Corning Reports Improved Performance in Fourth Quarter.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)--January 25, 1999--Corning Incorporated (NYSE NYSE See: New York Stock Exchange :GLW GLW Glasgow Airport (UK) GLW Gross Laden Weight GLW Good Lady Wife (Australia) ) reported today that its 1998 fourth quarter net income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the before special items totaled $94.6 million, or $0.40 per share, compared with 1997 net income from the same operations of $91.7 million, or $0.39 per share. Fourth quarter sales were $926.8 million, up 3 percent compared with 1997 sales of $902.3 million. Corning recorded a non-operating gain in the fourth quarter of 1998 of $19.2 million ($9.7 million after tax), or $0.04 per share, primarily related to the 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). of several small businesses in the company's Science Products Division. Including this gain, Corning's income from continuing operations for the fourth quarter of 1998 totaled $104.3 million, or $0.44 per share. Corning's Chairman and Chief Executive Officer Roger G. Ackerman said, "Although several of our businesses continue to experience severe price competition from Asian competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. , we are very pleased to have finished the year with better-than-expected overall performance and to have recovered from a weak first half. North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. demand for optical fiber and cable, including our new LEAF(R) optical fiber for high-data-rate networks, increased significantly. We also saw improvement in both our information display and environmental products businesses." Fourth-quarter revenue growth in the Telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. Segment was due primarily to the fast-paced Adj. 1. fast-paced - of communication that proceeds rapidly; "a fast-paced talker"; "fast-paced fiction" fast - acting or moving or capable of acting or moving quickly; "fast film"; "on the fast track in school"; "set a fast pace"; "a fast car" growth of the Photonic Dealing with light (photons). See photon and photonics. Technologies Division. The strong volume gains in optical fiber and cable were offset by the continuation continuation - continuation passing style of significant price declines. While fourth-quarter earnings in the segment were down versus 1997, the comparisons were better than the first three quarters of 1998. 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 was positively impacted by growing demand for new products and manufacturing-efficiency gains in the environmental products business and by increased equity earnings from Eurokera, a maker of glass-ceramic Glass-ceramic materials share many properties with both glass and more traditional crystalline ceramics. It is formed as a glass, and then made to crystalize partly by heat treatment. Unlike sintered ceramics, glass-ceramics have no pores between crystals. cooking surfaces. These improvements were more than offset by the continued weakness in the semiconductor materials Semiconductor materials are insulators at absolute zero temperature that conduct electricity in a limited way at room temperature (see also Semiconductor). The defining property of a semiconductor material is that it can be doped with impurities that alter its electronic properties business and increased R&D spending in the advanced life science business. In the Information Display Segment, strengthening demand for 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. glass used in 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 stronger-than-expected results in the North American-based conventional television glass business led the significant improvement in year-over-year fourth-quarter revenue and earnings growth. "The favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. trends in the second half, combined with strong demand in the telecommunications market for our LEAF(R) optical fiber and photonic technologies, has put us on track to return to double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. earnings growth in 1999," Ackerman said. "We will fuel this growth by continuing to invest in the development of new products for our growth platforms This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. in telecommunications, information display and advanced materials." Corning reported full year 1998 income from continuing operations before special items of $353.8 million, or $1.50 share, compared to $408.9 million, or $1.72 per share from the same operations in 1997. Full-year sales were $3.48 billion, down slightly from 1997 sales of $3.52 billion. In addition to the non-operating gain in quarter four, full-year 1998 income from continuing operations includes a restructuring charge 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. of $84.6 million ($49.2 million after tax and minority interest), or $0.21 per share, and a non-operating gain of $20.5 million ($13.2 million after tax), or $0.06 per share, recorded in the second quarter. Including these items, net income from continuing operations totaled $394 million, or $1.39 per share. Established in 1851, 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. creates leading-edge technologies for the fastest-growing markets of the world's economy. Corning manufactures optical fiber, cable and photonic components 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 and other communications-related industries. The company also uses advanced materials to manufacture products for scientific, semiconductor and environmental markets. Corning's total revenues in 1998 were $3.5 billion. More information on the company is available at http://www.corning.com,Corning's website. 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 Except for historical information and discussions contained herein, statements included in this release constitute "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. " 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.
Corning Incorporated and Subsidiary Companies
Consolidated Statements of Income
(Unaudited; in millions,
except per share amounts)
Year Ended Three Months Ended
Dec. 31, Dec. 31,
1998 1997 1998 1997
Revenues
Net sales $ 3,484.0 $ 3,516.8 $ 926.8 $ 902.3
Royalty, interest
and dividend income 48.4 37.5 15.5 9.1
Non-operating gains 39.7 19.2
3,572.1 3,554.3 961.5 911.4
Deductions
Cost of sales 2,153.9 2,042.3 558.7 526.4
Selling, general and
administrative expenses 487.7 541.6 135.6 139.9
Research, development
and engineering expenses 293.9 250.3 80.1 75.2
Provision for
restructuring 84.6
Interest expense 56.7 72.0 12.9 15.1
Other, net 55.7 18.9 15.3 8.5
Income from continuing
operations before
taxes on income 439.6 629.2 158.9 146.3
Taxes on income from
continuing operations 132.8 209.5 48.7 48.3
Income from continuing
operations before
minority interest and
equity earnings 306.8 419.7 110.2 98.0
Minority interest in
earnings of subsidiaries (60.9) (76.3) (22.3) (20.1)
Dividends on convertible
preferred securities
of subsidiary (13.7) (13.7) (3.4) (3.4)
Equity in earnings of
associated companies 95.3 79.2 19.8 17.2
Income from continuing
operations 327.5 408.9 104.3 91.7
Income from discontinued
operations,
net of income taxes 66.5 30.9 16.8
Net Income $ 394.0 $ 439.8 $ 104.3 $ 108.5
Basic Earnings
Per Share
Continuing operations $ 1.42 $ 1.79 $ 0.45 $ 0.40
Discontinued operations 0.29 0.13 0.07
Net Income $ 1.71 $ 1.92 $ 0.45 $ 0.47
Diluted Earnings Per Share
Continuing operations $ 1.39 $ 1.72 $ 0.44 $ 0.39
Discontinued operations 0.28 0.13 0.07
Net Income $ 1.67 $ 1.85 $ 0.44 $ 0.46
Dividends Declared $ 0.72 $ 0.72 $ 0.18 $ 0.18
The accompanying notes are an integral part of these statements.
Corning Incorporated and Subsidiary Companies
Condensed Consolidated Balance Sheets
(Unaudited; in millions)
Dec. 31, Dec. 31,
1998 1997
Assets
Current Assets
Cash and short-term investments $ 45.4 $ 97.0
Receivables, net 636.0 559.7
Inventories 458.7 428.3
Deferred taxes on income and
other current assets 170.2 114.1
Total current assets 1,310.3 1,199.1
Investments 366.2 310.0
Plant and Equipment, Net 2,684.9 2,267.9
Goodwill and Other
Intangible Assets, Net 309.7 294.2
Other Assets 310.8 263.1
Net Assets of Discontinued
Operations 357.6
$ 4,981.9 $ 4,691.9
Liabilities and Stockholders' Equity
Current Liabilities
Loans payable $ 204.6 $ 213.0
Accounts payable 291.7 300.0
Other accrued liabilities 578.4 444.7
Total current liabilities 1,074.7 957.7
Other Liabilities 674.1 627.5
Loans Payable Beyond One Year 998.3 1,125.8
Minority Interest in Subsidiary
Companies 346.1 349.3
Convertible Preferred Securities
of Subsidiary 365.2 365.3
Convertible Preferred Stock 17.9 19.8
Common Stockholders' Equity 1,505.6 1,246.5
$ 4,981.9 $ 4,691.9
The accompanying notes are an integral part of these statements.
Corning Incorporated and Subsidiary Companies
Notes to Consolidated Financial Statements
Quarter 4, 1998
(1) Basic earnings per share is computed by dividing net income less
dividends on Series B convertible preferred stock by the weighted
average number of common shares outstanding during each period.
The weighted average shares outstanding were 229.4 million and
229.6 million for the fourth quarter and year ended December 31,
1998, respectively, compared with 229.1 million and 228.1 million
for the same periods in 1997. Series B preferred dividends amount
to $0.4 million and $1.6 million in the fourth quarter and year
ended December 31, 1998 and 1997, respectively.
Diluted earnings per share is computed by dividing net income by the
weighted average number of shares outstanding after adjusting
both amounts by the effects of potentially dilutive securities.
Net income is increased by the amount of income assumed to be
received on conversion of Corning's convertible securities and,
in 1998, adjusted for dividends on convertible preferred stock.
The weighted average number of shares outstanding is increased by
the amount of dilutive stock options, the number of dilutive
securities assumed to be issued on conversion of Corning's
convertible securities and, in 1997, convertible preferred stock.
The shares used in computing diluted earnings per share for the
fourth quarter and year ended December 31, 1998 were 243.8
million and 243.9 million, respectively, compared with 245.5
million and 245.4 million for the same periods in 1997.
(2) Depreciation and amortization charged to continuing operations
during the years ended December 31, 1998 and 1997 totaled $298.0
million and $285.9 million, respectively.
(3) Corning's effective tax rate for continuing operations, excluding
the impact of specials, was 28.1% and 30.5% for the fourth
quarter and year ended December 31, 1998, respectively, and 33%
and 33.3% for the same periods in 1997. The lower 1998 rate is
due to a higher percentage of Corning's earnings resulting from
consolidated entities with lower effective tax rates and growth
in export sales of domestically produced products.
(4) In the fourth quarter of 1998, Corning recorded a non-operating
gain of $19.2 million ($9.7 million after tax), or $0.04 per
share, related to the divestiture of several small businesses
within the science products division.
(5) On December 1, 1998, Corning acquired the 50% interest in Optical
Fibres previously owned by BICC, plc. The consideration was
comprised of approximately $47 million in cash and the assumption
of $27 million in debt. The acquisition was recorded using the
purchase method of accounting. The excess cost over the fair
value of tangible net assets acquired is approximately $38
million and is being amortized over periods up to 20 years.
Optical Fibres became a wholly owned subsidiary as a result of
this transaction and the results of its operations are included
in the consolidated financial statements from the date of the
transaction.
(6) In the second quarter of 1998, Corning recorded a restructuring
charge of $84.6 million ($49.2 million after tax and minority
interest), or $0.21 per share. The charge is comprised of early
retirement incentives and severance costs.
(7) In June, 1998, Molecular Simulations, Inc. (MSI) merged with
Pharmacopeia, Inc., a publicly traded company (NASDAQ: PCOP).
Corning previously owned 35% of MSI. Corning realized a gain of
$20.5 million ($13.2 million after tax), or $0.06 per share from
this transaction.
(8) On April 1, 1998, Corning completed the recapitalization and sale
of a controlling interest in its consumer housewares business to
an affiliate of Borden, Inc. Corning received cash proceeds of
$593 million and will continue to retain an 8 percent interest in
the Corning Consumer Products Company. In addition, Corning could
receive an additional payment of up to $15 million if certain
financial targets are met by Corning Consumer Products Company
for the three year period 1998 - 2000.
Corning recorded an after-tax gain of $67.1 million, or $0.29 per
share, in the second quarter of 1998. Corning used approximately
$350 million of the proceeds to repay current borrowings and will
use the remaining proceeds to fund restructuring activities and
to invest in its future operations.
Corning's consolidated financial statements and notes thereto
report the consumer housewares business as a discontinued
operation. Prior period consolidated financial statements and
notes have been restated accordingly.
(9) Dow Corning Corporation, in which Corning has a 50% interest,
filed a plan of reorganization with the bankruptcy court in
November 1998. The plan is the product of extended negotiations
with the Tort Claimants' Committee, which is now a joint
proponent of the plan. The bankruptcy court held hearings from
January 20-22, 1999 to review the disclosure statement that the
plan proponents propose to send to creditors. The hearing was
continued until February 4, 1999. Assuming the bankruptcy court
approves the disclosure statement, the plan of reorganization
will require a favorable vote by many classes of creditors, as
well as final court approval after further hearings, and may be
subject to appeals. The recent developments tend to increase the
probability that Dow Corning will successfully emerge from
Chapter 11 proceedings, but the timing and eventual outcome of
these proceedings are inherently uncertain.
(10) Financial Accounting Standard No. 131, "Disclosures about
Segments of an Enterprise and Related Information" (FAS 131)
became effective December 31, 1998. Information for each of
Corning's three operating segments for the fourth quarter and
year-to-date 1998 and 1997 are below. These amounts do not
include revenues, expenses and equity earnings not specifically
identifiable to segments.
Year ended Three months ended
December 31, December 31,
1998 1997 1998 1997
Telecommunications
Net sales $1,791.7 $1,795.3 $ 479.3 $ 460.9
Income from continuing
operations before
minority interest
and equity earnings $ 221.9 $ 307.3 $ 55.3 $ 69.8
Minority interest in
earnings of subsidiaries (37.3) (46.0) (6.9) (14.1)
Equity earnings of
associated companies 20.7 36.2 6.3 6.5
Segment net income $ 205.3 $ 297.5 $ 54.7 $ 62.2
Advanced Materials
Net sales $1,020.1 $1,030.4 $ 252.4 $ 264.5
Income from continuing
operations before
minority interest
and equity earnings $ 75.9 $ 89.8 $ 20.2 $ 23.7
Minority interest in
earnings of subsidiaries 0.3 0.7 0.4
Equity earnings of
associated companies 17.6 13.1 6.4 3.7
Segment net income $ 93.8 $ 103.6 $ 26.6 $ 27.8
Information Display
Net sales $ 644.7 $ 664.2 $ 185.4 $ 167.3
Income from continuing
operations before
minority interest
and equity earnings $ 39.2 $ 16.4 $ 23.9 $ 4.1
Minority interest in
earnings of subsidiaries (27.6) (31.0) (15.4) (6.5)
Equity earnings of
associated companies 44.9 21.7 4.4 5.9
Segment net income $ 56.5 $ 7.1 $ 12.9 $ 3.5
Total Segments
Net sales $3,456.5 $3,489.9 $ 917.1 $ 892.7
Income from continuing
operations before
minority interest
and equity earnings $ 337.0 $ 413.5 $ 99.4 $ 97.6
Minority interest in
earnings of subsidiaries (64.6) (76.3) (22.3) (20.2)
Equity earnings of
associated companies 83.2 71.0 17.1 16.1
Segment net income $ 355.6 $ 408.2 $ 94.2 $ 93.5
Corning, Incorporated and Subsidiary Companies
(In millions)
Exhibit 1
1998
Q1 Q2 Q3
Telecommunications
Net sales $ 387.2 $ 441.4 $ 483.8
Income from continuing operations before
minority interest and equity earnings $ 34.9 $ 52.8 $ 78.9
Minority interest in earnings
of subsidiary (6.9) (11.0) (12.5)
Equity earnings of associated companies 4.5 8.4 1.5
Segment net income $ 32.5 $ 50.2 $ 67.9
Advanced Materials
Net sales $ 258.7 $ 261.3 $ 247.7
Income from continuing operations before
minority interest and equity earnings $ 18.9 $ 19.8 $ 17.0
Minority interest in earnings
of subsidiary 0.2 0.1
Equity earnings of associated companies 3.2 4.3 3.7
Segment net income $ 22.3 $ 24.2 $ 20.7
Information Display
Net sales $ 143.3 $ 146.2 $ 169.8
Income from continuing operations before
minority interest and equity earnings $ (9.4) $ 7.2 $ 17.5
Minority interest in earnings
of subsidiary 1.2 (5.6) (7.8)
Equity earnings of associated companies 16.4 17.5 6.6
Segment net income $ 8.2 $ 19.1 $ 16.3
Total Segments
Net sales $ 789.2 $ 848.9 $ 901.3
Income from continuing operations before
minority interest and equity earnings $ 44.4 $ 79.8 $ 113.4
Minority interest in earnings
of subsidiary (5.5) (16.5) (20.3)
Equity earnings of associated companies 24.1 30.2 11.8
Segment net income $ 63.0 $ 93.5 $ 104.9
Q4 TOTAL
Telecommunications
Net sales $ 479.3 $ 1,791.7
Income from continuing operations before
minority interest and equity earnings $ 55.3 $ 221.9
Minority interest in earnings of subsidiary (6.9) (37.3)
Equity earnings of associated companies 6.3 20.7
Segment net income $ 54.7 $ 205.3
Advanced Materials
Net sales $ 252.4 $ 1,020.1
Income from continuing operations before
minority interest and equity earnings $ 20.2 $ 75.9
Minority interest in earnings of subsidiary 0.3
Equity earnings of associated companies 6.4 17.6
Segment net income $ 26.6 $ 93.8
Information Display
Net sales $ 185.4 $ 644.7
Income from continuing operations before
minority interest and equity earnings $ 23.9 $ 39.2
Minority interest in earnings of subsidiary (15.4) (27.6)
Equity earnings of associated companies 4.4 44.9
Segment net income $ 12.9 $ 56.5
Total Segments
Net sales $ 917.1 $ 3,456.5
Income from continuing operations before
minority interest and equity earnings $ 99.4 $ 337.0
Minority interest in earnings of subsidiary (22.3) (64.6)
Equity earnings of associated companies 17.1 83.2
Segment net income $ 94.2 $ 355.6
These amounts do not include revenues, expenses and equity
earnings not specifically identifiable to segments.
Corning Incorporated and Subsidiary Companies
(In millions, except per share amounts)
Exhibit 2
1998
1997
Q1 Q2 Q3 Q4 TOTAL
Revenues
Net sales $ 794.8 $ 855.9 $ 906.5 $ 926.8 $ 3,484.0
Royalty,
interest
and dividend
income 9.1 12.0 11.8 15.5 48.4
Non-operating
gains 20.5 19.2 39.7
803.9 888.4 918.3 961.5 $ 3,572.1
Deductions
Cost of sales 514.7 530.4 550.1 558.7 2,153.9
Selling, general
and administrative
expenses 112.9 126.6 112.6 135.6 487.7
Research,
development
and engineering
expenses 67.1 75.1 71.6 80.1 293.9
Provision for
restructuring 84.6 84.6
Interest expense17.6 14.9 11.3 12.9 56.7
Other, net 27.1 2.6 10.7 15.3 55.7
Income from
continuing operations
before taxes
on income 64.5 54.2 162.0 158.9 439.6
Taxes on income
from continuing
operations 21.0 13.9 49.2 48.7 132.8
Income from continuing
operations before
minority interest
and equity
earnings 43.5 40.3 112.8 110.2 306.8
Minority interest
in earnings of
subsidiaries (5.5) (12.8) (20.3) (22.3) (60.9)
Dividends on
convertible preferred
securities
of subsidiary (3.4) (3.5) (3.4) (3.4) (13.7)
Equity in earnings
of associated
companies 27.5 32.7 15.3 19.8 95.3
Income from
continuing
operations 62.1 56.7 104.4 104.3 327.5
Income from
discontinued
operations,
net of
income taxes (0.6) 67.1 66.5
Net income $ 61.5 $ 123.8 $ 104.4 $ 104.3 $ 394.0
Basic earnings per share:
Continuing
operations $ 0.27 $ 0.24 $ 0.45 $ 0.45 $ 1.42
Discontinued
operations 0.30 0.29
$ 0.27 $ 0.54 $ 0.45 $ 0.45 $ 1.71
Diluted earnings per share:
Continuing
operations $ 0.27 $ 0.24 $ 0.44 $ 0.44 $ 1.39
Discontinued
operations (0.01) 0.29 0.28
$ 0.26 $ 0.53 $ 0.44 $ 0.44 $ 1.67
Shares used in computing earnings per share:
Basic earnings
per share 229.6 229.9 229.5 229.4 229.6
Diluted
earnings
per share 232.6 233.9 242.2 243.8 243.9
1997
Q1 Q2 Q3 Q4 TOTAL
Revenues
Net sales $ 817.1 $ 905.5 $ 891.9 $ 902.3 $ 3,516.8
Royalty, interest
and dividend
income 9.9 9.1 9.4 9.1 37.5
Non-operating
gains 827.0 914.6 901.3 911.4 3,554.3
Deductions
Cost of sales 475.7 515.3 524.9 526.4 2,042.3
Selling, general
and administrative
expenses 128.8 138.9 134.0 139.9 541.6
Research, development
and engineering
expenses 51.0 53.4 70.7 75.2 250.3
Provision for restructuring
Interest expense 21.2 19.5 16.2 15.1 72.0
Other, net 6.8 (1.8) 5.4 8.5 18.9
Income from continuing
operations before
taxes on income 143.5 189.3 150.1 146.3 629.2
Taxes on income from
continuing
operations 49.0 64.2 48.0 48.3 209.5
Income from continuing
operations before
minority interest
and equity earnings 94.5 125.1 102.1 98.0 419.7
Minority interest in
earnings of
subsidiaries (12.5) (20.8) (22.9) (20.1) (76.3)
Dividends on
convertible preferred
securities
of subsidiary (3.4) (3.5) (3.4) (3.4) (13.7)
Equity in earnings
of associated
companies 6.8 24.2 31.0 17.2 79.2
Income from
continuing
operations 85.4 125.0 106.8 91.7 408.9
Income from
discontinued operations,
net of income taxes 6.6 2.0 5.5 16.8 30.9
Net income $ 92.0 $ 127.0 $ 112.3 $ 108.5 $ 439.8
Basic earnings per share:
Continuing
operations $ 0.37 $ 0.55 $ 0.47 $ 0.40 $ 1.79
Discontinued
operations 0.03 0.01 0.02 0.07 0.13
$ 0.40 $ 0.56 $ 0.49 $ 0.47 $ 1.92
Diluted earnings per share:
Continuing
operations $ 0.36 $ 0.52 $ 0.45 $ 0.39 $ 1.72
Discontinued
operations 0.03 0.01 0.02 0.07 0.13
$ 0.39 $ 0.53 $ 0.47 $ 0.46 $ 1.85
Shares used in computing earnings per share:
Basic earnings
per share 226.5 227.8 228.7 229.1 228.1
Diluted earnings
per share 243.3 245.8 246.8 245.5 245.4
Corning Incorporated and Subsidiary Companies
(In millions, except per share amounts)
Exhibit 3
1998
------
Q1 Q2 Q3 Q4 TOTAL
Net Income
Before special items $ 62.1 $ 92.7 $104.4 $ 94.6 $353.8
Provision for
restructuring (49.2)(a) (49.2)
Non-operating gains 13.2 (b) 9.7 22.9
Net income from continuing
operations 62.1 56.7 104.4 104.3 327.5
Net income from discontinued
operations (0.6) 67.1 66.5
Net Income $ 61.5 $123.8 $104.4 $104.3 $394.0
Earnings Per Share
Diluted earnings per share:
Before special items $ 0.27 $ 0.39 $ 0.44 $ 0.40 $ 1.50
Provision for
restructuring (0.21)(a) (0.21)
Non-operating gains 0.06 (b) 0.04(c) 0.10
Net income from
continuing operations 0.27 0.24 0.44 0.44 1.39
Net income from
discontinued operations (0.01) 0.29 0.28
Net Income $ 0.26 $ 0.53 $ 0.44 $ 0.44 $ 1.67
Shares used in
computing earnings
per share:
Diluted earnings
per share 232.6 233.9 242.2 243.8 243.9
1997
------
Q1 Q2 Q3 Q4 TOTAL
Net Income
Before special items $ 85.4 $125.0 $106.8 $ 91.7 $408.9
Provision for
restructuring
Non-operating gains
Net income from continuing
operations 85.4 125.0 106.8 91.7 408.9
Net income from
discontinued operations 6.6 2.0 5.5 16.8 30.9
Net Income $ 92.0 $127.0 $112.3 $108.5 $439.8
Earnings Per Share
Diluted earnings per share:
Before special items $ 0.36 $ 0.52 $ 0.45 $ 0.39 $ 1.72
Provision for
restructuring
Non-operating gains
Net income from
continuing operations 0.36 0.52 0.45 0.39 1.72
Net income from
discontinued operations 0.03 0.01 0.02 0.07 0.13
Net Income $ 0.39 $ 0.53 $ 0.47 $ 0.46 $ 1.85
Shares used in
computing earnings
per share:
Diluted earnings
per share 243.3 245.8 246.8 245.5 245.4
(a) Reflects a restructuring charge of $84.6 million ($49.2 million after tax and minority interest), or $0.21 per share (b) Reflects a non-operating gain of $20.5 million ($13.2 million after tax), or $0.06 per share (c) Reflects a non-operating gain of $19.2 million ($9.7 million after tax), or $0.04 per share |
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