Corning CFO to Meet with Investors at Wachovia Securities Conference; Company to Re-Affirm Second-Quarter Guidance.Business Editors CORNING, N.Y.--(BUSINESS WIRE)--June 24, 2003 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 today will tell investors that the company continues to make significant progress on its three main priorities of protecting its financial health, returning to profitability in 2003 and investing in its future. Flaws will tell analysts and investors attending the Wachovia Securities Wachovia Securities, located in Richmond, Virginia (soon to be moved to St. Louis), is the third largest brokerage firm in the United States as of 2006 with $689 billion retail client assets under management. It is a subsidiary of Wachovia Corporation. 13th Annual Nantucket Conference in Nantucket, Mass., that Corning expects to be profitable for the full-year and will return to profitability in the third quarter, if not sooner, excluding special items. He also will reiterate the company's outlook for the second quarter. Flaws will say that Corning's return to profitability would stem from the significant restructuring actions it has taken to reduce and control costs; positive momentum of 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. (LCD) glass business; and productivity gains. He will point out that the company has been able to maintain ample cash and liquidity while reducing debt by $2 billion since the end of 2001. "We are very pleased with our debt reduction program and the recent tender offer to support this effort. Combined with our objective of returning to profitability later this year, this reduction in leverage will be an important part of achieving our goal of regaining an investment-grade rating," he will say. Second-Quarter Guidance Reiterated Flaws will reiterate previously announced guidance for the second quarter. He will say Corning still expects revenues in the range of $715 million to $745 million and results in the range of a net loss of $0.02 per share to income of $0.01 per share for the second quarter. These anticipated results exclude the impact of 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. ; the previously announced loss on the sale of the company's Photonic Dealing with light (photons). See photon and photonics. Technologies business; gains from the repurchase of debt through the tender offer; and a charge to increase the asbestos settlement reserve required by the recent increase in Corning's stock price. Growth Opportunities Flaws will remind investors that the company's Technologies segment presents significant opportunity for growth and that these businesses would assist in Corning's ability to restore profitability by the third quarter of 2003. He will say this would be led by expected strong sales of flat-panel glass for LCDs, as well as the continued increases in sales of ceramic substrates for gasoline and diesel engines. Recent Announcements Additionally, Flaws will review Corning's recently announced sale of its Photonic Technologies business to Avanex Corporation; the closing of its conventional television glass business; and its repurchase of $834 million in zero coupon debentures related to a completed tender offer. Flaws' presentation at the Wachovia Securities Conference will be webcast and replays will be available on Corning Incorporated's Investor Relations Investor relations The process by which the corporation communicates with its investors. Web site found at www.corning.com. 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 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 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. |
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