Corning Announces Quarterly Common Stock Dividend
18 Julho 2007 - 5:01PM
Business Wire
Corning Incorporated (NYSE:GLW) announced today that its Board of
Directors has declared a quarterly cash dividend of $0.05 per share
on the company�s common stock and approved the repurchase of $500
million of common stock between now and the end of 2008. The
dividend is payable September 28, 2007 to shareholders of record as
of the close of business on August 29, 2007. The aggregate
quarterly dividend is estimated at approximately $80 million. �We
believe the timing is right for Corning to begin returning cash to
shareholders through a quarterly cash dividend and a share
repurchase program,� Wendell P. Weeks, chairman and chief executive
officer, said. �Five years ago we set out on a strategy to return
Corning to profitability, protect the financial health of the
company and continue to invest in our long-term future. We have
made significant progress on these objectives.� Weeks pointed out
that Corning�s 2006 net profit after tax, before special items, was
$1.78 billion, double what it was in 2000 at the height of the
telecommunications boom. This is a non-GAAP financial measure. This
and all non-GAAP financial measures are reconciled on the company�s
investor relations Web site and in an attachment to this news
release. �We reduced our outstanding debt to $1.5 billion by the
end of the first quarter from $4.2 billion at the end of 2002. And,
the financial rating agencies have recently recognized our improved
financial health. We are now rated at the equivalent of BBB+ with
all three rating agencies,� he said. In addition, Corning has
generated significant operating cash flow in excess of capital
expenditures in each of the last four years. �This decision
reflects our confidence in our strategic plan and our ability to
continue to generate positive free cash flow in the future,� Weeks
said. �At the same time, we recognize that our most important goal
is to reinvest in business opportunities that will help deliver
future profitable growth for shareholders. We believe that Corning
may be on the verge of one of the most productive decades in our
history. We will need to make continued investments in research and
development expense and capital spending to commercialize our
emerging technologies, particularly in the areas of our Epic�
System, the world�s first high-throughput label-free drug screening
process, which has the potential to shorten the drug discovery
cycle; silicon on glass, which could provide longer battery life
for handheld consumer electronic devices; microreactors, which have
the potential to deliver major process innovation and cost
reduction for the chemical processing industry; and other
early-stage innovations in our laboratories. We believe these
investments have the potential to create significant long-term
value for our shareholders,� Weeks said. The company expects that
continued strong business performance in both its consolidated
businesses and equity investments will allow Corning to fund
investments in new businesses and return cash to shareholders
through dividends and share repurchases, while maintaining a strong
balance sheet. The share repurchase program authorizes the purchase
of $500 million of the company�s common stock from time to time
through open market or private transactions depending on market
conditions between now and the end of 2008. 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 measures exclude restructuring,
impairment and other charges and adjustments to prior estimates for
such charges. Additionally, the company�s non-GAAP measures exclude
adjustments to asbestos settlement reserves required by movements
in Corning�s common stock price, gains and losses arising from debt
retirements, charges or credits arising from adjustments to the
valuation allowance against deferred tax assets, equity method
charges resulting from impairments of equity method investments or
restructuring, impairment or other charges taken by equity method
companies, and gains from discontinued operations. The company
believes presenting non-GAAP net income and EPS measures is 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
accompanies this news release. About Corning Incorporated Corning
Incorporated (www.corning.com) is the world leader in specialty
glass and ceramics. Drawing on more than 150 years of materials
science and process engineering knowledge, Corning creates and
makes keystone components that enable high-technology systems for
consumer electronics, mobile emissions control, telecommunications
and life sciences. Our products include glass substrates for LCD
televisions, computer monitors and laptops; ceramic substrates and
filters for mobile emission control systems; optical fiber, cable,
hardware & equipment for telecommunications networks; optical
biosensors for drug discovery; and other advanced optics and
specialty glass solutions for a number of industries including
semiconductor, aerospace, defense, astronomy and metrology.
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; currency fluctuations; product demand and industry
capacity; competition; manufacturing efficiencies; cost reductions;
availability of critical components and materials; new product
commercialization; changes in the mix of sales between premium and
non-premium products; new plant start-up costs; possible disruption
in commercial activities due to terrorist activity, armed conflict,
political instability or major health concerns; adequacy of
insurance; 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 RECONCILIATION OF NON-GAAP
FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE Year Ended December 31,
2006 (Unaudited; amounts in millions, except per share amounts) �
Corning's net income and earnings per share (EPS) excluding special
items for the year ended December 31, 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. �
Per Share Income (Loss) Before Income Taxes Net Income (Loss) �
Earnings per share (EPS) and net income, excluding special items $
1.12 $ 1,014 $ 1,785 � Special items: Restructuring, impairment,
and other (charges) and credits (a) (0.03 ) (44 ) (44 ) � Asbestos
settlement (b) � 2 � 2 � Loss on repurchases of debt, net (0.01 )
(11 ) (11 ) � Provision for income taxes (c) 0.05 83 � Equity in
earnings of affiliated companies (d) � 0.03 � � � � 40 � � Total
EPS and net income $ 1.16 � $ 961 � $ 1,855 � (a) Amount represents
a $44 million asset impairment charge for certain long-lived assets
in our Telecommunications segment. (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. For 2006, Corning recorded a
credit of $2 million (before- and after-tax) including a credit of
$24 million for the change in Corning�s common stock price of
$18.71 at December 31, 2006, compared to $19.66 at December 31,
2005 and a $22 million charge for the change in estimated fair
value of certain other components of the proposed asbestos
settlement liability. (c) Amount reflects a $73 million tax benefit
from the release of our valuation allowance on certain deferred tax
assets in Germany and a $10 million tax benefit from the release of
our valuation allowance on Australian tax benefits. (d) Amount
reflects the following items which increased Corning�s equity
earnings by $40 million (net) in 2006: an impairment charge for
certain long-lived assets of Samsung Corning; the impact of Samsung
Corning�s establishment of a valuation allowance against certain
deferred tax assets; a gain on the sale of land at Samsung Corning;
and Corning�s share of a favorable tax settlement from the
completion of an IRS examination at Dow Corning.
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