Corning Anticipates Reporting Better-Than-Expected First-Quarter Results; Earnings Could Beat Current Consensus by $0.05 to $0.07.Business Editors CORNING, N.Y.--(BUSINESS WIRE)--March 16, 2000 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) ), a leading manufacturer of optical-networking technologies, said it expects to report first-quarter earnings before special items that are well above the current First Call consensus estimate of $0.48 per share. Based on its strong results through February, the company expects to report first-quarter earnings before special items in the range of $0.53 to $0.55, approximately 50% ahead of 1999 first-quarter earnings of $0.36. "Demand for our LEAF optical fiber used by leading long-distance providers worldwide continues to grow at a significant rate and is the primary reason for our improved first-quarter earnings outlook," said Roger G. Ackerman, Corning's chairman and chief executive officer. The company recently announced plans to invest $750 million to expand its fiber-making capacity by 50% to keep pace with this growing demand. The company said that it also expects to exceed the current First Call full-year earnings consensus estimate of $2.35 per share before special items by at least $0.10. The revised outlook represents growth approaching 30% on a year-to-year basis. The revised outlook excludes the impact of the recently announced acquisition of NetOptix Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :OPTX), a manufacturer of thin-film filters used in dense wavelength division multiplexing See WDM. (DWDM (Dense WDM) The term given to wavelength division multiplexing (WDM) when significantly more channels were being added. Since WDM is increasingly more "dense" all the time, both terms are used synonymously. See WDM. DWDM - wavelength division multiplexing ) components, which is expected to close in the second quarter. At that time, Corning will change its primary performance measure to earnings before amortization of purchased intangibles and goodwill. As previously reported, special charges related to the acquisitions of Oak Industries and British Telecommunications' Photonics Technology Research Center will be included in Corning's first-quarter results. These items will reduce reported first-quarter and full-year results by approximately $70 million after tax, or $0.25 per share. Corning expects to report its first-quarter results after the close of the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. on April 24. Established in 1851, Corning Incorporated creates leading-edge technologies for the fastest-growing markets of the world's economy. Corning manufactures optical fiber, cable and photonic products for the telecommunications industry; and high-performance displays and components for television and other communications-related industries. The company also uses 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, to manufacture products for scientific, semiconductor and environmental markets. Corning's revenues in 1999 were $4.7 billion. More information on the company is available at www.corning.com. Forward-Looking Cautionary Statements Except for historical information and discussions contained herein, statements included in this release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements involve a number of risks, uncertainties and other factors that could cause results to differ materially, as discussed in the company's filing with the Securities and Exchange Commission. |
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