Eastman Kodak Co., Rochester, N.Y., is the subject of an "informal inquiry" by the SEC related to the company's recent earnings restatements, according to its second-quarter report filed today with the SEC. Kodak restated its 2003 quarterly and annual financial results as well as results for the first three quarters of 2004 to correct accounting errors related to pensions as well as taxes and other post-retirement benefits. The SEC contacted the company in March, the filing said.
The company "has fully cooperated with this inquiry," and the SEC staff has indicated the inquiry "should not be construed as an indication by the SEC or its staff that any violations of law have occurred," the quarterly report said.
John Heine, a spokesman for the SEC, declined to comment.
Kodak's combined U.S. pension plans had about $6.5 billion in assets as of Dec. 31, at which time they had a $5 million surplus, according to the company's annual report. The company's non-U.S. plans had nearly $2.9 billion in assets and were underfunded by $777 million at the end of 2004, the annual report said.
