CORRECTING and REPLACING; Corning Incorporated corrects total market for LCD glass by 2007; one billion square feet instead of one million.Business Editors/High-Tech Writers CORRECTION...by Corning Incorporated Corning Incorporated NYSE: GLW is an American manufacturer of glass, ceramics and related materials, primarily for industrial and scientific applications. The company was known until 1989 as Corning Glass Works. CORNING, N.Y.--(BUSINESS WIRE)--Sept. 4, 2003 In BW5831 (issued 09/03/03)(NY-CORNING) Corning to Present at Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. 2003 Technology Conference, fifth paragraph, second line should read xxx could reach one billion square feet (instead of xxx could reach one million square feet) Corning to Present at Smith Barney 2003 Technology Conference; Company Reaffirms Quarterly Guidance and Outlines Future Growth Opportunities Long-term telecommunications infrastructure investments spurred by fiber-to-the-premises deployments, continued growth in the popularity of liquid crystal displays (LCDs) and the implementation of global diesel-emission standards may create future growth opportunities for Corning Incorporated (NYSE NYSE See: New York Stock Exchange :GLW GLW Glasgow Airport (UK) GLW Gross Laden Weight GLW Good Lady Wife (Australia) ), Wendell P. Weeks, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , will tell financial analysts tomorrow. Weeks will make his comments as part of a presentation at the Smith Barney Citigroup 2003 Technology Conference in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. on Thursday, Sept. 4. During his presentation, Weeks also will reiterate the company's 2003 third-quarter guidance of revenues in the range of $740 million to $765 million and an earnings-per-share profit of $0.01 to $0.03, excluding restructuring charges and other non-recurring items. Growth Opportunities Looking forward, Weeks will explain that the new FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. rules with regard to broadband favor fiber-to-the-premises (FTTP (Fiber To The Premises) The installation of optical fiber from the carrier directly into the home or office. Also called "fiber to the home" (FTTH). See PON and FTTC. See also FTP. ) investments, and will create the potential for significantly greater network capacity for up to 100 million homes over the next 10 to 20 years. "The benefits to the consumer will be faster broadband connections and the bundling of voice, data and video services," he will say. Weeks will point out that Corning does not expect any significant revenue impact from FTTP this year, but as the market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" occurs in the U.S., the fiber, cable and hardware and equipment opportunities for Corning could be in the range of $80 to $200 per home. In the area of LCD glass, Corning believes that the industry will continue to experience a 30 percent to 50 percent annual unit volume growth over the next several years. "This growth will be driven by three primary industry factors. Notebook computers are expected to double in volume to 60 million units per year by 2007; flat-screen monitors are rapidly replacing traditional CRT (1) (C RunTime) See runtime library. (2) (Cathode Ray Tube) A vacuum tube used as a display screen in a computer monitor or TV. The viewing end of the tube is coated with phosphors, which emit light when struck by electrons. desktop screens and could reach 80 percent penetration in four years; and LCD television is becoming increasingly popular as prices decline," Weeks will say. Accordingly, Corning believes that the total market for LCD glass could reach one billion square feet by 2007. Current annual volume is in the range of 200 million to 300 million square feet. Weeks will also outline Corning's plan to continue as the market leader of next generation, larger size glass substrates, noting that the company has the only commercially available Generation 6 LCD glass. Emergence of Diesel Global regulations calling for tighter controls on all on-road diesel engines requiring advanced emissions-control devices represents a potential $1 billion global market opportunity in the latter part of this decade, Weeks will tell investors. He will also explain that the company's established position as the industry's technology leader in cellular ceramic substrates and filters may provide Corning with a competitive advantage in the diesel industry. "We continue to invest in new technologies and research in more efficient thin-wall ceramic filters and ceramic catalysts, designed to reduce particulate matter particulate matter n. Abbr. PM Material suspended in the air in the form of minute solid particles or liquid droplets, especially when considered as an atmospheric pollutant. Noun 1. and remove harmful hydrocarbons, carbon monoxide carbon monoxide, chemical compound, CO, a colorless, odorless, tasteless, extremely poisonous gas that is less dense than air under ordinary conditions. It is very slightly soluble in water and burns in air with a characteristic blue flame, producing carbon dioxide; and nitrous oxides from the environment," Weeks will say. Weeks' presentation will be webcast live at 2:20 p.m. ET. It will be available on Corning Incorporated's Web site at http://www.corning.com/investor_relations accessing the Smith Barney Citigroup 2003 Technology Conference link. About Corning Incorporated Established in 1851, Corning Incorporated (www.corning.com) creates leading-edge technologies that offer growth opportunities in markets that fuel the world's economy. Corning manufactures optical fiber, cable, hardware and equipment in its Telecommunications segment. Corning's Technologies segment manufactures high-performance display glass, and products for the environmental, life sciences, and semiconductor markets. Forward-Looking and Cautionary Statements This press release contains forward-looking statements that involve a variety of business risks and other uncertainties that could cause actual results to differ materially. These risks and uncertainties include the possibility of changes or fluctuations in global economic and political conditions; tariffs, import duties and currency fluctuations; product demand and industry capacity; competitive products and pricing; manufacturing efficiencies; cost reductions; availability and costs of critical components and materials; new product development and commercialization; order activity and demand from major customers; capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. by larger customers in the liquid crystal display industry and other businesses; changes in the mix of sales between premium and non-premium products; facility expansions and new plant start-up costs; possible disruption in commercial activities due to terrorist activity, armed conflict, political instability or major health concerns; ability to obtain financing and capital on commercially reasonable terms; adequacy and availability of insurance; capital resource and cash flow activities; capital spending; equity company activities; interest costs; acquisition and divestiture activities; the level of excess or obsolete inventory Obsolete Inventory Term that refers to inventory that is at the end of its product life cycle and has not seen any sales or usage for a set period of time usually determined by the industry. This type of inventory has to be written down and can cause large losses for a company. ; the rate of technology change; the ability to enforce patents; product and components performance issues; changes in key personnel; stock price fluctuations; and adverse litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. or regulatory developments. These and other risk factors are identified in Corning's filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the day that they are made, and Corning undertakes no obligation to update them in light of new information or future events. |
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