Corning CFO Meets with Investors & Analysts At Deutsche Bank Technology Conference.Business Editors/High-Tech Writers CORNING, N.Y.--(BUSINESS WIRE)--March 10, 2003 Corning Incorporated's (NYSE NYSE See: New York Stock Exchange :GLW GLW Glasgow Airport (UK) GLW Gross Laden Weight GLW Good Lady Wife (Australia) ) Vice Chairman and Chief Financial Officer, James B. Flaws today gave a limited presentation on the company, its plan to provide a $400 million profit improvement in 2003, and reiterated its first quarter outlook. Flaws made his comments to investors and financial analysts attending the Deutsche Bank Deutsche Bank AG (IPA: /'dɔɪ.tʃə/[1]) (ISIN: DE0005140008, NYSE: DB) (English: German Bank Information Technology Conference in Scottsdale, Arizona Scottsdale (O'odham Vaṣai S-vaṣonĭ) is a city in Maricopa County, Arizona, United States, adjacent to Phoenix. Scottsdale has become internationally recognized as a premier and posh tourist destination, while maintaining its own identity and culture as " . Corning's vice chairman said the company continues to make significant progress on its priorities to protect the financial health of the company, restore profitability in 2003 and invest in its future. Flaws briefly discussed the four key elements of the company's plan to restore operating profitability by the third quarter of this year; stable sales volume in optical fiber and cable, significant cost reductions across the company's telecommunications segment, continued growth in the Corning Technologies segment, and further reduced corporate spending. Flaws also reiterated guidance for the first quarter, which was previously announced on Feb. 7. Corning anticipates first quarter revenues in the range of $700 to $730 million and a net loss in the range of $10 million to $50 million, or $0.01 to $0.04 per share, excluding gains on debt repurchases and restructuring charges. Flaws also told investors that Corning plans to recognize equity earnings of between $10 million and $20 million from Dow Corning Dow Corning is a multinational corporation headquartered in Midland, Michigan, USA. Dow Corning specializes in silicon and silicone-based technology, offering more than 7,000 products and services. Dow Corning is equally owned by The Dow Chemical Company and Corning, Inc. Corporation in the first quarter. Flaws' presentation at the Deutsche Bank conference was webcast and replays are available on Corning Incorporated's Investor Relations Investor relations The process by which the corporation communicates with its investors. website found at www.corning.com. About 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. 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 and photonic products 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 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 in commercial activities due to terrorist activity and armed conflict; ability to obtain financing and capital on commercially reasonable terms; 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 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. |
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