GLW Corning Inc

MIDLAND, Mich., April 30 /PRNewswire-FirstCall/ -- Dow Corning Corp. today reported consolidated net income of $160.4 million for the first quarter of 2008, a decrease of 13 percent from net income of $183.6 million reported in the first quarter of 2007. Sales were $1.28 billion in the first quarter of 2008, 8 percent higher than sales of $1.18 billion in the same quarter of 2007. "Dow Corning's sales increased in the first quarter, yet margins were strained due to increased raw materials and energy costs," said Dow Corning's Vice President and Chief Financial Officer J. Donald Sheets. "Our silicones revenues grew in the quarter; however as expected, polysilicon revenues and prices declined at our joint venture Hemlock Semiconductor as the company shifted to extended supply contracts." Dow Corning (http://www.dowcorning.com/) provides performance-enhancing solutions to serve the diverse needs of more than 25,000 customers worldwide. A global leader in silicon-based technology and innovation, offering more than 7,000 products and services, Dow Corning is equally owned by The Dow Chemical Company (NYSE:DOW) and Corning Incorporated (NYSE:GLW). More than half of Dow Corning's annual sales are outside the United States. Dow Corning Corporation Selected Financial Information (in millions of U. S. dollars) (Unaudited) Condensed Consolidated Statements of Income Three Months Ended March 31, 2008 2007 Net Sales $1,275.0 $1,178.3 Net Income $160.4 $183.6 Condensed Consolidated Balance Sheets March 31, 2008 December 31, 2007 Assets Current Assets $2,755.4 $3,511.1 Property, Plant and Equipment, Net 2,882.4 2,542.4 Other Assets 2,474.1 1,145.2 $8,111.9 $7,198.7 Liabilities and Stockholders' Equity Current Liabilities $2,058.2 $1,266.8 Other Liabilities 3,227.9 3,188.1 Minority Interest 334.4 383.3 Stockholders' Equity 2,491.4 2,360.5 $8,111.9 $7,198.7 DATASOURCE: Dow Corning Corp. CONTACT: Jarrod Erpelding of Dow Corning Corp., +1-989-496-1582, Web site: http://www.dowcorning.com/

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