Corning to Present at Investor Conferences; Company will Reaffirm Quarterly Guidance and Discuss Growth Opportunities.Business Editors CORNING, N.Y.--(BUSINESS WIRE)--Nov. 17, 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) ) is poised for growth as it pursues three significant opportunities - 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, fiber-to-the-premises and diesel substrates, Peter F. Volanakis, president of Corning Technologies, will tell investors today. Volanakis will make his comments during the UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System Warburg 8th Annual Global Communications Conference The Global Communications Conference (GLOBECOM) is an annual international academic conference organised by the Institute of Electrical and Electronics Engineers' Communications Society. in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . During his presentation, Volanakis plans to reiterate the company's 2003 fourth-quarter guidance of revenues in the range of $740 million to $765 million, with earnings per share in the range of $0.03 to $0.04, before special items. The special items include potential restructuring and impairment charges and a charge for the mark-to-market of 25 million shares of Corning common stock, to be contributed to settle the asbestos 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. related to Pittsburgh Corning Corporation. Growth Opportunities LCD Volanakis will tell investors that demand for notebook computers and desktop LCD monitors, as well as the emerging LCD television market, are spurring growth in the company and that Corning believes the market for LCD glass may grow as much as 30 percent to 50 percent annually over the next several years. "Three industry factors are driving the increase in LCD glass volume: the underlying market growth of the end product, the technology substitution curve of LCD replacing CRTs and an increase in the overall size of the LCD screen," Volanakis will say. The company will say that the growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. in this emerging market may vary from quarter to quarter, but that it believes the long-range trends will be positive. Fiber-to-the-Premises Volanakis will also tell investors that the company believes fiber-to-the-premises represents a significant long-term opportunity for Corning. He will explain that the new FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. rules with regard to broadband favor fiber-to-the-premises investments, but the company does not expect any significant volume growth until late 2004 or 2005. "Corning's technology and market leadership in fiber, cable and hardware and equipment provides the company with a unique ability to innovate and create value for the carriers," Volanakis will say. Diesel Emissions Control A worldwide tightening of emissions control on diesel engines presents the third growth opportunity for Corning, Volanakis will tell investors. These global regulations will require diesel engine manufacturers to apply after-treatment devices to their exhaust systems, creating a potential $1 billion worldwide market in the latter part of this decade. "We believe we have the right solution to remove the fine particles and soot from diesel engine exhaust," Volanakis will say. "We are a technology leader in cellular ceramic substrates and filters providing Corning with a competitive advantage in the diesel industry." Volanakis' presentation will be webcast live at 10:30.am. EST. It will be available on Corning's web site at www.corning.com/investor_relations by accessing the IR events calendar for the UBS Warburg conference. Additionally, Corning's Vice Chairman and Chief Financial Officer James B. Flaws will speak with investors on Thursday, Nov. 20, in Buffalo, N.Y., at the Western New York
Western New York refers to the westernmost region of New York State. Investors Conference. Flaws is expected to reiterate the company's fourth-quarter guidance and discuss the three growth opportunities for the company going forward. Presentation of Information in this News Release Corning's earnings estimate for the fourth quarter is a non-GAAP financial measure as it excludes any potential gains or losses arising from potential restructuring and impairment actions, any further adjustments to the asbestos settlement reserve required by movement in Corning's stock price and income from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . As disclosed in Corning's third quarter Form 10-Q Form 10-Q See 10-Q. , it is possible that the company could take certain restructuring actions in its semiconductor business or incur impairment charges related to its investment in Samsung Corning Corporation. These items have not been decided at this time. The company believes presenting earnings estimates that exclude these items is helpful in understanding Corning's operating results. Corning provides a reconciliation of the non-GAAP earnings per share estimate to a GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). earnings per share estimate on our investor relations Investor relations The process by which the corporation communicates with its investors. 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, information display, environmental, semiconductor, and life sciences industries. 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 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 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 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 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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