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
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14650
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Not Applicable
|
||
(Former name or former address if changed since last report.)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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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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¨
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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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Item 7.01
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Regulation FD Disclosure
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Item 9.01
|
Financial Statements and Exhibits
|
(d)
|
Exhibits
|
99.1
|
Supplemental Cash Flow Forecast and Financial Projections
|
EASTMAN KODAK COMPANY
|
||
By:
|
/s/ Rebecca A. Roof
|
|
Rebecca A. Roof
|
||
Interim Chief Financial Officer
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||
|
Date:
|
October 26, 2012
|
Exhibit No.
|
Description
|
|
99.1 | Supplemental Cash Flow Forecast and Financial Projections | |
|
(i)
|
Pro forma to reflect the sales of Personalized Imaging and Document Imaging as if the transactions have already occurred
|
|
(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
|
Schedule 2 - Supplemental 2: Pro Forma Commercial Imaging Combined Financial Projections
|
|||||||||||
($ in millions)
|
|||||||||||
1H 2012A
|
2H 2012E
|
2012E
|
1H 2013E
|
2H 2013E
|
2013E
|
2014E
|
2015E
|
||||
Revenue
|
$ 1,283
|
$ 1,375
|
$ 2,659
|
$ 1,202
|
$ 1,523
|
$ 2,725
|
$ 2,847
|
$ 3,041
|
|||
COGS
|
1,159
|
1,174
|
2,333
|
1,007
|
1,149
|
2,156
|
2,148
|
2,261
|
|||
Gross Profit (a)
|
$ 124
|
$ 201
|
$ 325
|
$ 195
|
$ 374
|
$ 569
|
$ 698
|
$ 780
|
|||
BU R&D
|
48
|
45
|
93
|
30
|
35
|
65
|
69
|
74
|
|||
BU SG&A
|
180
|
168
|
348
|
138
|
159
|
296
|
296
|
319
|
|||
EBIT Before Corp. Allocation (b)
|
$ (104)
|
$ (12)
|
$ (116)
|
$ 27
|
$ 180
|
$ 207
|
$ 333
|
$ 388
|
|||
Depreciation
|
61
|
77
|
138
|
100
|
73
|
173
|
119
|
115
|
|||
Amortization
|
17
|
10
|
28
|
10
|
10
|
19
|
16
|
15
|
|||
EBITDA Before Corp. Allocation (b)
|
$ (26)
|
$ 76
|
$ 50
|
$ 137
|
$ 262
|
$ 399
|
$ 468
|
$ 517
|
|||
Corporate SG&A
|
99
|
106
|
205
|
61
|
50
|
111
|
133
|
135
|
|||
Corporate R&D
|
35
|
26
|
61
|
19
|
19
|
37
|
31
|
29
|
|||
EBITDA After Corp. Costs (b)
|
$ (160)
|
$ (56)
|
$ (216)
|
$ 57
|
$ 193
|
$ 251
|
$ 304
|
$ 353
|
|||
Plus: Cash provided by/(used by) NWC
|
137
|
(31)
|
105
|
8
|
(20)
|
(13)
|
5
|
5
|
|||
Less: CapEx
|
(13)
|
(50)
|
(62)
|
(33)
|
(35)
|
(68)
|
(66)
|
(72)
|
|||
Total Operating Cash Flow
|
$ (36)
|
$ (137)
|
$ (173)
|
$ 32
|
$ 138
|
$ 170
|
$ 243
|
$ 285
|
|||
(a) Operational gross profit (i.e., not GAAP)
|
|||||||||||
(b) Includes approximately $42 million of non-cash pension expense annually. Pension cash contributions are yet to be determined and may differ from the non-cash pension expense
|
|||||||||||
Note: Immaterial rounding differences may exist
|
Schedule 2 - Supplemental 2: Pro Forma Commercial Imaging Digital Printing and Enterprise Financial Information (a)
|
|||||||||||
($ in millions)
|
|||||||||||
1H 2012A
|
2H 2012E
|
2012E
|
1H 2013E
|
2H 2013E
|
2013E
|
2014E
|
2015E
|
||||
Revenue
|
$ 308
|
$ 368
|
$ 676
|
$ 333
|
$ 500
|
$ 833
|
$ 1,107
|
$ 1,368
|
|||
COGS
|
275
|
315
|
590
|
279
|
369
|
649
|
786
|
948
|
|||
Gross Profit (b)
|
$ 33
|
$ 54
|
$ 86
|
$ 53
|
$ 131
|
$ 184
|
$ 321
|
$ 420
|
|||
BU R&D
|
|||||||||||
BU SG&A
|
|||||||||||
EBIT Before Corp. Allocation (c)
|
$ (52)
|
$ (30)
|
$ (82)
|
$ (22)
|
$ 28
|
$ 7
|
$ 126
|
$ 193
|
|||
Depreciation
|
|||||||||||
Amortization
|
|||||||||||
EBITDA Before Corp. Allocation (c)
|
$ (41)
|
$ (18)
|
$ (59)
|
$ (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 $13 million of non-cash pension expense annually. Pension cash contributions are yet to be determined and may differ from the non-cash pension expense
|
|||||||||||
Note: Immaterial rounding differences may exist
|
Schedule 2 - Supplemental 2: Pro Forma Commercial Imaging Graphics, Entertainment & Commercial Films Financial Information (a)
|
|||||||||||
($ in millions)
|
|||||||||||
1H 2012A
|
2H 2012E
|
2012E
|
1H 2013E
|
2H 2013E
|
2013E
|
2014E
|
2015E
|
||||
Revenue
|
$ 889
|
$ 881
|
$ 1,769
|
$ 794
|
$ 923
|
$ 1,717
|
$ 1,680
|
$ 1,642
|
|||
COGS
|
758
|
750
|
1,508
|
654
|
752
|
1,406
|
1,347
|
1,304
|
|||
Gross Profit (b)
|
$ 131
|
$ 131
|
$ 261
|
$ 140
|
$ 171
|
$ 311
|
$ 333
|
$ 338
|
|||
BU R&D
|
|||||||||||
BU SG&A
|
|||||||||||
EBIT Before Corp. Allocation (c)
|
$ 29
|
$ 43
|
$ 72
|
$ 52
|
$ 83
|
$ 135
|
$ 167
|
$ 175
|
|||
Depreciation
|
|||||||||||
Amortization
|
|||||||||||
EBITDA Before Corp. Allocation (c)
|
$ 87
|
$ 95
|
$ 182
|
$ 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 $29 million of non-cash pension expense annually. Pension cash contributions are yet to be determined and may differ from the non-cash pension expense
|
|||||||||||
Note: Immaterial rounding differences may exist
|
Schedule 2 - Supplemental 2: Pro Forma Commercial Imaging Other Business Units Financial Information (a)
|
|||||||||||
($ in millions)
|
|||||||||||
1H 2012A
|
2H 2012E
|
2012E
|
1H 2013E
|
2H 2013E
|
2013E
|
2014E
|
2015E
|
||||
Revenue
|
$ 87
|
$ 126
|
$ 213
|
$ 75
|
$ 99
|
$ 175
|
$ 60
|
$ 31
|
|||
COGS
|
126
|
110
|
236
|
73
|
28
|
101
|
16
|
8
|
|||
Gross Profit (b)
|
$ (40)
|
$ 17
|
$ (23)
|
$ 2
|
$ 71
|
$ 73
|
$ 44
|
$ 23
|
|||
BU R&D
|
|||||||||||
BU SG&A
|
|||||||||||
EBIT Before Corp. Allocation
|
$ (80)
|
$ (26)
|
$ (106)
|
$ (3)
|
$ 68
|
$ 65
|
$ 40
|
$ 19
|
|||
Depreciation
|
|||||||||||
Amortization
|
|||||||||||
EBITDA Before Corp. Allocation
|
$ (72)
|
$ (2)
|
$ (73)
|
$ 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
|
Six Months Ended
|
||||
6/30/2012
|
||||
Digital printing and enterprise operational gross profit, as presented
|
$
|
33
|
||
Graphics, entertainment and commercial films operational gross profit, as presented
|
131
|
|||
Other business units operational gross profit, as presented
|
(40
|
)
|
||
Consolidated operational gross profit, as presented
|
124
|
|||
Corporate component of pension and GAAP U.S. OPEB expenses
|
(16
|
)
|
||
Consumer Businesses and Document Imaging gross profit not included in
|
||||
operational gross profit, as presented (1)
|
108
|
|||
Restructuring related to depreciation expense and asset write-downs
|
(3
|
)
|
||
Consolidated gross profit (GAAP basis)
|
$
|
213
|
Six Months Ended
|
||||
6/30/2012
|
||||
BU R&D, as presented
|
$
|
48
|
||
Corporate R&D, as presented
|
35
|
|||
Consumer Businesses and Document Imaging R&D not included in BU and
|
||||
Corporate R&D, as presented (1)
|
37
|
|||
Consolidated R&D costs (GAAP basis)
|
$
|
120
|
Six Months Ended
|
||||
6/30/2012
|
||||
BU SG&A, as presented
|
$
|
180
|
||
Corporate SG&A, as presented
|
99
|
|||
Consumer Businesses and Document Imaging SG&A not included in BU and
|
||||
Corporate SG&A, as presented (1)
|
147
|
|||
Corporate pension and GAAP OPEB expenses
|
17
|
|||
Consolidated SG&A costs (GAAP basis)
|
$
|
443
|
Six Months Ended
|
||||
6/30/2012
|
||||
Depreciation and amortization, as presented
|
$
|
78
|
||
Consumer Businesses and Document Imaging depreciation not included in
|
||||
depreciation and amortization, as presented (1)
|
46
|
|||
Consolidated depreciation and amortization expense (GAAP basis)
|
$
|
124
|
Six Months Ended
|
||||
6/30/2012
|
||||
Digital Printing and Enterprise Adjusted EBITDA before corporate allocation, as presented
|
$
|
(41
|
)
|
|
Graphics, Entertainment and Commercial films Adjusted EBITDA before corporate
|
||||
allocation, as presented
|
87
|
|||
Other business units Adjusted EBITDA before corporate allocation, as presented
|
(72
|
)
|
||
Total Adjusted EBITDA before corporate allocations, as presented
|
(26
|
)
|
||
Corporate SG&A and R&D, as presented
|
(134
|
)
|
||
Adjusted EBITDA after corporate costs, as presented
|
(160
|
)
|
||
Cash provided by net working capital, as presented
|
137
|
|||
Capex, as presented
|
(13
|
)
|
||
Total Operating cash flow, as presented
|
(36
|
)
|
||
Consumer Businesses and Document Imaging operating results not included in | ||||
Total Adjusted EBITDA after corporate cost, as presented (1)
|
(19
|
)
|
||
Capital expenditures included in operating cash flow, as presented
|
13
|
|||
Interest expense
|
(77
|
)
|
||
Benefit from income taxes and provision for deferred income taxes
|
127
|
|||
Restructuring payments
|
(111
|
)
|
||
Corporate component of pension and OPEB expenses
|
(33
|
)
|
||
Operating cash flow reorganization items, net
|
(43
|
)
|
||
Other items, net
|
27
|
|||
Net cash used in operating activities (GAAP basis)
|
$
|
(152
|
)
|