Eastman 4Q and Full Year 2008 Earnings

Eastman Chemical Company reported a loss of $0.03 per diluted share for fourth quarter 2008, compared to earnings of $1.25 per diluted share for fourth quarter 2007. Sales revenue for fourth quarter 2008 declined 23% to $1.3 billion due to an unprecedented drop in demand from the global recession. Operating earnings were $5 million for fourth quarter 2008 compared to $144 million in the previous year, with the decline primarily from lower sales and higher costs due to low production levels. The company has taken strategic actions and cost reductions to weather the current economic challenges.