Corning CFO to Address Investors at Deutsche Bank Conference; LCD TV Market Expectations to be Updated
13 Março 2006 - 10:30AM
Business Wire
Corning Incorporated (NYSE:GLW) Vice Chairman and Chief Financial
Officer James B. Flaws will participate in a "fireside chat" with
investors at the Deutsche 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 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, 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 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; 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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