Operating Business Units, IP Brand Licensing and Consumer Inkjet Systems;
|
||||||
Excludes approximately $60 million of non-cash OPEB credits annually
|
||||||
(b) Operational gross profit (i.e., not GAAP)
|
||||||
Note: Immaterial rounding differences may exist
|