Corning Announces First-Quarter Results.Business & Technology Editors CORNING Corning, city (1990 pop. 11,938), Steuben co., S N.Y., on the Chemung River, in a dairy and vineyard region; settled 1788, inc. as a city 1890. The glass industry for which the city is famous began in 1868. , N.Y.--(BUSINESS WIRE)--April 22, 2002 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. (NYSE NYSE See: New York Stock Exchange :GLW GLW Glasgow Airport (UK) GLW Gross Laden Weight GLW Good Lady Wife (Australia) ) today announced that its first-quarter net loss was $90 million or $0.10 per share, a decline from 2001 first quarter net earnings of $132 million, or $0.14 per share, which included after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. goodwill amortization of $136 million, or $0.15 per share. "We are somewhat encouraged by the general direction of the results for the quarter. Sales began to stabilize stabilize See peg. compared to the quarter-to-quarter declines last year. Performance improved in our Environmental Technologies and Life Sciences businesses and the Display Technologies business continued its strong growth. Results were also favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted by our cost savings actions. Unfortunately, the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. market remains weak and continues to dampen our results," James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. B. Flaws, Corning's chief financial officer, said. First-quarter Operating Results First-quarter sales were $898 million, compared with $1.9 billion during the same period last year primarily due to the major falloff fall·off n. A reduction or decrease: a falloff in car sales. Noun 1. falloff - a noticeable deterioration in performance or quality; "the team went into a slump"; "a gradual slack in in the telecommunications segment. The rate of decline in Corning's sales slowed substantially in the first quarter as sales were 8% below fourth quarter 2001 sales of $974 million. In comparison to 2001, fiber and cable sales continued to be negatively impacted by the global slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in the telecommunications sector. However, kilometer kilometer one thousand (103) meters; 3280.83 feet; five-eighths of a mile; abbreviated km. shipments of optical fiber to cablers grew 10% to 15% for the first quarter of 2002 compared with the fourth quarter of 2001, in line with the company's guidance, and shipments from Corning Cable Systems were also up in the same range. Continued demand for notebook computers A laptop computer that weighs in a range from five to seven pounds. The term originated when laptops were routinely more than 10 pounds, and those that became lighter were placed in a special "notebook" category. In practice, notebook computer and laptop computer are synonymous. and flat panel desktop monitors drove a 16% sequential One after the other in some consecutive order such as by name or number. increase in volume of liquid crystal glass in the quarter. However, the translation impact of the weak yen resulted in consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: sales for the Display Technologies business consistent with the fourth quarter of 2001. First-quarter sales for the Environmental Technologies business increased 11% over last year's fourth- quarter sales as U.S. auto manufacturers replenished inventory. "We were very pleased to see the benefit of our restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). actions from last year show up in reduced operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. compared with the fourth quarter of last year," Flaws said. Corning also noted that manufacturing cost reductions and the resumption RESUMPTION. To reassume; to promise again; as, the resumption of payment of specie by the banks is general. It also signifies to take things back; as the government has resumed the possession of all the lands which have not been paid for according to the requisitions of the law, and the of fiber production in the first quarter resulted in the sequential improvement in the company's gross margins. Corning reported that it had $1.8 billion in cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments at the end of the first quarter, down from $2.2 billion at the end of last year. The decline in cash and short-term investments includes approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $140 million of net debt repayments and $60 million of restructuring payments. Second-Quarter Outlook The company expects second-quarter sales of approximately $900 to $925 million and a net loss similar to the first quarter's results, excluding previously announced restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. . Corning said it anticipates continued growth in its liquid crystal display liquid crystal display (LCD) Optoelectronic device used in displays for watches, calculators, notebook computers, and other electronic devices. Current passed through specific portions of the liquid crystal solution causes the crystals to align, blocking the passage of light. business with the increase in the popularity of flat-panel desktop monitors. The Advanced Materials Advanced Materials is a leading peer-reviewed materials science journal published every two weeks. Advanced Materials includes Communications, Reviews, and Feature Articles from the cutting edge of materials science, including topics in chemistry, physics, segment is expected to post modest gains in line with general economic improvements. Shipments of fiber are expected to be consistent with the first quarter sequential volume growth of 10 to 15%. Price pressure is expected to erode Erode (ĕrōd`), city (1991 urban agglomeration pop. 361,755), Tamil Nadu state, S India, on the Kaveri River. The city is located in a cotton-growing region, and its industries include cotton ginning and the manufacture of transport equipment. these volume gains. Corning expects revenues in the Photonics Technologies business to continue to be very weak. Last week, the company announced that it plans a new series of restructuring actions to further reduce costs that will result in total restructuring and impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charges in the range of $600 million pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern spread over the second and third quarters. Flaws said, "While we have not reached any specific decisions on our actions, we must adjust our cost structure to meet the new realities of today's marketplace. We will be making specific announcements over the course of the second quarter which will outline details of our restructuring program." James R. Houghton James R. Houghton is the Retired Chairman of the Board of Corning Incorporated. Houghton has Bachelor of Arts and master of business administration degrees from Harvard University (A.B., 1958, MBA, 1962). , chairman and chief executive officer, said, "At its core, Corning is a technology company with a leadership position in telecommunications and the optical revolution. We intend to strengthen our industry leadership position and we will continue investing in technologies to build the next generation of optical solutions. We also are committed to protecting and extending our technological advantage as the world's leading producer of glass substrates for flat panel displays A thin display screen for computer and TV usage. The first flat panels appeared on laptop computers in the mid-1980s, and the LCD technology became the standard. Stand-alone LCD screens became available for desktop computers in the mid-1990s and exceeded sales of CRTs for the first time , and leading-edge solutions for environmental technologies." "In order to do so, the first priority of our new management team and the employees of Corning will be to return this company to profitability in 2003," he concluded. About Corning Incorporated Established in 1851, Corning Incorporated (www.corning.com) creates leading-edge technologies for the fastest-growing markets of the world's economy. Corning manufactures optical fiber, cable and photonic Dealing with light (photons). See photon and photonics. products for the telecommunications industry; and high-performance Adj. 1. high-performance - modified to give superior performance; "a high-performance car" superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" displays and components for television, information technology and other communications-related industries. The company also uses advanced materials to manufacture products for scientific, semiconductor and environmental markets. Corning revenues for 2001 were $6.3 billion. Conference Call Information The company will host a conference call at 8:30 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy on Tuesday Tuesday: see week. , April 23, 2002. To access the call, dial 712-271-0936. The password A secret word or code used to serve as a security measure against unauthorized access to data. It is normally managed by the operating system or DBMS. However, the computer can only verify the legitimacy of the password, not the legitimacy of the user. See NCSC. is Earnings. The leader is Dietz Dietz is a surname, and may refer to:
abbr. post meridiem Usage Note: By definition, 12 a.m. on Monday Monday: see week. , May 6, 2002. To access the replay, dial 402-998-0863; a password is not required. To listen to a live audio webcast of the call, go to http://www.corning.com/investor_relations/ and follow the instructions. The webcast will be archived on the http://www.corning.com/investor_relations/ site for 14 days following the call. Forward-Looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. and Cautionary Statements This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 conditions; currency exchange rates; product demand and industry capacity; competitive products and pricing; 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 telecommunications industry and other business segments; the mix of sales between premium and non-premium products; possible disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. in commercial activities due to terrorist activity and armed conflict; ability to obtain financing and capital on commercially reasonable terms; acquisition and divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). 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 ability to enforce patents; product and components performance issues; and 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. . 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.
CORNING INCORPORATED AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited; in millions, except per share amounts)
For the three
months ended
March 31,
---------------------
2002 2001
------- -------
Net sales $ 898 $ 1,921
Cost of sales 694 1,105
------- -------
Gross margin 204 816
Operating expenses:
Selling, general and administrative
expenses 190 270
Research, development and engineering
expenses 128 160
Amortization of purchased intangibles 11 13
Amortization of goodwill 143
------- -------
Operating (loss) income (125) 230
Interest income 14 24
Interest expense (48) (34)
Other expense, net (9) (9)
------- -------
(Loss) income before income taxes (168) 211
(Benefit) provision for income taxes (42) 108
------- -------
(Loss) income before minority interest
and equity earnings (126) 103
Minority interest in losses (earnings)
of subsidiaries 6 (5)
Equity in earnings of associated companies 30 34
------- -------
Net (loss) income $ (90) $ 132
======= =======
Basic and diluted (loss) earnings per share $ (0.10) $ 0.14
======= =======
Net (loss) income adjusted for the
impact of SFAS No. 142 in 2001 $ (90) $ 268
======= =======
Basic and diluted (loss) earnings per
share adjusted for the impact of
SFAS No. 142 in 2001 $ (0.10) $ 0.29
======= =======
Shares used in computing per share amounts:
Basic 945 923
======= =======
Diluted 945 937
======= =======
Diluted - adjusted for SFAS No. 142 in 2001 945 943
======= =======
The accompanying notes are an integral part of these statements.
CORNING INCORPORATED AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts)
Unaudited Unaudited
March 31, December 31, March 31,
2002 2001 2001
-------- -------- --------
ASSETS
Current assets:
Cash and cash equivalents $ 958 $ 1,037 $ 564
Short-term investments,
at fair value 867 1,182 585
-------- -------- --------
Total cash and short-term
investments 1,825 2,219 1,149
Trade accounts receivable,
net of doubtful accounts
and allowances - $54, $60
and $47 616 593 1,245
Inventories 717 725 1,215
Deferred income taxes 329 347 232
Other current assets 209 223 233
-------- -------- --------
Total current assets 3,696 4,107 4,074
Investments:
Associated companies,
at equity 616 636 474
Others, at cost or fair value 134 142 137
-------- -------- --------
Total investments 750 778 611
Property, plant and equipment,
at cost, net of accumulated
depreciation - $3,222, $3,067
and $2,785 4,967 5,097 4,939
Goodwill, net of accumulated
amortization - $661, $661
and $445 1,941 1,937 6,720
Other intangible assets, net of
accumulated amortization -
$99, $90 and $62 329 352 566
Other assets 605 522 263
-------- -------- --------
Total Assets $ 12,288 $ 12,793 $ 17,173
======== ======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Loans payable $ 385 $ 477 $ 197
Accounts payable 338 441 614
Other accrued liabilities 910 1,076 827
-------- -------- --------
Total current
liabilities 1,633 1,994 1,638
Long-term debt 4,418 4,461 3,838
Postretirement benefits
other than pensions 613 608 594
Other liabilities 189 190 204
Minority interest in subsidiary
companies 113 119 140
Convertible preferred stock 7 7 8
Common shareholders' equity:
Common stock, including
excess over par value and
other capital -
par value $0.50 per share;
Shares authorized:
3.8 billion;
Shares issued: 1.0 billion 10,039 10,044 9,685
(Accumulated deficit)
retained earnings (3,700) (3,610) 2,077
Less: cost of 77 million,
79 million and 76 million
shares of common stock
in treasury (806) (827) (777)
Accumulated other
comprehensive loss (218) (193) (234)
----------- -------- --------
Total common
shareholders' equity 5,315 5,414 10,751
----------- -------- --------
Total Liabilities and
Shareholders' Equity $ 12,288 $ 12,793 $ 17,173
======== ======== ========
The accompanying notes are an integral part of these statements.
CORNING INCORPORATED AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
For the three months ended
March 31,
--------------------------
2002 2001
------------- ----------
Cash flows from operating activities:
Net (loss) income $ (90) $ 132
Adjustments to reconcile net (loss)
income to net cash (used in) provided
by operating activities:
Amortization of purchased intangibles 11 13
Amortization of goodwill 143
Depreciation 163 155
Stock compensation charges 1 12
Equity in earnings of associated
companies less than (in excess of)
dividends received 23 (36)
Minority interest, net of dividends paid (6) 1
Deferred tax benefit (70) (11)
Tax benefit on stock options 24
Interest expense on convertible debentures 10 10
Restructuring payments (58)
Changes in certain working capital items (145) (271)
Other, net (10) 4
------------ ---------
Net cash (used in) provided by operating
activities (171) 176
------------ ---------
Cash flows from investing activities:
Capital expenditures (102) (576)
Acquisitions of businesses, net of cash
acquired (66)
Net proceeds from sale or disposal of assets 5 6
Net decrease (increase) in long-term
investments and other
long-term assets 1 (47)
Short-term investments - acquisitions (603) (77)
Short-term investments - liquidations 919 207
Other, net (1)
----------- --------
Net cash provided by (used in) investing
activities 219 (553)
----------- --------
Cash flows from financing activities:
Net repayments of short-term debt (143) (12)
Proceeds from issuance of long-term debt 11 38
Repayments of long-term debt (4) (85)
Proceeds from issuance of common stock 15 7
Redemption of common stock for income
tax withholding (19)
Dividends paid (56)
----------- --------
Net cash used in financing activities (121) (127)
----------- --------
Effect of exchange rates on cash (6) (2)
----------- --------
Cash used in continuing operations (79) (506)
----------- --------
Cash used in discontinued operations (9)
----------- --------
Net decrease in cash and cash equivalents (79) (515)
Cash and cash equivalents at beginning of year 1,037 1,079
----------- --------
Cash and cash equivalents at end of period $ 958 $ 564
=========== ========
The accompanying notes are an integral part of these statements.
CORNING INCORPORATED AND SUBSIDIARY COMPANIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Quarter 1, 2002
1. Information by Operating Segment
Information about the performance of Corning's three operating
segments for the first quarter of 2002 and 2001 are presented below.
These amounts exclude revenues, expenses and equity earnings not
specifically identifiable to segments. Corning prepared the financial
results for its three operating segments on a basis that is consistent
with the manner in which Corning management internally disaggregates
financial information to assist in making internal operating
decisions. Corning has allocated some common expenses among segments
differently than it would for stand alone financial information
prepared in accordance with generally accepted accounting principles.
Segment net income may not be consistent with measures used by other
companies.
Three months ended
(In millions) March 31,
----------------------------------------------------------------------
2002 2001
-------- ---------
Telecommunications
Net sales:
Optical fiber and cable $ 255 $ 875
Hardware and equipment 135 248
Photonic technologies 34 236
Controls and connectors 39 60
Optical networking devices 2 14
----------- ----------
Total net sales $ 465 $ 1,433
=========== ==========
Research, development and engineering
expenses $ 86 $ 122
Interest expense $ 32 $ 25
Segment (loss) earnings before equity
(losses) earnings $ (138) $ 177
Equity in (losses) earnings of
associated companies (4) 3
----------- ----------
Segment net (loss) income $ (142) $ 180
=========== ==========
Advanced Materials
Net sales:
Environmental technologies $ 94 $ 108
Life sciences 70 70
Other advanced materials 69 104
----------- ----------
Total net sales $ 233 $ 282
=========== ==========
Research, development and engineering
expenses $ 31 $ 28
Interest expense $ 8 $ 5
Segment earnings before equity earnings $ 1 $ 26
Equity in earnings of associated
companies 8 6
----------- ----------
Segment net income $ 9 $ 32
=========== ==========
Information Display
Net sales:
Display technologies $ 93 $ 62
Conventional video components 43 86
Precision lens 59 53
----------- ----------
Total net sales $ 195 $ 201
=========== ==========
Research, development and engineering
expenses $ 11 $ 10
Interest expense $ 8 $ 4
Segment earnings before minority interest
and equity earnings $ 3 $ 21
Minority interest in losses (earnings)
of subsidiaries 6 (5)
Equity in earnings of associated
companies 25 25
----------- ----------
Segment net income $ 34 $ 41
=========== ==========
Three months ended
(In millions) March 31,
----------------------------------------------------------------------
2002 2001
--------- ----------
Total segments
Net sales $ 893 $ 1,916
Research, development and engineering
expenses $ 128 $ 160
Interest expense $ 48 $ 34
Segment (loss) earnings before minority
interest and equity earnings $ (134) $ 224
Minority interest in losses (earnings)
of subsidiaries 6 (5)
Equity in earnings of associated
companies 29 34
--------- ----------
Segment net (loss) income $ (99) $ 253
========= ==========
A reconciliation of the totals reported for the operating segments to the applicable line items in the consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge is as follows (in millions):
Three months ended
March 31,
------------------------
2002 2001
--------- ----------
Net sales
Total segment net sales $ 893 $ 1,916
Non-segment net sales (a) 5 5
--------- ----------
Total net sales $ 898 $ 1,921
========= ==========
Net income
Total segment net (loss) income $ (99) $ 253
Unallocated items:
Non-segment loss and other (a) (1) (1)
Amortization of goodwill (b) (143)
Interest income (c) 14 24
Income tax (d) (5) (1)
Equity in earnings of associated
companies (a) 1
--------- ----------
Net (loss) income $ (90) $ 132
========= ==========
(a) Includes amounts derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from corporate investments. (b) Amortization of goodwill relates primarily to the Telecommunications Segment. (c) Corporate interest income is not allocated to reportable segments. (d) Includes tax associated with unallocated items. 2. Income Taxes Corning's effective income tax benefit rate for the three months ended March 31, 2002 was 25%. The effective tax benefit rate in the quarter is lower than the U.S. statutory income tax rate of 35% due to the impact of unusable tax credits and nondeductible non·de·duct·i·ble adj. Not deductible, especially for income-tax purposes. Adj. 1. nondeductible - not allowable as a deduction deductible - acceptable as a deduction (especially as a tax deduction) expenses and losses. 3. Accounting Change In June June: see month. 2001, the Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). issued Statement of Financial Accounting Standards (SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System ) No. 141, "Business Combinations," and SFAS No. 142, "Goodwill and Other Intangible Assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. ." Among other provisions, goodwill will no longer be amortized but will be subject to impairment tests at least annually. SFAS No. 142 was effective for Corning on January January: see month. 1, 2002. Corning completed its initial impairment review during the first quarter and concluded a transitional impairment charge from the adoption of the standard would not be required. The following table presents a reconciliation of reported net income and earnings per share to adjusted net income and earnings per share, as if SFAS No. 142 had been in effect as follows:
For the three months ended
(In millions, except per share amounts) March 31, 2001
----------------------------------------------------------------------
Reported net income $ 132
Addback: Amortization of goodwill,
net of income taxes 136
----------
Adjusted net income $ 268
==========
Reported earnings per share - basic $ 0.14
Addback: Amortization of goodwill,
net of income taxes 0.15
----------
Adjusted earnings per share - basic $ 0.29
==========
Reported earnings per share - diluted $ 0.14
Addback: Amortization of goodwill,
net of income taxes 0.15
----------
Adjusted earnings per share - diluted $ 0.29
==========
4. Supplementary Statement of Cash Flows Data Supplemental disclosure of cash flow information is as follows (in millions):
For the three months ended
March 31,
---------------------------
2002 2001
----------- ----------
Changes in certain working capital items:
Trade accounts receivable $ (33) $ 35
Inventories 5 (178)
Other current assets 34 135
Accounts payable and other current
liabilities, net of
restructuring payments (151) (263)
--------- ---------
Total $ (145) $ (271)
========= =========
5. Reclassifications Certain amounts in 2001 have been reclassified to conform with 2002 classifications.
CORNING INCORPORATED
QUARTERLY SALES INFORMATION
(In millions)
2002
------------------------------------
Q1 Q2 Q3 Q4 Total
------- ------ ------ ----- ------
Telecommunications
Fiber and cable $ 255 $ $ $ $ 255
Hardware and equipment 135 135
Photonic technologies 34 34
Controls and connectors 39 39
Optical networking devices 2 2
------ ------ ------ ----- ------
Segment net sales $ 465 $ $ $ $ 465
====== ====== ====== ===== ======
Advanced Materials
Environmental $ 94 $ $ $ $ 94
Life sciences 70 70
Other advanced materials 69 69
------ ------ ------ ----- ------
Segment net sales $ 233 $ $ $ $ 233
====== ====== ====== ===== ======
Information Display
Display technologies $ 93 $ $ $ $ 93
Conventional video components 43 43
Precision lens 59 59
------ ------ ------ ----- ------
Segment net sales $ 195 $ $ $ $ 195
====== ====== ====== ===== ======
2001
------------------------------------
Q1 Q2 Q3 Q4 Total
------- ------ ------ ----- ------
Telecommunications
Fiber and cable $ 875 $ 939 $ 779 $ 296 $2,889
Hardware and equipment 248 231 187 151 817
Photonic technologies 236 158 69 46 509
Controls and connectors 60 55 47 43 205
Optical networking devices 14 10 7 7 38
------ ------ ------ ----- ------
Segment net sales $1,433 $1,393 $1,089 $ 543 $4,458
====== ====== ====== ===== ======
Advanced Materials
Environmental $ 108 $ 96 $ 90 $ 85 $ 379
Life sciences 70 69 65 63 267
Other advanced materials 104 86 79 78 347
------ ------ ------ ----- ------
Segment net sales $ 282 $ 251 $ 234 $ 226 $ 993
====== ====== ====== ===== ======
Information Display
Display technologies $ 62 $ 87 $ 79 $ 95 $ 323
Conventional video components 86 73 47 46 252
Precision lens 53 58 57 57 225
------ ------ ------ ----- ------
Segment net sales $ 201 $ 218 $ 183 $ 198 $ 800
====== ====== ====== ===== ======
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