GLW Corning Inc

Corning Incorporated (NYSE: GLW) announced today that it has filed restated financial statements for 2005 with the Securities and Exchange Commission (SEC). As reported by Corning on April 25, 2006, the company had determined that restatement of its Forms 10-Q for the first, second and third quarters of 2005, as well as its Form 10-K for 2005, was warranted after identifying errors in these financial statements relating to its accounting for the 2003 Pittsburgh Corning Corporation asbestos litigation settlement. The adjustments to the financial statements are non-cash in nature, and had no impact on 2005 reported earnings per share. The amended financial statements are available on the company's Web site and on the SEC's EDGAR Web site. James B. Flaws, Corning's vice chairman and chief financial officer, said, "We are pleased that Corning's restated financial statements are now on file with the SEC. As a result of the comprehensive review we have conducted, we concluded that a material weakness in our internal controls regarding the accounting for litigation and equity affiliates allowed these accounting errors to remain undetected at the end of 2005. As such, we have included the required revisions to management's assessment of internal controls in the amended Form 10-K we have filed for 2005. Furthermore, we have implemented corrective action and believe that we will effectively remediate the material control weakness by the end of the third quarter of 2006." 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.