Corning Incorporated (NYSE: GLW) today announced third-quarter
sales of $1.28 billion and net income of $438 million, or $0.27 per
share. Corning�s third-quarter results include a charge of $13
million, or $0.01 per share, primarily reflecting the increase in
market value of Corning common stock to be contributed to settle
the asbestos litigation related to Pittsburgh Corning Corporation.
Excluding this charge, Corning�s third-quarter net income would
have been $451 million, or $0.28 per share. These are non-GAAP
financial measures. These and all non-GAAP financial measures are
reconciled on the company�s investor relations Web site and in
attachments to this news release. �This was an excellent quarter
for Corning,� Wendell P. Weeks, president and chief executive
officer, said. �At the beginning of the third quarter, we were
uncertain about the pace of the recovery from the excess panel
inventory correction in the liquid crystal display (LCD) supply
chain. We were pleased that glass demand improved each month
throughout the quarter as our customers geared up to meet the
anticipated fourth-quarter demand for LCD televisions, notebook
computers and desktop monitors,� he said. Third-Quarter Operating
Results Corning�s third-quarter sales of $1.28 billion increased
slightly over second-quarter sales of $1.26 billion and by 8
percent over last year�s third-quarter sales of $1.19 billion.
Gross margin for the third quarter remained strong at 44 percent.
Equity earnings for the third quarter were $232 million compared to
second-quarter equity earnings of $256 million, which included a
$33 million tax gain at Dow Corning Corporation. Dow Corning�s
third-quarter equity earnings were $78 million. Third-quarter sales
for Corning�s Display Technologies segment were $506 million, a 3
percent increase over 2005 third-quarter sales of $489 million.
Year-over-year LCD glass volume increased 31 percent in the third
quarter, largely offset by price declines and the impact of foreign
exchange rates. Sequentially, third-quarter sales increased 10
percent from second-quarter sales of $461 million as volume
increases of 16 percent were offset somewhat by price declines and
the impact of foreign exchange rates. Samsung Corning Precision
Glass Co., Ltd.�s (SCP) third-quarter volume increased 38 percent
year-over-year and 11 percent sequentially. Equity earnings from
SCP were $135 million, up 18 percent over last year and up about 2
percent compared with the second quarter. Total LCD glass volume,
including both Corning�s wholly owned business and SCP, increased
35 percent year-over-year and 13 percent sequentially.
Telecommunications segment sales for the third quarter were $456
million, declining 3 percent from the previous quarter but in line
with expectations. The decline was primarily due to lower volume of
fiber-to-the-premises (FTTP) products and price declines. The
company�s Environmental Technologies segment had sales of $153
million compared to second-quarter sales of $152 million,
reflecting relatively flat sales of both automotive and diesel
products. In early October, Corning announced its first long-term
diesel emissions-control products supply agreement with Cummins
Emissions Solutions, a business unit of Cummins Inc. Sales in
Corning�s Life Sciences segment declined sequentially primarily due
to a softer market in North America and Europe. Cash Flow/Liquidity
Update Corning ended the third quarter with $2.8 billion in cash
and short-term investments, an increase from $2.5 billion in the
previous quarter. The increase in cash and short-term investments
is primarily due to the issuance of $250 million of long-term debt
to replace debt repurchased in the second quarter. �Maintaining
significant cash is important to Corning�s long-term financial
health and to enable us to invest in new business opportunities
that emerge from our research laboratories,� James B. Flaws, vice
chairman and chief financial officer, said. In the third quarter,
Corning had positive free cash flow of $76 million and remains on
track to be free cash flow positive for the year. Free cash flow is
a non-GAAP financial measure. Fourth-Quarter Outlook Corning
expects fourth-quarter sales to be in the range of $1.28 billion to
$1.33 billion and EPS in the range of $0.26 to $0.29, before
special items. This EPS estimate is a non-GAAP financial measure
and excludes any special items. Gross margin for the fourth quarter
is expected to be in the range of 44 percent to 46 percent and
selling, general and administrative expenses are expected to be in
the range of 17 percent to 18 percent of sales. The fourth-quarter
tax rate is expected to be in the range of 13 percent to 15
percent. In its Display Technologies segment, Corning expects that
fourth-quarter sequential volume growth for its wholly owned
business will be in the range of 20 percent to 30 percent as the
strong demand experienced at the end of the third quarter continues
into the fourth quarter. Samsung Corning Precision�s fourth-quarter
volume is expected to increase sequentially between 8 percent and
12 percent. Corning expects that fourth-quarter price declines will
be consistent with the third quarter. �We are expecting our display
segment to perform well in the fourth quarter,� Flaws said. �We
anticipate that LCD TV sales will exceed 20 percent of the global
television market this year,� he said. Corning�s LCD glass volume
for the first three quarters, including both its wholly owned
business and SCP, increased more than 50 percent versus last year.
�With the expected fourth-quarter growth, Corning�s full-year
volume growth should be in line with our expectations for the year.
Our capability to deliver larger-generation substrate solutions and
environmentally green glass with our EAGLE XG� composition has
allowed us to maintain a market leadership position,� Flaws said.
Corning�s fourth-quarter Telecommunications segment sales are
expected to decline sequentially by 20 percent to 25 percent due to
normal seasonality, lower FTTP volume and price declines.
Fourth-quarter sales in the company�s Environmental Technologies
segment are expected to be flat with the previous quarter.
Fourth-quarter equity earnings are expected to be flat to down 5
percent. Flaws also said that the company has been encouraged by
its initial diesel products sales and expects that volume should
continue to build as the industry gears up for the implementation
of the stricter 2007 U.S. environmental emissions requirements for
diesel engines. He said that the volume ramp should occur over
several quarters into next year. �An important goal for the
long-term success of the company is the development of a more
balanced product portfolio,� Weeks said. �We continue to maintain
an investment of approximately 10 percent of our sales into
research, development and engineering. A highlight of our third
quarter was the introduction of Corning�s Epic� system, the life
science industry�s first label-free, high-throughput drug screening
system. Our exploration into new advanced displays such as
single-crystal silicon-on-glass technology, green laser
applications, carbon-based energy storage (fuel cells) and optical
fiber-radio technology are a few examples of some of our more
promising early-stage developments currently in our laboratories,�
Weeks said. He noted that these types of technology developments
often take as long as 10 years before they are commercialized into
the marketplace. Additionally, the company announced that it will
be meeting with investors and presenting at four upcoming
conferences: Western New York Investor Conference in Buffalo, N.Y.
on Oct. 31; UBS Global Communications and Technology Conference in
New York on Nov. 14; Credit Suisse Annual Technology Conference in
Scottsdale, Ariz., on Nov. 28 and Lehman Brothers Global Technology
Conference in San Francisco on Dec. 7. Third-Quarter Conference
Call Information The company will host a third-quarter conference
call at 8:30 a.m. EDT on Wednesday, Oct. 25. To access the call,
dial (210) 234-8000. The password is QUARTER THREE. The leader is
SOFIO. A replay of the call will begin at approximately 10:30 a.m.
EDT, and will run through 5 p.m. EDT, Wednesday, Nov. 8. To listen,
dial (203) 369-0648. No pass code is required. To listen to a live
audio webcast of the call, go to Corning's Web site:
http://www.corning.com/investor_relations, and follow the
instructions. The audio webcast will be archived for one year
following the call. Presentation of Information in this News
Release Non-GAAP financial measures are not in accordance with, or
an alternative to, GAAP. Corning�s non-GAAP net income and EPS
measure excludes restructuring, impairment and other charges and
adjustments to prior estimates for such charges. Additionally, the
company�s non-GAAP measure excludes adjustments to asbestos
settlement reserves required by movements in Corning�s common stock
price, gains and losses arising from debt retirements, charges
resulting from the impairment of equity or cost method investments,
or adjustments to deferred tax assets, and gains or losses
recognized in equity earnings from restructuring, impairment or
other charges or credits taken by equity method companies.
Corning�s free cash flow financial measures are also non-GAAP
measures. The company believes presenting non-GAAP free cash flow;
net income and EPS measures are helpful to analyze financial
performance without the impact of unusual items that may obscure
trends in the company�s underlying performance. These non-GAAP
measures are reconciled on the company�s Web site at
www.corning.com/investor_relations and accompany this news release.
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 in global economic and political
conditions; tariffs, import duties and currency fluctuations;
product demand and industry capacity; competition; manufacturing
efficiencies; cost reductions; availability and costs of critical
components and materials; new product development and
commercialization; order activity and demand from major customers;
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; adequacy and availability of insurance; capital spending;
equity company activities; 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; stock price fluctuations; and adverse
litigation or regulatory developments. Additional 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. CORNING
INCORPORATED AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited; in millions, except per share amounts) �
Three months Nine months ended September 30, ended September 30,
2006� 2005� 2006� 2005� � Net sales $ 1,282� $ 1,188� $ 3,805� $
3,379� Cost of sales � 716� � 643� � 2,125� � 1,922� � Gross margin
566� 545� 1,680� 1,457� � Operating expenses: Selling, general and
administrative expenses 218� 178� 635� 553� Research, development
and engineering expenses 127� 118� 379� 320� Amortization of
purchased intangibles 2� 3� 8� 11� Restructuring, impairment and
other charges 2� 28� 13� 46� Asbestos settlement (Note 1) � 13� �
73� � 137� � 204� � Operating income 204� 145� 508� 323� � Interest
income 32� 17� 82� 40� Interest expense (18) (23) (56) (84) Loss on
repurchases and retirement of debt, net (11) (12) Other income, net
� 27� � 17� � 61� � 28� � Income before income taxes 245� 156� 584�
295� Provision for income taxes � 33� � 28� � 55� � 91� � Income
(loss) before minority interests and equity earnings 212� 128� 529�
204� Minority interests (6) (2) (8) (8) Equity in earnings of
associated companies, net of impairments � 232� � 77� � 688� � 422�
� Net income $ 438� $ 203� $ 1,209� $ 618� � Basic earnings per
common share (Note 2) $ 0.28� $ 0.14� $ 0.78� $ 0.43� Diluted
earnings per common share (Note 2) $ 0.27� $ 0.13� $ 0.76� $ 0.41�
� See accompanying notes to these financial statements. CORNING
INCORPORATED AND SUBSIDIARY COMPANIES CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions, except per share amounts) � September 30,
December 31, 2006� 2005� Assets � Current assets: Cash and cash
equivalents $ 979� $ 1,342� Short-term investments, at fair value �
1,833� � 1,092� Total cash, cash equivalents and short-term
investments 2,812� 2,434� Trade accounts receivable, net 753� 629�
Inventories 673� 570� Deferred income taxes 64� 44� Other current
assets � 184� � 183� Total current assets 4,486� 3,860� �
Investments 2,312� 1,729� Property, net 5,082� 4,675� Goodwill and
other intangible assets, net 331� 338� Deferred income taxes 56�
10� Other assets � 580� � 595� � Total Assets $ 12,847� $ 11,207� �
Liabilities and Shareholders� Equity � Current liabilities: Current
portion of long-term debt $ 20� $ 18� Accounts payable 574� 690�
Other accrued liabilities � 1,726� � 1,662� Total current
liabilities 2,320� 2,370� � Long-term debt 1,710� 1,789�
Postretirement benefits other than pensions 592� 593� Other
liabilities � 996� � 925� Total liabilities � 5,618� � 5,677� �
Commitments and contingencies Minority interests 41� 43�
Shareholders� equity: Preferred stock - Par value $100.00 per
share; Shares authorized: 10 million Common stock - Par value $0.50
per share; Shares authorized: 3.8 billion; Shares issued: 1,573
million and 1,552 million 790� 776� Additional paid-in capital
11,935� 11,548� Accumulated deficit (5,638) (6,847) Treasury stock,
at cost; Shares held: 17 million (196) (168) Accumulated other
comprehensive income � 297� � 178� Total shareholders� equity �
7,188� � 5,487� � Total Liabilities and Shareholders� Equity $
12,847� $ 11,207� � See accompanying notes to these financial
statements. CORNING INCORPORATED AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; in millions) �
Three months ended Nine months endedSeptember 30, Sept. 30,2006
June 30,2006 2006� 2005� Cash Flows from Operating Activities: Net
income $ 438� $ 514� $ 1,209� $ 618� Adjustments to reconcile net
income to net cash provided by operating activities: Depreciation
140� 149� 430� 373� Amortization of purchased intangibles 2� 3� 8�
11� Restructuring, impairment and other charges and (credits) 2� 5�
13� 46� Asbestos settlement 13� (61) 137� 204� Stock compensation
charges 33� 30� 95� 28� Loss on repurchases and retirement of debt,
net 11� 11� 12� Undistributed earnings of affiliated companies
(143) (169) (384) (206) Deferred taxes 3� (5) (64) (11)
Restructuring payments (3) (2) (9) (21) Customer deposits, net 12�
82� 86� 376� Employee benefit payments less than expense 3� 8� 26�
44� Changes in certain working capital items: Trade accounts
receivable (122) 68� (119) (78) Inventories (11) (47) (104) (46)
Other current assets (5) 3� (10) (14) Accounts payable and other
current liabilities, net of restructuring payments 14� 1� (181)
(91) Other, net � 35� � (9) � 31� � 35� Net cash provided by
operating activities � 411� � 581� � 1,175� � 1,280� � Cash Flows
from Investing Activities: Capital expenditures (338) (274) (892)
(1,076) Acquisitions of businesses, net of cash acquired (16) (16)
Net proceeds from sale or disposal of assets 3� 8� 11� 17� Net
increase in long-term investments and other long-term assets (77)
Short-term investments - acquisitions (838) (647) (2,343) (1,313)
Short-term investments - liquidations 383� 485� 1,603� 1,163�
Other, net � � � � � � � 13� Net cash used in investing activities
� (790) � (444) � (1,714) � (1,196) � Cash Flows from Financing
Activities: Repayments of short-term borrowings and current portion
of long-term debt (7) (3) (14) (198) Proceeds from issuance of
long-term debt, net 246� 246� 147� Repayments of long-term debt (9)
(334) (343) (102) Proceeds from issuance of common stock, net 5� 9�
20� 356� Proceeds from the exercise of stock options 29� 32� 280�
142� Other, net � (4) � (6) � (12) � (12) Net cash provided by
(used in) financing activities � 260� � (302) � 177� � 333� Effect
of exchange rates on cash � � � 1� � (1) � (31) Net increase
(decrease) in cash and cash equivalents (119) (164) (363) 386� Cash
and cash equivalents at beginning of period � 1,098� � 1,262� �
1,342� � 1,009� � Cash and cash equivalents at end of period $ 979�
$ 1,098� $ 979� $ 1,395� � Certain amounts for 2005 were
reclassified to conform to 2006 classifications. CORNING
INCORPORATED AND SUBSIDIARY COMPANIES SEGMENT RESULTS (Unaudited;
in millions) � Our reportable operating segments include Display
Technologies, Telecommunications, Environmental Technologies and
Life Sciences. � DisplayTech-nologies Telecom-munications
Environ-mentalTech-nologies LifeSciences AllOther Total � Three
months ended � September 30, 2006 Net sales $ 506� $ 456� $ 153� $
68� $ 99� $ 1,282� Depreciation (1) $ 69� $ 36� $ 19� $ 5� $ 9� $
138� Amortization of purchased intangibles $ 2� $ 2� Research,
development and engineering expenses (2) � $ 30� $ 20� $ 30� $ 12�
$ 9� $ 101� Restructuring, impairment and other charges and
(credits) (before-tax and minority interest) � � � $ (3) $ 3� $ 2�
$ 2� Income tax provision $ (22) $ (11) $ (3) $ (1) $ (37) Earnings
(loss) before minority interests and equity earnings (loss) (4) � �
$ 257� $ 24� $ 7� $ (8) $ (1) $ 279� Minority interests (5) (1) (6)
Equity in earnings of affiliated companies (5) � � 138� � 1� � � �
� � 9� � 148� Net income (loss) $ 395� $ 20� $ 7� $ (8) $ 7� $ 421�
� Three months ended � September 30, 2005 Net sales $ 489� $ 398� $
144� $ 70� $ 87� $ 1,188� Depreciation (1) $ 48� $ 46� $ 18� $ 5� $
8� $ 125� Amortization of purchased intangibles $ 3� $ 3� Research,
development and engineering expenses (2) � $ 29� $ 21� $ 26� $ 11�
$ 7� $ 94� Restructuring, impairment and other charges and
(credits) (before-tax and minority interest) (3) � � � $ 28� $ 28�
Income tax provision $ (35) $ 2� $ 1� $ 1� $ (31) Earnings (loss)
before minority interest and equity earnings (loss) (4) � � $ 268�
$ (23) $ 9� $ (1) $ 1� $ 254� Minority interests 1� (2) (1) Equity
in earnings (loss) of affiliated companies (5) � � 117� � 6� � � �
� � (107) � 16� Net income (loss) $ 385� $ (17) $ 9� $ (1) $ (108)
$ 268� � Nine months ended � September 30, 2006 Net sales $ 1,514�
$ 1,325� $ 460� $ 215� $ 291� $ 3,805� Depreciation (1) $ 199� $
121� $ 59� $ 15� $ 29� $ 423� Amortization of purchased intangibles
$ 8� $ 8� Research, development and engineering expenses (2) � $
96� $ 58� $ 91� $ 37� $ 25� $ 307� Restructuring, impairment and
other charges and (credits) (before-tax and minority interest) � �
� $ 2� $ 5� $ 6� $ 13� Income tax provision $ (72) $ (30) $ (6) $
(5) $ (113) Earnings (loss) before minority interest and equity
earnings (loss) (4) � � $ 741� $ 62� $ 16� $ (15) $ 2� $ 806�
Minority interests (5) (3) (8) Equity in earnings (loss) of
affiliated companies (5) � � 415� � 4� � (1) � � � 8� � 426� Net
income (loss) $ 1,156� $ 61� $ 15� $ (15) $ 7� $ 1,224� � Nine
months ended � September 30, 2005 Net sales $ 1,224� $ 1,240� $
438� $ 219� $ 258� $ 3,379� Depreciation (1) $ 133� $ 138� $ 53� $
15� $ 26� $ 365� Amortization of purchased intangibles $ 10� $ 10�
Research, development and engineering expenses (2) � $ 74� $ 57� $
75� $ 28� $ 20� $ 254� Restructuring, impairment and other charges
and (credits) (before-tax and minority interest) (3) � � � $ 36� $
(15) $ 21� Income tax provision $ (76) $ (13) $ (5) $ (2) $ (3) $
(99) Earnings (loss) before minority interest and equity earnings
(loss) (4) � $ 586� $ (15) $ 22� $ 4� $ 21� $ 618� Minority
interests 1� (9) (8) Equity in earnings (loss) of affiliated
companies (5) � � 285� � 7� � � � � � (82) � 210� Net income (loss)
$ 871� $ (7) $ 22� $ 4� $ (70) $ 820� � (1) Depreciation expense
for Corning�s reportable segments is recorded based on the assets
of each segment and also includes an allocation of depreciation of
corporate property not specifically identifiable to a segment. �
(2) Research, development, and engineering expenses includes direct
project spending which is identifiable to a segment. � (3) In the
three and nine months ended September 30, 2005, restructuring,
impairment and other charges and (credits) includes a charge of $28
million for a restructuring plan in the Telecommunications segment.
� (4) Many of Corning�s administrative and staff functions are
performed on a centralized basis. Where practicable, Corning
charges these expenses to segments based upon the extent to which
each business uses a centralized function. Other staff functions,
such as corporate finance, human resources and legal are allocated
to segments, primarily as a percentage of sales. � (5) In the three
and nine months ended September 30, 2006, equity in earnings (loss)
of affiliated companies includes charges of $2 million and $26
million, respectively, in All Other related to impairments for
Samsung Corning. In the three and nine months ended September 30,
2005, equity in earnings (loss) of affiliated companies includes a
charge of $106 million for Corning�s share of Samsung Corning�s
impairment of certain manufacturing asset and other charges.
CORNING INCORPORATED AND SUBSIDIARY COMPANIES SEGMENT RESULTS
(Unaudited; in millions) � A reconciliation of reportable segment
net income (loss) to consolidated net income (loss) follows (in
millions): � Three months Nine months ended September 30, ended
September 30, 2006� 2005� 2006� 2005� Net income of reportable
segments $ 421� $ 268� $ 1,224� $ 820� Unallocated amounts: Net
financing costs (1) 5� (18) (5) (79) Stock-based compensation
expense (33) (12) (95) (27) Exploratory research (22) (20) (62)
(56) Corporate contributions (7) (6) (24) (18) Equity in earnings
of associated companies, net of impairments (2) 84� 61� 262� 212�
Asbestos settlement (3) (13) (73) (137) (204) Other corporate items
(4) � 3� � 3� � 46� � (30) Net income $ 438� $ 203� $ 1,209� $ 618�
� (1) Net financing costs include interest expense, interest
income, and interest costs and investment gains associated with
benefit plans. � (2) Equity in earnings of affiliated companies,
net of impairments includes the following items: � --� In the nine
months ended September 30, 2006, a $33 million gain representing
our share of a tax settlement relating to an IRS examination at Dow
Corning. � --� In the nine months ended September 30, 2005, a gain
of $11 million for our share of a gain on the issuance of
subsidiary stock at Dow Corning. � (3) The asbestos settlement
arrangement to be incorporated into the Pittsburgh Corning
Corporation (PCC) reorganization plan, when the reorganization plan
becomes effective, will require Corning to relinquish its equity
interest in PCC, contribute its equity interest in Pittsburgh
Corning Europe (PCE), and 25 million shares of Corning common stock
to a trust. Corning also agreed to make cash payments over the six
years from the effective date of the settlement and to assign
certain insurance policy proceeds from its primary insurance and a
portion of its excess insurance at the time of the settlement. The
asbestos liability requires adjustment to fair value based upon
movements in Corning�s common stock price prior to contribution of
the shares to the trust as well as change in the estimated fair
value of the other components of the settlement offer. In the third
quarter of 2006 and 2005, Corning recorded a charge of $6 million
and $68 million, respectively, to reflect the movement in Corning�s
common stock price in each year and charges of $7 million and $5
million, respectively, to reflect changes in the estimated fair
value of other components of the settlement offer. � (4) Other
corporate items include the tax impact of the unallocated amounts.
In addition, the following items are also included: � --� In the
nine months ended September 30, 2006, tax benefits of $48 million
from the release of valuation allowances for certain foreign
locations. � --� In the nine months ended September 30, 2005,
impairment charges of $25 million for an other-than-temporary
decline in our investment in Avanex below its cost basis. � --� In
the three and nine months ended September 30, 2005, restructuring
credits of $7 million for adjustments to prior years� reserves.
CORNING INCORPORATED AND SUBSIDIARY COMPANIES NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS (Unaudited) � � 1. Asbestos Settlement � On
March 28, 2003, Corning announced that it had reached agreement
with the representatives of asbestos claimants for the settlement
of all current and future asbestos claims against Corning and
Pittsburgh Corning Corporation (PCC), which might arise from PCC
products or operations. The proposed settlement, when the plan
becomes effective, will require Corning to relinquish its equity
interest in PCC, contribute its equity interest in Pittsburgh
Corning Europe N.V. (PCE), a Belgian corporation, and contribute 25
million shares of Corning common stock. Corning also agreed to make
cash payments with a value of $131 million, in March 2003, over six
years from the effective date of the settlement and to assign
insurance policy proceeds from its primary insurance and a portion
of its excess insurance at the time of the settlement. � As a
result of the proposed asbestos settlement, any changes in the
estimated fair value of the components of the proposed settlement
agreement will be recognized in Corning�s quarterly results until
the date of the contribution to the settlement trust. In the third
quarter of 2006, Corning recorded a charge of $13 million (pretax
and after-tax) including a mark-to-market charge of $6 million
reflecting the increase in Corning�s common stock from June 30,
2006 to September 30, 2006 and a $7 million charge to adjust the
estimated fair value of certain other components of the proposed
asbestos settlement. � Beginning with the first quarter of 2003, we
have recorded total net charges of $955 million to reflect the
estimated fair value of our asbestos liability. � 2. Weighted
Average Shares Outstanding � Our weighted average shares
outstanding are as follows (in millions): � Three months ended
September 30, Three months endedJune 30, 2006 2006� 2005� � Basic
1,553� 1,488� 1,549� Diluted 1,593� 1,552� 1,597� Diluted used for
non-GAAP measures 1,593� 1,556� 1,597� CORNING INCORPORATED AND
SUBSIDIARY COMPANIES QUARTERLY SALES INFORMATION (Unaudited; in
millions) � 2006� ThreeMonths Ended NineMonthsEndedSept. 30 � March
31 June 30 Sept. 30 � Display Technologies $ 547� $ 461� $ 506� $
1,514� � Telecommunications Fiber and cable 205� 234� 241� 680�
Hardware and equipment � 192� � 238� � 215� � 645� 397� 472� 456�
1,325� � Environmental Technologies Automotive 121� 113� 112� 346�
Diesel � 34� � 39� � 41� � 114� 155� 152� 153� 460� � Life Sciences
72� 75� 68� 215� � Other � 91� � 101� � 99� � 291� � Total $ 1,262�
$ 1,261� $ 1,282� $ 3,805� � 2005� � Q1 Q2 Q3 Q4 Total � Display
Technologies $ 320� $ 415� $ 489� $ 518� $ 1,742� �
Telecommunications Fiber and cable 212� 213� 216� 193� 834�
Hardware and equipment � 215� � 202� � 182� � 190� � 789� 427� 415�
398� 383� 1,623� � Environmental Technologies Automotive 127� 125�
121� 109� 482� Diesel � 21� � 21� � 23� � 33� � 98� 148� 146� 144�
142� 580� � Life Sciences 74� 75� 70� 63� 282� � Other � 81� � 90�
� 87� � 94� � 352� � Total $ 1,050� $ 1,141� $ 1,188� $ 1,200� $
4,579� � The above supplemental information is intended to
facilitate analysis of Corning�s businesses. CORNING INCORPORATED
AND SUBSIDIARY COMPANIES RECONCILIATION OF NON-GAAP FINANCIAL
MEASURE TO GAAP FINANCIAL MEASURE Three Months Ended September 30,
2006 (Unaudited; amounts in millions, except per share amounts) �
Corning�s net income and earnings per share (EPS) excluding special
items for the third quarter of 2006 are non-GAAP financial measures
within the meaning of Regulation G of the Securities and Exchange
Commission. Non-GAAP financial measures are not in accordance with,
or an alternative to, generally accepted accounting principles
(GAAP). The company believes presenting non-GAAP net income and EPS
is helpful to analyze financial performance without the impact of
unusual items that may obscure trends in the company�s underlying
performance. A detailed reconciliation is provided below outlining
the differences between these non-GAAP measures and the directly
related GAAP measures. PerShare IncomeBeforeIncomeTaxes NetIncome �
Earnings per share (EPS) and net income, excluding special items $
0.28� $ 258� $ 451� � Special items: Asbestos settlement (a) �
(0.01) � (13) � (13) � Total EPS and net income $ 0.27� $ 245� $
438� � � (a) As a result of Corning�s proposed asbestos settlement,
any changes in the estimated fair value of the components of the
proposed settlement agreement will be recognized in Corning�s
quarterly results until the date of the contribution to the
settlement trust. In the third quarter of 2006, Corning recorded a
gain of $13 million (before- and after-tax) including $6 million
for the change in Corning�s common stock price of $24.41 at
September 30, 2006, compared to $24.19 at June 30, 2006 and a $7
million charge for the change in estimated fair value of certain
other components of the proposed asbestos settlement liability.
CORNING INCORPORATED AND SUBSIDIARY COMPANIES RECONCILIATION OF
NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE Three Months
Ended June 30, 2006 (Unaudited; amounts in millions, except per
share amounts) � Corning�s net income and earnings per share (EPS)
excluding special items for the second quarter of 2006 are non-GAAP
financial measures within the meaning of Regulation G of the
Securities and Exchange Commission. Non-GAAP financial measures are
not in accordance with, or an alternative to, generally accepted
accounting principles (GAAP). The company believes presenting
non-GAAP net income and EPS is helpful to analyze financial
performance without the impact of unusual items that may obscure
trends in the company�s underlying performance. A detailed
reconciliation is provided below outlining the differences between
these non-GAAP measures and the directly related GAAP measures.
PerShare IncomeBeforeIncomeTaxes NetIncome � Earnings per share
(EPS) and net income, excluding special items $ 0.26� $ 233� $ 421�
� Special items: Asbestos settlement (a) 0.04� 61� 61� � Loss on
repurchases of debt, net (0.01) (11) (11) � Provision for income
taxes (b) 0.01� 10� � Equity in earnings of associated companies
(c) � 0.02� � � � 33� � Total EPS and net income $ 0.32� $ 283� $
514� � � (a) As a result of Corning�s proposed asbestos settlement,
any changes in the estimated fair value of the components of the
proposed settlement agreement will be recognized in Corning's
quarterly results until the date of the contribution to the
settlement trust. In the second quarter of 2006, Corning recorded a
gain of $61 million (before- and after-tax) including $68 million
for the change in Corning's common stock price of $24.19 at June
30, 2006, compared to $26.92 at March 31, 2006 and a $7 million
charge for the change in estimated fair value of certain other
components of the proposed asbestos settlement liability. � (b)
Amount reflects a $10 million tax benefit from the release of
Corning's valuation allowance on Australian tax benefits. � (c)
Amount reflects a $33 million increase in equity earnings
representing Corning's share of a favorable tax settlement from the
completion of an IRS examination at Dow Corning. CORNING
INCORPORATED AND SUBSIDIARY COMPANIES RECONCILIATION OF NON-GAAP
FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE Three Months Ended
September 30, 2005 (Unaudited; amounts in millions, except per
share amounts) � Corning�s net income and earnings per share (EPS)
excluding special items for the third quarter of 2005 are non-GAAP
financial measures within the meaning of Regulation G of the
Securities and Exchange Commission. Non-GAAP financial measures are
not in accordance with, or an alternative to, generally accepted
accounting principles (GAAP). The company believes presenting
non-GAAP net income and EPS is helpful to analyze financial
performance without the impact of unusual items that may obscure
trends in the company�s underlying performance. A detailed
reconciliation is provided below outlining the differences between
these non-GAAP measures and the directly related GAAP measure.
PerShare IncomeBeforeIncomeTaxes NetIncome � EPS and net income,
excluding special items $ 0.26� $ 257� $ 410� � Special items:
Restructuring, impairment and other (charges) and credits (a)
(0.02) (28) (28) � Asbestos settlement (b) (0.04) (73) (73) �
Equity in earnings of associated companies (c) � (0.07) � � � (106)
� Total EPS and net income $ 0.13� $ 156� $ 203� � � (a) In the
third quarter of 2005, we recorded a charge of $28 million (before-
and after-tax and minority interest) which included severance costs
associated with cost reduction efforts in our Telecommunications
segment. Also included in this charge were $2 million of credits
for adjustments related to prior years� restructuring charges. �
(b) As a result of Corning�s proposed asbestos settlement, any
changes in the estimated fair value of the components of the
proposed settlement agreement will be recognized in Corning�s
quarterly results until the date of the contribution to the
settlement trust. In the third quarter of 2005, Corning recorded a
charge of $73 million (before- and after-tax) including $68 million
for the change in Corning�s common stock price of $19.33 at
September 30, 2005, compared to $16.62 at June 30, 2005 and a $5
million charge for the change in estimated fair value of certain
other components of the proposed asbestos settlement liability. �
(c) In the third quarter of 2005, Samsung Corning Co., Ltd., a
South Korea-based manufacturer of glass panels and funnels for
cathode ray tube television and display monitors, recorded an
impairment charge for certain of its manufacturing assets and
severance and exit costs. Our equity earnings were reduced by $106
million for Corning�s share of these charges. CORNING INCORPORATED
AND SUBSIDIARY COMPANIES RECONCILIATION OF NON-GAAP FINANCIAL
MEASURE TO GAAP FINANCIAL MEASURE Three Months Ended September 30,
2006 (Unaudited; amounts in millions) � Corning�s free cash flow
financial measure for the three months ended September 30, 2006 is
a non-GAAP financial measure within the meaning of Regulation G of
the Securities and Exchange Commission. Non-GAAP financial measures
are not in accordance with, or an alternative to, generally
accepted accounting principles (GAAP). The company believes
presenting non-GAAP financial measures are helpful to analyze
financial performance without the impact of unusual items that may
obscure trends in the company�s underlying performance. A detailed
reconciliation is provided below outlining the differences between
this non-GAAP measure and the directly related GAAP measure. �
Three months ended September 30, 2006 � Cash flows from operating
activities $ 411� � Less: Cash flows from investing activities
(790) � Plus: Short-term investments - acquisitions 838� � Less:
Short-term investments - liquidations � (383) � � Free cash flow $
76� � CORNING INCORPORATED AND SUBSIDIARY COMPANIES RECONCILIATION
OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE Three
Months Ended December 31, 2006 (Unaudited; amounts in millions,
except per share amounts) � Corning�s earnings per share (EPS)
excluding special items for the fourth quarter of 2006 is a
non-GAAP financial measure within the meaning of Regulation G of
the Securities and Exchange Commission. Non-GAAP financial measures
are not in accordance with, or an alternative to, generally
accepted accounting principles (GAAP). The company believes
presenting non-GAAP EPS is helpful to analyze financial performance
without the impact of unusual items that may obscure trends in the
company�s underlying performance. A detailed reconciliation is
provided below outlining the differences between this non-GAAP
measure and the directly related GAAP measure. � Range Guidance:
EPS excluding special items $ 0.26� $ 0.29� � Special items:
Restructuring, impairment and other (charges) and credits (a) �
Asbestos settlement (b) � � � � � Earnings per share � � This
schedule will be updated as additional announcements occur. � � (a)
From time to time, Corning may need to make adjustments to
estimates used in the determination of prior year restructuring and
impairment charges, which could result in a gain or loss during the
quarter. � (b) As part of Corning�s asbestos settlement arrangement
to be incorporated into the Pittsburgh Corning Corporation
reorganization plan, Corning will contribute, when the
reorganization plan becomes effective, 25 million shares of Corning
common stock to a trust. The common stock will be contributed to
the trust, after the plan has been approved by the asbestos
claimants and bankruptcy court. The portion of the asbestos
liability to be settled in common stock requires adjustment each
quarter based upon movements in Corning�s common stock price prior
to contribution of the shares to the trust. In the fourth quarter
of 2006, Corning will record a charge or credit for the change in
its common stock price as of December 31, 2006 compared to $24.41,
the common stock price at September 30, 2006. In addition, Corning
will record an adjustment to the asbestos liability to reflect the
change in fair value of any of the other components of the proposed
asbestos settlement. � � Please note that the company may pursue
other financing, restructuring and divestiture activities at any
time in the future, and that the potential impact of these events
is not included within Corning's fourth quarter 2006 guidance. �
This schedule contains forward looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such forward looking statements are based on current expectations
and involve certain risks and uncertainties. Actual results may
differ from those projected in the forward looking statements.
Additional information concerning factors that could cause actual
results to materially differ from those in the forward looking
statements is contained in the Securities and Exchange Commission
filings of this Company. Corning Incorporated (NYSE: GLW) today
announced third-quarter sales of $1.28 billion and net income of
$438 million, or $0.27 per share. Corning's third-quarter results
include a charge of $13 million, or $0.01 per share, primarily
reflecting the increase in market value of Corning common stock to
be contributed to settle the asbestos litigation related to
Pittsburgh Corning Corporation. Excluding this charge, Corning's
third-quarter net income would have been $451 million, or $0.28 per
share. These are non-GAAP financial measures. These and all
non-GAAP financial measures are reconciled on the company's
investor relations Web site and in attachments to this news
release. "This was an excellent quarter for Corning," Wendell P.
Weeks, president and chief executive officer, said. "At the
beginning of the third quarter, we were uncertain about the pace of
the recovery from the excess panel inventory correction in the
liquid crystal display (LCD) supply chain. We were pleased that
glass demand improved each month throughout the quarter as our
customers geared up to meet the anticipated fourth-quarter demand
for LCD televisions, notebook computers and desktop monitors," he
said. Third-Quarter Operating Results Corning's third-quarter sales
of $1.28 billion increased slightly over second-quarter sales of
$1.26 billion and by 8 percent over last year's third-quarter sales
of $1.19 billion. Gross margin for the third quarter remained
strong at 44 percent. Equity earnings for the third quarter were
$232 million compared to second-quarter equity earnings of $256
million, which included a $33 million tax gain at Dow Corning
Corporation. Dow Corning's third-quarter equity earnings were $78
million. Third-quarter sales for Corning's Display Technologies
segment were $506 million, a 3 percent increase over 2005
third-quarter sales of $489 million. Year-over-year LCD glass
volume increased 31 percent in the third quarter, largely offset by
price declines and the impact of foreign exchange rates.
Sequentially, third-quarter sales increased 10 percent from
second-quarter sales of $461 million as volume increases of 16
percent were offset somewhat by price declines and the impact of
foreign exchange rates. Samsung Corning Precision Glass Co., Ltd.'s
(SCP) third-quarter volume increased 38 percent year-over-year and
11 percent sequentially. Equity earnings from SCP were $135
million, up 18 percent over last year and up about 2 percent
compared with the second quarter. Total LCD glass volume, including
both Corning's wholly owned business and SCP, increased 35 percent
year-over-year and 13 percent sequentially. Telecommunications
segment sales for the third quarter were $456 million, declining 3
percent from the previous quarter but in line with expectations.
The decline was primarily due to lower volume of
fiber-to-the-premises (FTTP) products and price declines. The
company's Environmental Technologies segment had sales of $153
million compared to second-quarter sales of $152 million,
reflecting relatively flat sales of both automotive and diesel
products. In early October, Corning announced its first long-term
diesel emissions-control products supply agreement with Cummins
Emissions Solutions, a business unit of Cummins Inc. Sales in
Corning's Life Sciences segment declined sequentially primarily due
to a softer market in North America and Europe. Cash Flow/Liquidity
Update Corning ended the third quarter with $2.8 billion in cash
and short-term investments, an increase from $2.5 billion in the
previous quarter. The increase in cash and short-term investments
is primarily due to the issuance of $250 million of long-term debt
to replace debt repurchased in the second quarter. "Maintaining
significant cash is important to Corning's long-term financial
health and to enable us to invest in new business opportunities
that emerge from our research laboratories," James B. Flaws, vice
chairman and chief financial officer, said. In the third quarter,
Corning had positive free cash flow of $76 million and remains on
track to be free cash flow positive for the year. Free cash flow is
a non-GAAP financial measure. Fourth-Quarter Outlook Corning
expects fourth-quarter sales to be in the range of $1.28 billion to
$1.33 billion and EPS in the range of $0.26 to $0.29, before
special items. This EPS estimate is a non-GAAP financial measure
and excludes any special items. Gross margin for the fourth quarter
is expected to be in the range of 44 percent to 46 percent and
selling, general and administrative expenses are expected to be in
the range of 17 percent to 18 percent of sales. The fourth-quarter
tax rate is expected to be in the range of 13 percent to 15
percent. In its Display Technologies segment, Corning expects that
fourth-quarter sequential volume growth for its wholly owned
business will be in the range of 20 percent to 30 percent as the
strong demand experienced at the end of the third quarter continues
into the fourth quarter. Samsung Corning Precision's fourth-quarter
volume is expected to increase sequentially between 8 percent and
12 percent. Corning expects that fourth-quarter price declines will
be consistent with the third quarter. "We are expecting our display
segment to perform well in the fourth quarter," Flaws said. "We
anticipate that LCD TV sales will exceed 20 percent of the global
television market this year," he said. Corning's LCD glass volume
for the first three quarters, including both its wholly owned
business and SCP, increased more than 50 percent versus last year.
"With the expected fourth-quarter growth, Corning's full-year
volume growth should be in line with our expectations for the year.
Our capability to deliver larger-generation substrate solutions and
environmentally green glass with our EAGLE XG(TM) composition has
allowed us to maintain a market leadership position," Flaws said.
Corning's fourth-quarter Telecommunications segment sales are
expected to decline sequentially by 20 percent to 25 percent due to
normal seasonality, lower FTTP volume and price declines.
Fourth-quarter sales in the company's Environmental Technologies
segment are expected to be flat with the previous quarter.
Fourth-quarter equity earnings are expected to be flat to down 5
percent. Flaws also said that the company has been encouraged by
its initial diesel products sales and expects that volume should
continue to build as the industry gears up for the implementation
of the stricter 2007 U.S. environmental emissions requirements for
diesel engines. He said that the volume ramp should occur over
several quarters into next year. "An important goal for the
long-term success of the company is the development of a more
balanced product portfolio," Weeks said. "We continue to maintain
an investment of approximately 10 percent of our sales into
research, development and engineering. A highlight of our third
quarter was the introduction of Corning's Epic(TM) system, the life
science industry's first label-free, high-throughput drug screening
system. Our exploration into new advanced displays such as
single-crystal silicon-on-glass technology, green laser
applications, carbon-based energy storage (fuel cells) and optical
fiber-radio technology are a few examples of some of our more
promising early-stage developments currently in our laboratories,"
Weeks said. He noted that these types of technology developments
often take as long as 10 years before they are commercialized into
the marketplace. Additionally, the company announced that it will
be meeting with investors and presenting at four upcoming
conferences: Western New York Investor Conference in Buffalo, N.Y.
on Oct. 31; UBS Global Communications and Technology Conference in
New York on Nov. 14; Credit Suisse Annual Technology Conference in
Scottsdale, Ariz., on Nov. 28 and Lehman Brothers Global Technology
Conference in San Francisco on Dec. 7. Third-Quarter Conference
Call Information The company will host a third-quarter conference
call at 8:30 a.m. EDT on Wednesday, Oct. 25. To access the call,
dial (210) 234-8000. The password is QUARTER THREE. The leader is
SOFIO. A replay of the call will begin at approximately 10:30 a.m.
EDT, and will run through 5 p.m. EDT, Wednesday, Nov. 8. To listen,
dial (203) 369-0648. No pass code is required. To listen to a live
audio webcast of the call, go to Corning's Web site:
http://www.corning.com/investor_relations, and follow the
instructions. The audio webcast will be archived for one year
following the call. Presentation of Information in this News
Release Non-GAAP financial measures are not in accordance with, or
an alternative to, GAAP. Corning's non-GAAP net income and EPS
measure excludes restructuring, impairment and other charges and
adjustments to prior estimates for such charges. Additionally, the
company's non-GAAP measure excludes adjustments to asbestos
settlement reserves required by movements in Corning's common stock
price, gains and losses arising from debt retirements, charges
resulting from the impairment of equity or cost method investments,
or adjustments to deferred tax assets, and gains or losses
recognized in equity earnings from restructuring, impairment or
other charges or credits taken by equity method companies.
Corning's free cash flow financial measures are also non-GAAP
measures. The company believes presenting non-GAAP free cash flow;
net income and EPS measures are helpful to analyze financial
performance without the impact of unusual items that may obscure
trends in the company's underlying performance. These non-GAAP
measures are reconciled on the company's Web site at
www.corning.com/investor_relations and accompany this news release.
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 in global economic and political
conditions; tariffs, import duties and currency fluctuations;
product demand and industry capacity; competition; manufacturing
efficiencies; cost reductions; availability and costs of critical
components and materials; new product development and
commercialization; order activity and demand from major customers;
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; adequacy and availability of insurance; capital spending;
equity company activities; 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; stock price fluctuations; and adverse
litigation or regulatory developments. Additional 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. -0- *T CORNING
INCORPORATED AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited; in millions, except per share amounts) Three
months Nine months ended September 30, ended September 30,
------------------- ------------------- 2006 2005 2006 2005
--------- --------- --------- --------- Net sales $ 1,282 $ 1,188 $
3,805 $ 3,379 Cost of sales 716 643 2,125 1,922 --------- ---------
--------- --------- Gross margin 566 545 1,680 1,457 Operating
expenses: Selling, general and administrative expenses 218 178 635
553 Research, development and engineering expenses 127 118 379 320
Amortization of purchased intangibles 2 3 8 11 Restructuring,
impairment and other charges 2 28 13 46 Asbestos settlement (Note
1) 13 73 137 204 --------- --------- --------- --------- Operating
income 204 145 508 323 Interest income 32 17 82 40 Interest expense
(18) (23) (56) (84) Loss on repurchases and retirement of debt, net
(11) (12) Other income, net 27 17 61 28 --------- ---------
--------- --------- Income before income taxes 245 156 584 295
Provision for income taxes 33 28 55 91 --------- ---------
--------- --------- Income (loss) before minority interests and
equity earnings 212 128 529 204 Minority interests (6) (2) (8) (8)
Equity in earnings of associated companies, net of impairments 232
77 688 422 --------- --------- --------- --------- Net income $ 438
$ 203 $ 1,209 $ 618 ========= ========= ========= ========= Basic
earnings per common share (Note 2) $ 0.28 $ 0.14 $ 0.78 $ 0.43
========= ========= ========= ========= Diluted earnings per common
share (Note 2) $ 0.27 $ 0.13 $ 0.76 $ 0.41 ========= =========
========= ========= See accompanying notes to these financial
statements. *T -0- *T CORNING INCORPORATED AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS (Unaudited; in millions, except per
share amounts) September 30, December 31, 2006 2005 -------------
------------- Assets Current assets: Cash and cash equivalents $
979 $ 1,342 Short-term investments, at fair value 1,833 1,092
------------- ------------- Total cash, cash equivalents and
short-term investments 2,812 2,434 Trade accounts receivable, net
753 629 Inventories 673 570 Deferred income taxes 64 44 Other
current assets 184 183 ------------- ------------- Total current
assets 4,486 3,860 Investments 2,312 1,729 Property, net 5,082
4,675 Goodwill and other intangible assets, net 331 338 Deferred
income taxes 56 10 Other assets 580 595 ------------- -------------
Total Assets $ 12,847 $ 11,207 ============= =============
Liabilities and Shareholders' Equity Current liabilities: Current
portion of long-term debt $ 20 $ 18 Accounts payable 574 690 Other
accrued liabilities 1,726 1,662 ------------- ------------- Total
current liabilities 2,320 2,370 Long-term debt 1,710 1,789
Postretirement benefits other than pensions 592 593 Other
liabilities 996 925 ------------- ------------- Total liabilities
5,618 5,677 ------------- ------------- Commitments and
contingencies Minority interests 41 43 Shareholders' equity:
Preferred stock - Par value $100.00 per share; Shares authorized:
10 million Common stock - Par value $0.50 per share; Shares
authorized: 3.8 billion; Shares issued: 1,573 million and 1,552
million 790 776 Additional paid-in capital 11,935 11,548
Accumulated deficit (5,638) (6,847) Treasury stock, at cost; Shares
held: 17 million (196) (168) Accumulated other comprehensive income
297 178 ------------- ------------- Total shareholders' equity
7,188 5,487 ------------- ------------- Total Liabilities and
Shareholders' Equity $ 12,847 $ 11,207 ============= =============
See accompanying notes to these financial statements. *T -0- *T
CORNING INCORPORATED AND SUBSIDIARY COMPANIES CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited; in millions) Three months
ended ------------------- Nine months ended September 30, Sept. 30,
June 30, ------------------- 2006 2006 2006 2005 ---------
--------- --------- --------- Cash Flows from Operating Activities:
Net income $ 438 $ 514 $ 1,209 $ 618 Adjustments to reconcile net
income to net cash provided by operating activities: Depreciation
140 149 430 373 Amortization of purchased intangibles 2 3 8 11
Restructuring, impairment and other charges and (credits) 2 5 13 46
Asbestos settlement 13 (61) 137 204 Stock compensation charges 33
30 95 28 Loss on repurchases and retirement of debt, net 11 11 12
Undistributed earnings of affiliated companies (143) (169) (384)
(206) Deferred taxes 3 (5) (64) (11) Restructuring payments (3) (2)
(9) (21) Customer deposits, net 12 82 86 376 Employee benefit
payments less than expense 3 8 26 44 Changes in certain working
capital items: Trade accounts receivable (122) 68 (119) (78)
Inventories (11) (47) (104) (46) Other current assets (5) 3 (10)
(14) Accounts payable and other current liabilities, net of
restructuring payments 14 1 (181) (91) Other, net 35 (9) 31 35
--------- --------- --------- --------- Net cash provided by
operating activities 411 581 1,175 1,280 --------- ---------
--------- --------- Cash Flows from Investing Activities: Capital
expenditures (338) (274) (892) (1,076) Acquisitions of businesses,
net of cash acquired (16) (16) Net proceeds from sale or disposal
of assets 3 8 11 17 Net increase in long-term investments and other
long- term assets (77) Short-term investments - acquisitions (838)
(647) (2,343) (1,313) Short-term investments - liquidations 383 485
1,603 1,163 Other, net 13 --------- --------- --------- ---------
Net cash used in investing activities (790) (444) (1,714) (1,196)
--------- --------- --------- --------- Cash Flows from Financing
Activities: Repayments of short-term borrowings and current portion
of long-term debt (7) (3) (14) (198) Proceeds from issuance of
long-term debt, net 246 246 147 Repayments of long-term debt (9)
(334) (343) (102) Proceeds from issuance of common stock, net 5 9
20 356 Proceeds from the exercise of stock options 29 32 280 142
Other, net (4) (6) (12) (12) --------- --------- ---------
--------- Net cash provided by (used in) financing activities 260
(302) 177 333 --------- --------- --------- --------- Effect of
exchange rates on cash 1 (1) (31) --------- --------- ---------
--------- Net increase (decrease) in cash and cash equivalents
(119) (164) (363) 386 Cash and cash equivalents at beginning of
period 1,098 1,262 1,342 1,009 --------- --------- ---------
--------- Cash and cash equivalents at end of period $ 979 $ 1,098
$ 979 $ 1,395 ========= ========= ========= ========= Certain
amounts for 2005 were reclassified to conform to 2006
classifications. *T -0- *T CORNING INCORPORATED AND SUBSIDIARY
COMPANIES SEGMENT RESULTS (Unaudited; in millions) Our reportable
operating segments include Display Technologies,
Telecommunications, Environmental Technologies and Life Sciences.
Environ- Display mental Tech- Telecom- Tech- Life All nologies
munications nologies Sciences Other Total -------- -----------
-------- -------- ------ ------- Three months ended September 30,
2006 Net sales $ 506 $ 456 $ 153 $ 68 $ 99 $1,282 Depreciation (1)
$ 69 $ 36 $ 19 $ 5 $ 9 $ 138 Amortization of purchased intangibles
$ 2 $ 2 Research, development and engineering expenses (2) $ 30 $
20 $ 30 $ 12 $ 9 $ 101 Restructuring, impairment and other charges
and (credits) (before-tax and minority interest) $ (3) $ 3 $ 2 $ 2
Income tax provision $ (22) $ (11) $ (3) $ (1) $ (37) Earnings
(loss) before minority interests and equity earnings (loss) (4) $
257 $ 24 $ 7 $ (8) $ (1) $ 279 Minority interests (5) (1) (6)
Equity in earnings of affiliated companies (5) 138 1 9 148 -------
--------- ------- -------- ------ ------- Net income (loss) $ 395 $
20 $ 7 $ (8) $ 7 $ 421 ======= ========= ======= ======== ======
======= Three months ended September 30, 2005 Net sales $ 489 $ 398
$ 144 $ 70 $ 87 $1,188 Depreciation (1) $ 48 $ 46 $ 18 $ 5 $ 8 $
125 Amortization of purchased intangibles $ 3 $ 3 Research,
development and engineering expenses (2) $ 29 $ 21 $ 26 $ 11 $ 7 $
94 Restructuring, impairment and other charges and (credits)
(before-tax and minority interest) (3) $ 28 $ 28 Income tax
provision $ (35) $ 2 $ 1 $ 1 $ (31) Earnings (loss) before minority
interest and equity earnings (loss) (4) $ 268 $ (23) $ 9 $ (1) $ 1
$ 254 Minority interests 1 (2) (1) Equity in earnings (loss) of
affiliated companies (5) 117 6 (107) 16 ------- --------- -------
-------- ------ ------- Net income (loss) $ 385 $ (17) $ 9 $ (1)
$(108) $ 268 ======= ========= ======= ======== ====== ======= Nine
months ended September 30, 2006 Net sales $1,514 $1,325 $ 460 $ 215
$ 291 $3,805 Depreciation (1) $ 199 $ 121 $ 59 $ 15 $ 29 $ 423
Amortization of purchased intangibles $ 8 $ 8 Research, development
and engineering expenses (2) $ 96 $ 58 $ 91 $ 37 $ 25 $ 307
Restructuring, impairment and other charges and (credits)
(before-tax and minority interest) $ 2 $ 5 $ 6 $ 13 Income tax
provision $ (72) $ (30) $ (6) $ (5) $ (113) Earnings (loss) before
minority interest and equity earnings (loss) (4) $ 741 $ 62 $ 16 $
(15) $ 2 $ 806 Minority interests (5) (3) (8) Equity in earnings
(loss) of affiliated companies (5) 415 4 (1) 8 426 -------
--------- ------- -------- ------ ------- Net income (loss) $1,156
$ 61 $ 15 $ (15) $ 7 $1,224 ======= ========= ======= ========
====== ======= Nine months ended September 30, 2005 Net sales
$1,224 $1,240 $ 438 $ 219 $ 258 $3,379 Depreciation (1) $ 133 $ 138
$ 53 $ 15 $ 26 $ 365 Amortization of purchased intangibles $ 10 $
10 Research, development and engineering expenses (2) $ 74 $ 57 $
75 $ 28 $ 20 $ 254 Restructuring, impairment and other charges and
(credits) (before-tax and minority interest) (3) $ 36 $ (15) $ 21
Income tax provision $ (76) $ (13) $ (5) $ (2) $ (3) $ (99)
Earnings (loss) before minority interest and equity earnings (loss)
(4) $ 586 $ (15) $ 22 $ 4 $ 21 $ 618 Minority interests 1 (9) (8)
Equity in earnings (loss) of affiliated companies (5) 285 7 (82)
210 ------- --------- ------- -------- ------ ------- Net income
(loss) $ 871 $ (7) $ 22 $ 4 $ (70) $ 820 ======= ========= =======
======== ====== ======= (1) Depreciation expense for Corning's
reportable segments is recorded based on the assets of each segment
and also includes an allocation of depreciation of corporate
property not specifically identifiable to a segment. (2) Research,
development, and engineering expenses includes direct project
spending which is identifiable to a segment. (3) In the three and
nine months ended September 30, 2005, restructuring, impairment and
other charges and (credits) includes a charge of $28 million for a
restructuring plan in the Telecommunications segment. (4) Many of
Corning's administrative and staff functions are performed on a
centralized basis. Where practicable, Corning charges these
expenses to segments based upon the extent to which each business
uses a centralized function. Other staff functions, such as
corporate finance, human resources and legal are allocated to
segments, primarily as a percentage of sales. (5) In the three and
nine months ended September 30, 2006, equity in earnings (loss) of
affiliated companies includes charges of $2 million and $26
million, respectively, in All Other related to impairments for
Samsung Corning. In the three and nine months ended September 30,
2005, equity in earnings (loss) of affiliated companies includes a
charge of $106 million for Corning's share of Samsung Corning's
impairment of certain manufacturing asset and other charges. *T -0-
*T CORNING INCORPORATED AND SUBSIDIARY COMPANIES SEGMENT RESULTS
(Unaudited; in millions) A reconciliation of reportable segment net
income (loss) to consolidated net income (loss) follows (in
millions): Three months Nine months ended September 30, ended
September 30, ------------------- ------------------- 2006 2005
2006 2005 --------- --------- --------- --------- Net income of
reportable segments $ 421 $ 268 $ 1,224 $ 820 Unallocated amounts:
Net financing costs (1) 5 (18) (5) (79) Stock-based compensation
expense (33) (12) (95) (27) Exploratory research (22) (20) (62)
(56) Corporate contributions (7) (6) (24) (18) Equity in earnings
of associated companies, net of impairments (2) 84 61 262 212
Asbestos settlement (3) (13) (73) (137) (204) Other corporate items
(4) 3 3 46 (30) --------- --------- --------- --------- Net income
$ 438 $ 203 $ 1,209 $ 618 ========= ========= ========= =========
(1) Net financing costs include interest expense, interest income,
and interest costs and investment gains associated with benefit
plans. (2) Equity in earnings of affiliated companies, net of
impairments includes the following items: -- In the nine months
ended September 30, 2006, a $33 million gain representing our share
of a tax settlement relating to an IRS examination at Dow Corning.
-- In the nine months ended September 30, 2005, a gain of $11
million for our share of a gain on the issuance of subsidiary stock
at Dow Corning. (3) The asbestos settlement arrangement to be
incorporated into the Pittsburgh Corning Corporation (PCC)
reorganization plan, when the reorganization plan becomes
effective, will require Corning to relinquish its equity interest
in PCC, contribute its equity interest in Pittsburgh Corning Europe
(PCE), and 25 million shares of Corning common stock to a trust.
Corning also agreed to make cash payments over the six years from
the effective date of the settlement and to assign certain
insurance policy proceeds from its primary insurance and a portion
of its excess insurance at the time of the settlement. The asbestos
liability requires adjustment to fair value based upon movements in
Corning's common stock price prior to contribution of the shares to
the trust as well as change in the estimated fair value of the
other components of the settlement offer. In the third quarter of
2006 and 2005, Corning recorded a charge of $6 million and $68
million, respectively, to reflect the movement in Corning's common
stock price in each year and charges of $7 million and $5 million,
respectively, to reflect changes in the estimated fair value of
other components of the settlement offer. (4) Other corporate items
include the tax impact of the unallocated amounts. In addition, the
following items are also included: -- In the nine months ended
September 30, 2006, tax benefits of $48 million from the release of
valuation allowances for certain foreign locations. -- In the nine
months ended September 30, 2005, impairment charges of $25 million
for an other-than-temporary decline in our investment in Avanex
below its cost basis. -- In the three and nine months ended
September 30, 2005, restructuring credits of $7 million for
adjustments to prior years' reserves. *T -0- *T CORNING
INCORPORATED AND SUBSIDIARY COMPANIES NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS (Unaudited) 1. Asbestos Settlement On March
28, 2003, Corning announced that it had reached agreement with the
representatives of asbestos claimants for the settlement of all
current and future asbestos claims against Corning and Pittsburgh
Corning Corporation (PCC), which might arise from PCC products or
operations. The proposed settlement, when the plan becomes
effective, will require Corning to relinquish its equity interest
in PCC, contribute its equity interest in Pittsburgh Corning Europe
N.V. (PCE), a Belgian corporation, and contribute 25 million shares
of Corning common stock. Corning also agreed to make cash payments
with a value of $131 million, in March 2003, over six years from
the effective date of the settlement and to assign insurance policy
proceeds from its primary insurance and a portion of its excess
insurance at the time of the settlement. As a result of the
proposed asbestos settlement, any changes in the estimated fair
value of the components of the proposed settlement agreement will
be recognized in Corning's quarterly results until the date of the
contribution to the settlement trust. In the third quarter of 2006,
Corning recorded a charge of $13 million (pretax and after-tax)
including a mark-to-market charge of $6 million reflecting the
increase in Corning's common stock from June 30, 2006 to September
30, 2006 and a $7 million charge to adjust the estimated fair value
of certain other components of the proposed asbestos settlement.
Beginning with the first quarter of 2003, we have recorded total
net charges of $955 million to reflect the estimated fair value of
our asbestos liability. 2. Weighted Average Shares Outstanding Our
weighted average shares outstanding are as follows (in millions):
Three months ended September 30, ------------------- Three months
ended 2006 2005 June 30, 2006 --------- ---------
------------------ Basic 1,553 1,488 1,549 Diluted 1,593 1,552
1,597 Diluted used for non-GAAP measures 1,593 1,556 1,597 *T -0-
*T CORNING INCORPORATED AND SUBSIDIARY COMPANIES QUARTERLY SALES
INFORMATION (Unaudited; in millions) 2006
----------------------------------- Three Nine Months Ended Months
-------------------------- Ended March 31 June 30 Sept. 30 Sept. 30
-------- -------- -------- -------- Display Technologies $ 547 $
461 $ 506 $ 1,514 Telecommunications Fiber and cable 205 234 241
680 Hardware and equipment 192 238 215 645 -------- --------
-------- -------- 397 472 456 1,325 Environmental Technologies
Automotive 121 113 112 346 Diesel 34 39 41 114 -------- --------
-------- -------- 155 152 153 460 Life Sciences 72 75 68 215 Other
91 101 99 291 -------- -------- -------- -------- Total $ 1,262 $
1,261 $ 1,282 $ 3,805 ======== ======== ======== ======== 2005
-------------------------------------------- Q1 Q2 Q3 Q4 Total
-------- -------- -------- -------- -------- Display Technologies $
320 $ 415 $ 489 $ 518 $ 1,742 Telecommunications Fiber and cable
212 213 216 193 834 Hardware and equipment 215 202 182 190 789
-------- -------- -------- -------- -------- 427 415 398 383 1,623
Environmental Technologies Automotive 127 125 121 109 482 Diesel 21
21 23 33 98 -------- -------- -------- -------- -------- 148 146
144 142 580 Life Sciences 74 75 70 63 282 Other 81 90 87 94 352
-------- -------- -------- -------- -------- Total $ 1,050 $ 1,141
$ 1,188 $ 1,200 $ 4,579 ======== ======== ======== ========
======== The above supplemental information is intended to
facilitate analysis of Corning's businesses. *T -0- *T CORNING
INCORPORATED AND SUBSIDIARY COMPANIES RECONCILIATION OF NON-GAAP
FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE Three Months Ended
September 30, 2006 (Unaudited; amounts in millions, except per
share amounts) Corning's net income and earnings per share (EPS)
excluding special items for the third quarter of 2006 are non-GAAP
financial measures within the meaning of Regulation G of the
Securities and Exchange Commission. Non-GAAP financial measures are
not in accordance with, or an alternative to, generally accepted
accounting principles (GAAP). The company believes presenting
non-GAAP net income and EPS is helpful to analyze financial
performance without the impact of unusual items that may obscure
trends in the company's underlying performance. A detailed
reconciliation is provided below outlining the differences between
these non-GAAP measures and the directly related GAAP measures.
Income Before Per Income Net Share Taxes Income --------- ---------
--------- Earnings per share (EPS) and net income, excluding
special items $ 0.28 $ 258 $ 451 Special items: Asbestos settlement
(a) (0.01) (13) (13) --------- --------- --------- Total EPS and
net income $ 0.27 $ 245 $ 438 ========= ========= ========= (a) As
a result of Corning's proposed asbestos settlement, any changes in
the estimated fair value of the components of the proposed
settlement agreement will be recognized in Corning's quarterly
results until the date of the contribution to the settlement trust.
In the third quarter of 2006, Corning recorded a gain of $13
million (before- and after-tax) including $6 million for the change
in Corning's common stock price of $24.41 at September 30, 2006,
compared to $24.19 at June 30, 2006 and a $7 million charge for the
change in estimated fair value of certain other components of the
proposed asbestos settlement liability. *T -0- *T CORNING
INCORPORATED AND SUBSIDIARY COMPANIES RECONCILIATION OF NON-GAAP
FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE Three Months Ended June
30, 2006 (Unaudited; amounts in millions, except per share amounts)
Corning's net income and earnings per share (EPS) excluding special
items for the second quarter of 2006 are non-GAAP financial
measures within the meaning of Regulation G of the Securities and
Exchange Commission. Non-GAAP financial measures are not in
accordance with, or an alternative to, generally accepted
accounting principles (GAAP). The company believes presenting
non-GAAP net income and EPS is helpful to analyze financial
performance without the impact of unusual items that may obscure
trends in the company's underlying performance. A detailed
reconciliation is provided below outlining the differences between
these non-GAAP measures and the directly related GAAP measures.
Income Before Per Income Net Share Taxes Income --------- ---------
--------- Earnings per share (EPS) and net income, excluding
special items $ 0.26 $ 233 $ 421 Special items: Asbestos settlement
(a) 0.04 61 61 Loss on repurchases of debt, net (0.01) (11) (11)
Provision for income taxes (b) 0.01 10 Equity in earnings of
associated companies (c) 0.02 33 --------- --------- ---------
Total EPS and net income $ 0.32 $ 283 $ 514 ========= =========
========= (a) As a result of Corning's proposed asbestos
settlement, any changes in the estimated fair value of the
components of the proposed settlement agreement will be recognized
in Corning's quarterly results until the date of the contribution
to the settlement trust. In the second quarter of 2006, Corning
recorded a gain of $61 million (before- and after-tax) including
$68 million for the change in Corning's common stock price of
$24.19 at June 30, 2006, compared to $26.92 at March 31, 2006 and a
$7 million charge for the change in estimated fair value of certain
other components of the proposed asbestos settlement liability. (b)
Amount reflects a $10 million tax benefit from the release of
Corning's valuation allowance on Australian tax benefits. (c)
Amount reflects a $33 million increase in equity earnings
representing Corning's share of a favorable tax settlement from the
completion of an IRS examination at Dow Corning. *T -0- *T CORNING
INCORPORATED AND SUBSIDIARY COMPANIES RECONCILIATION OF NON-GAAP
FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE Three Months Ended
September 30, 2005 (Unaudited; amounts in millions, except per
share amounts) Corning's net income and earnings per share (EPS)
excluding special items for the third quarter of 2005 are non-GAAP
financial measures within the meaning of Regulation G of the
Securities and Exchange Commission. Non-GAAP financial measures are
not in accordance with, or an alternative to, generally accepted
accounting principles (GAAP). The company believes presenting
non-GAAP net income and EPS is helpful to analyze financial
performance without the impact of unusual items that may obscure
trends in the company's underlying performance. A detailed
reconciliation is provided below outlining the differences between
these non-GAAP measures and the directly related GAAP measure.
Income Before Per Income Net Share Taxes Income ---------
---------- --------- EPS and net income, excluding special items $
0.26 $ 257 $ 410 Special items: Restructuring, impairment and other
(charges) and credits (a) (0.02) (28) (28) Asbestos settlement (b)
(0.04) (73) (73) Equity in earnings of associated companies (c)
(0.07) (106) --------- ---------- --------- Total EPS and net
income $ 0.13 $ 156 $ 203 ========= ========== ========= (a) In the
third quarter of 2005, we recorded a charge of $28 million (before-
and after-tax and minority interest) which included severance costs
associated with cost reduction efforts in our Telecommunications
segment. Also included in this charge were $2 million of credits
for adjustments related to prior years' restructuring charges. (b)
As a result of Corning's proposed asbestos settlement, any changes
in the estimated fair value of the components of the proposed
settlement agreement will be recognized in Corning's quarterly
results until the date of the contribution to the settlement trust.
In the third quarter of 2005, Corning recorded a charge of $73
million (before- and after-tax) including $68 million for the
change in Corning's common stock price of $19.33 at September 30,
2005, compared to $16.62 at June 30, 2005 and a $5 million charge
for the change in estimated fair value of certain other components
of the proposed asbestos settlement liability. (c) In the third
quarter of 2005, Samsung Corning Co., Ltd., a South Korea-based
manufacturer of glass panels and funnels for cathode ray tube
television and display monitors, recorded an impairment charge for
certain of its manufacturing assets and severance and exit costs.
Our equity earnings were reduced by $106 million for Corning's
share of these charges. *T -0- *T CORNING INCORPORATED AND
SUBSIDIARY COMPANIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURE
TO GAAP FINANCIAL MEASURE Three Months Ended September 30, 2006
(Unaudited; amounts in millions) Corning's free cash flow financial
measure for the three months ended September 30, 2006 is a non-GAAP
financial measure within the meaning of Regulation G of the
Securities and Exchange Commission. Non-GAAP financial measures are
not in accordance with, or an alternative to, generally accepted
accounting principles (GAAP). The company believes presenting
non-GAAP financial measures are helpful to analyze financial
performance without the impact of unusual items that may obscure
trends in the company's underlying performance. A detailed
reconciliation is provided below outlining the differences between
this non-GAAP measure and the directly related GAAP measure. Three
months ended September 30, 2006 -------------------- Cash flows
from operating activities $ 411 Less: Cash flows from investing
activities (790) Plus: Short-term investments - acquisitions 838
Less: Short-term investments - liquidations (383)
-------------------- Free cash flow $ 76 ==================== *T
-0- *T CORNING INCORPORATED AND SUBSIDIARY COMPANIES RECONCILIATION
OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE Three
Months Ended December 31, 2006 (Unaudited; amounts in millions,
except per share amounts) Corning's earnings per share (EPS)
excluding special items for the fourth quarter of 2006 is a
non-GAAP financial measure within the meaning of Regulation G of
the Securities and Exchange Commission. Non-GAAP financial measures
are not in accordance with, or an alternative to, generally
accepted accounting principles (GAAP). The company believes
presenting non-GAAP EPS is helpful to analyze financial performance
without the impact of unusual items that may obscure trends in the
company's underlying performance. A detailed reconciliation is
provided below outlining the differences between this non-GAAP
measure and the directly related GAAP measure. Range
-------------------- Guidance: EPS excluding special items $ 0.26 $
0.29 Special items: Restructuring, impairment and other (charges)
and credits (a) Asbestos settlement (b) --------- ---------
Earnings per share This schedule will be updated as additional
announcements occur. (a) From time to time, Corning may need to
make adjustments to estimates used in the determination of prior
year restructuring and impairment charges, which could result in a
gain or loss during the quarter. (b) As part of Corning's asbestos
settlement arrangement to be incorporated into the Pittsburgh
Corning Corporation reorganization plan, Corning will contribute,
when the reorganization plan becomes effective, 25 million shares
of Corning common stock to a trust. The common stock will be
contributed to the trust, after the plan has been approved by the
asbestos claimants and bankruptcy court. The portion of the
asbestos liability to be settled in common stock requires
adjustment each quarter based upon movements in Corning's common
stock price prior to contribution of the shares to the trust. In
the fourth quarter of 2006, Corning will record a charge or credit
for the change in its common stock price as of December 31, 2006
compared to $24.41, the common stock price at September 30, 2006.
In addition, Corning will record an adjustment to the asbestos
liability to reflect the change in fair value of any of the other
components of the proposed asbestos settlement. Please note that
the company may pursue other financing, restructuring and
divestiture activities at any time in the future, and that the
potential impact of these events is not included within Corning's
fourth quarter 2006 guidance. This schedule contains forward
looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward looking statements are
based on current expectations and involve certain risks and
uncertainties. Actual results may differ from those projected in
the forward looking statements. Additional information concerning
factors that could cause actual results to materially differ from
those in the forward looking statements is contained in the
Securities and Exchange Commission filings of this Company. *T
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