Corning CFO to Address Investors at Deutsche Bank Conference; LCD TV Market Expectations to be Updated.CORNING, N.Y. -- 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) ) Vice Chairman and Chief Financial Officer James B. Flaws will participate in a "fireside chat" with investors at the Deutsche Bank Deutsche Bank AG (IPA: /'dɔɪ.tʃə/[1]) (ISIN: DE0005140008, NYSE: DB) (English: German Bank Securities 2006 Technology Conference in Miami today. Flaws will discuss the company's expectations for continued growth in 2006, with a focus on Display Technologies. Flaws will provide an update to the company's expectations for LCD TV A flat panel TV that uses LCD technology or a rear-projection TV that is based on LCD microdisplay panels. See flat panel TV, rear-projection TV and LCD. market growth. "Based on a review of final retail data from the fourth quarter of 2005 as well as preliminary first-quarter data, Corning has revised its expectations for the LCD TV market," Flaws will say. Specifically, Flaws will tell investors that the company now estimates that LCD TV penetration in 2006 will be between 18 percent and 19 percent, compared to its original estimate of 17 percent. The company also anticipates that LCD TV penetration in 2007 will be between 28 percent and 30 percent, compared to its original estimate of about 25 percent. In addition to expecting a higher number of LCD TVs to be shipped in 2006 and 2007, the company now projects an increase in the estimated average screen size. The company also estimates that the number of notebooks to be shipped will be higher in 2006 and 2007 than previously estimated. In February, Corning told investors that notebooks were expected to reach up to 35 percent penetration by the end of 2007. Primarily as a result of the revised LCD TV penetration and average screen size expectations, the company now estimates that the LCD glass market volume will grow 40 percent to 50 percent in 2006, a revision from the company's previous estimate of "more than 40 percent." In addition, the company now estimates the compound average growth rate of the LCD glass market volume to be 37 percent between 2005 and 2007, versus its original estimate of 32 percent. Corning will note, as it has in the past, that industry supply chain fluctuations could influence the company's results in any given quarter. The company has no changes to its previously disclosed first-quarter guidance. Corning's fireside chat with investors at the Deutsche Bank Securities 2006 Technology Conference will be available via webcast by accessing the IR events calendar on Corning's Web site at www.corning.com/investor_relations. About Corning Incorporated Corning Incorporated (www.corning.com) is a diversified technology company that concentrates its efforts on high-impact growth opportunities. Corning combines its expertise in specialty glass, ceramic materials, polymers and the manipulation of the properties of light, with strong process and manufacturing capabilities to develop, engineer and commercialize significant innovative products for the telecommunications, flat panel display 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 , environmental, semiconductor, and life sciences industries. Forward-Looking 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 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 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. 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 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 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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