GLW Corning Inc

MIDLAND, Mich., Oct. 30 /PRNewswire-FirstCall/ -- Dow Corning Corp. today reported consolidated adjusted net income of $253.4 million for the third quarter of 2008, an increase of 56 percent from adjusted net income of $162.7 million reported in the same quarter of 2007. For the first three quarters of 2008, adjusted net income was $601.5 million, an increase of 15 percent from adjusted net income of $523.0 million reported in the first three quarters of last year. Adjusted net income excludes a loss from a write down of certain investments in the third quarter of 2008. The 2007 results were not adjusted for any unusual items. (Logo: http://www.newscom.com/cgi-bin/prnh/20081030/CLTH022LOGO ) Including all items, Dow Corning reported consolidated net income of $218.0 million for the third quarter of 2008 and $566.1 million for the first three quarters of 2008. Sales were $1.49 billion in the third quarter of 2008, 20 percent higher than sales of $1.24 billion in the same quarter of 2007. Sales in the first three quarters of 2008 were $4.15 billion, 14 percent higher than sales of $3.65 billion reported in the first three quarters of 2007. "Dow Corning's third quarter was strong as both our silicones segment and our joint venture Hemlock Semiconductor posted excellent performance," said Dow Corning's Vice President and Chief Financial Officer J. Donald Sheets. "There are clear signs of economic uncertainty and we will take immediate action to mitigate these challenges. Dow Corning is well positioned to respond to economic weakness and will continue to make critical investments for the long term health of the company." 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 silicones, silicon-based technology and innovation, Dow Corning offers more than 7,000 products and services via the company's Dow Corning(R) and Xiameter(R) brands. Dow Corning is a joint venture 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) Consolidated Income Statement Data Three Months Ended Nine Months Ended September 30, September 30, 2008 2007 2008 2007 Net Sales $1,487.2 $1,239.3 $4,146.3 $3,648.9 Net Income $218.0 $162.7 $566.1 $523.0 Adjustment for Asset Impairment(1) $35.4 $- $35.4 $- Adjusted Net Income(2) $253.4 $162.7 $601.5 $523.0 (1) The period ending September 30, 2008 included a loss from a write down of investments in Fannie Mae and Freddie Mac securities. (2) Adjusted Net Income is a non-GAAP financial measure which excludes certain unusual items and which reconciles to Net Income as shown. Consolidated Balance Sheet Data September 30, 2008 December 31, 2007 Assets Current Assets $2,696.9 $3,511.1 Property, Plant and Equipment, Net 3,330.7 2,542.4 Other Assets 2,229.6 1,145.2 $8,257.2 $7,198.7 Liabilities and Stockholders' Equity Current Liabilities $1,956.0 $1,266.8 Other Liabilities 3,352.5 3,188.1 Minority Interest 420.2 383.3 Stockholders' Equity 2,528.5 2,360.5 $8,257.2 $7,198.7 http://www.newscom.com/cgi-bin/prnh/20081030/CLTH022LOGO http://photoarchive.ap.org/ DATASOURCE: Dow Corning Corporation CONTACT: Jarrod Erpelding of Dow Corning Corporation, +1-989-496-1582, Web site: http://www.dowcorning.com/

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