GLW Corning Inc

Corning Incorporated (NYSE:GLW) Chief Operating Officer Peter F. Volanakis will address investors at the UBS Global Communications and Technology Conference in New York tomorrow, Nov. 14. �We have no changes to the company�s fourth-quarter guidance as outlined in our third-quarter earnings announcement on Oct. 24,� Volanakis will tell investors. Volanakis will focus on key topics of interest to investors as they evaluate current trends in the liquid crystal display (LCD) industry and the potential impact of these trends on Corning�s Display Technologies business. In addressing recent LCD glass price declines, Volanakis will say, �Although LCD glass pricing is expected to be down again in the fourth quarter, this should have no bearing on what the 2007 pricing environment will be.� In providing further clarification on this topic, he will add, �While glass pricing is expected to decline each year, the extent of the decline will be influenced by several factors including: supply and demand of glass; supply chain stability; competition; and the transition to higher-generation glass substrate sizes.� Volanakis will remind investors of Corning�s success in remaining competitive in the fast-paced LCD industry through its significant LCD glass manufacturing cost reduction programs averaging 14 percent per year from 1997 through 2005. �Clearly, the strong gross margin we have achieved this year, in light of the significant price declines, is a good indication of how successful our ongoing cost reduction programs have been. Looking forward, the opportunities for further cost reductions remain robust,� Volanakis will say. In reviewing the growth drivers of future LCD glass demand, Volanakis will remind investors that the majority of the glass shipped today still goes into information technology products, such as monitors and laptops, which do not have the same seasonal surges and declines as TV. He will also point out that the biggest growth driver for glass will be the increase in LCD TV penetration, which has grown each quarter over the last several years. Volanakis will also address the potential impact of seasonality and other factors on capacity utilization. �At Corning, we have some levers within our control to help us adjust production to market dynamics, including the modularity of our manufacturing facilities and the flexibility of our tank repairs and product conversion.� Volanakis will reaffirm Corning�s expectation for the LCD glass market to grow by approximately 50 percent, or by nearly 400 million square feet this year, with the total LCD glass market expected to reach approximately 1.2 billion square feet. �Given LCD TV penetration and average screen size growth rate expectations, we are anticipating another strong year of LCD glass volume growth in 2007,� he will conclude. Corning's presentation to investors at the UBS Global Communications and Technology Conference will be available via webcast by accessing the IR events calendar on Corning's Web site at www.corning.com/investor_relations. Corning Vice Chairman and Chief Financial Officer James B. Flaws will also be meeting with investors at the Credit Suisse Annual Technology Conference in Scottsdale, Ariz. on Nov. 28. 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 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. The company believes presenting non-GAAP 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 Statement 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 (NYSE:GLW) Chief Operating Officer Peter F. Volanakis will address investors at the UBS Global Communications and Technology Conference in New York tomorrow, Nov. 14. "We have no changes to the company's fourth-quarter guidance as outlined in our third-quarter earnings announcement on Oct. 24," Volanakis will tell investors. Volanakis will focus on key topics of interest to investors as they evaluate current trends in the liquid crystal display (LCD) industry and the potential impact of these trends on Corning's Display Technologies business. In addressing recent LCD glass price declines, Volanakis will say, "Although LCD glass pricing is expected to be down again in the fourth quarter, this should have no bearing on what the 2007 pricing environment will be." In providing further clarification on this topic, he will add, "While glass pricing is expected to decline each year, the extent of the decline will be influenced by several factors including: supply and demand of glass; supply chain stability; competition; and the transition to higher-generation glass substrate sizes." Volanakis will remind investors of Corning's success in remaining competitive in the fast-paced LCD industry through its significant LCD glass manufacturing cost reduction programs averaging 14 percent per year from 1997 through 2005. "Clearly, the strong gross margin we have achieved this year, in light of the significant price declines, is a good indication of how successful our ongoing cost reduction programs have been. Looking forward, the opportunities for further cost reductions remain robust," Volanakis will say. In reviewing the growth drivers of future LCD glass demand, Volanakis will remind investors that the majority of the glass shipped today still goes into information technology products, such as monitors and laptops, which do not have the same seasonal surges and declines as TV. He will also point out that the biggest growth driver for glass will be the increase in LCD TV penetration, which has grown each quarter over the last several years. Volanakis will also address the potential impact of seasonality and other factors on capacity utilization. "At Corning, we have some levers within our control to help us adjust production to market dynamics, including the modularity of our manufacturing facilities and the flexibility of our tank repairs and product conversion." Volanakis will reaffirm Corning's expectation for the LCD glass market to grow by approximately 50 percent, or by nearly 400 million square feet this year, with the total LCD glass market expected to reach approximately 1.2 billion square feet. "Given LCD TV penetration and average screen size growth rate expectations, we are anticipating another strong year of LCD glass volume growth in 2007," he will conclude. Corning's presentation to investors at the UBS Global Communications and Technology Conference will be available via webcast by accessing the IR events calendar on Corning's Web site at www.corning.com/investor_relations. Corning Vice Chairman and Chief Financial Officer James B. Flaws will also be meeting with investors at the Credit Suisse Annual Technology Conference in Scottsdale, Ariz. on Nov. 28. 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 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. The company believes presenting non-GAAP 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 Statement 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.