Corning to Meet with Investors; Company reaffirms second-quarter guidance Business Wire - June 14, 2004 17:00
CORNING, N.Y., Jun 14, 2004 (BUSINESS WIRE) -- Corning Incorporated's (NYSE:GLW) President and Chief Operating Officer Wendell P. Weeks and Corning Vice Chairman and Chief Financial Officer James B. Flaws will meet with investors in Boston, Mass., on June 15 to discuss the company's progress on its three leadership priorities for 2004: protecting the financial health of the company; improving profitability; and investing in the future.
During the meetings, the company will reiterate its 2004 second-quarter guidance of revenues in the range of $900 million to $950 million, with earnings per share in the range of $0.07 to $0.09, before special items. This estimate is a non-GAAP financial measure and is reconciled on the company's investor relations Web site.
Weeks and Flaws will also tell investors that the company's three near-term growth initiatives: fiber in the local access network, or fiber to the premises; emission control for products in heavy-duty and light-duty diesel engines; and the expanding market for liquid crystal display (LCD) glass each represent a significant opportunity for Corning. "Corning leads the LCD glass industry in technology innovation and is poised to increase its leadership with the transition to larger size glass panels," Weeks will say. "Corning was the first with Generation 5 and Generation 6 glass, and is gearing up to deliver Generation 7 glass," he will remark.
Weeks will add that volume growth for Corning's wholly-owned business is expected to exceed 50 percent this year, outpacing general industry growth. "Growth is being driven primarily by the industry's migration to larger generation glass and the continued penetration to LCD monitors for the desktop computer market," Weeks will say.
As part of the meetings in Boston, Corning will be hosting a luncheon at 12:30 p.m. EST on June 15 at the Merrill Lynch & Co. office at One Financial Center, Boston. To reserve a seat at the luncheon, please contact Corning's investor relations department by calling 607-974-8764. A copy of the materials distributed to investors during the meetings will be available on Corning's Web site by accessing the investor relations events calendar at http://www.corning.com/investor_relations.
In addition to these meetings in Boston, Flaws will present at the 2004 Wachovia Securities Nantucket Equity Conference on June 22 in Nantucket, Mass. Flaws' presentation will be webcast live at 2:30 p.m. EST. It will be available on Corning Incorporated's Web site by accessing the 2004 Wachovia Securities Nantucket Equity Conference link on the IR events calendar.
Presentation of Information in this News Release
Corning's earnings estimate for the first quarter is a non-GAAP financial measure as it excludes any potential gains or losses arising from previously announced restructuring actions, any further adjustments to the asbestos settlement reserve required by movement in Cornings stock price and income from discontinued operations. 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 GAAP earnings per share estimate on our Investor Relations Web Site at www.corning.com/investor_relations.
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