As far as I know, only to Flash CS5, sorry.
I'm having the same issue. In the Captivate 5 features page it states:
Adobe Flash Professional integration
Import Adobe Captivate 5 projects directly into Adobe Flash Professional CS3, CS4, or CS5 software for additional enhancement, ActionScript coding, or integration into a larger Flash project. (Flash Professional CS5 is available separately and as part of Adobe eLearning Suite 2.)
However, the only export option in Captivate 5 is to Flash CS5. The resulting .fla won't open in Flash CS4 - 'Unexpected file format'. You can't import the Captivate 5 file into Flash CS4 as adobe captivate isn't in the list of importable file types.
Could a representative of Adobe please substantiate the above claim please as we would not have upgraded from Captivate 4 if we were aware this statement was incorrect.
The above statement appears on the following page under 'Powerful personalization and customization'.
I'm facing the same problem.
I've submitted a request to Adobe support. In the
re initial response they advised it should be possible but are
still looking into how to. If I don't post the outcome here please post
a reminder and I'll post an update.