GLW Corning Inc

MIDLAND, Mich., May 5 /PRNewswire-FirstCall/ -- Dow Corning Corp. today reported consolidated adjusted net income of $134.3 million for the first quarter of 2006, an increase of 1 percent from adjusted net income of $132.6 million reported in the same quarter of 2005. Adjusted net income in both periods excludes certain items related to Chapter 11 from which the company emerged on June 1, 2004. Including all items, Dow Corning reported consolidated net income of $138.0 million for the first quarter of 2006. First quarter 2006 sales were $1.027 billion, 5 percent higher than sales of $0.983 billion in last year's first quarter. "We are pleased with our solid first-quarter performance," said Dow Corning's vice president for planning and finance and chief financial officer J. Donald Sheets. "Our customers are looking to us for innovative technology across our product offering -- from construction materials to advanced electronics and semiconductors." Dow Corning (http://www.dowcorning.com/ ) provides performance-enhancing solutions to serve the diverse needs of more than 25,000 customers worldwide. A global leader in silicon-based technology and innovation, offering more than 7,000 products and services, Dow Corning is equally owned by The Dow Chemical Company (NYSE:DOW) and Corning, Incorporated (NYSE:GLW). More than half of Dow Corning's annual sales are outside the United States. Dow Corning Corporation Condensed Consolidated Statements of Income (in millions of U. S. dollars) (Unaudited) Three Months Ended March 31, 2006 2005 Net Sales $1,027.4 $982.5 Net Income 138.0 135.9 Adjustments for certain unusual items: Chapter 11 related items, after tax $(3.7) $(3.3) Adjusted Net Income(1) $134.3 $132.6 (1) Adjusted Net Income is a non-GAAP financial measure which excludes certain unusual items and which reconciles to Net Income as shown. Dow Corning Corporation Condensed Consolidated Balance Sheets (in millions of U. S. dollars) (Unaudited) March 31, 2006 December 31, 2005 Assets Current Assets $2,660.5 $2,574.8 Property, Plant and Equipment, Net 1,349.8 1,323.5 Other Assets 1,254.0 1,246.5 $5,264.3 $5,144.8 Liabilities and Stockholders' Equity Current Liabilities $933.9 $933.0 Other Liabilities 2,566.1 2,592.8 Minority Interest in Consolidated Subsidiaries 175.6 178.6 Stockholders' Equity 1,588.7 1,440.4 $5,264.3 $5,144.8 DATASOURCE: Dow Corning Corporation CONTACT: Mary Lou Benecke, +1-989-496-8689, , or Jarrod Erpelding, +1-989-496-1582, , both of Dow Corning Corporation Web site: http://www.dowcorning.com/

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