Corning to Meet with Investors
19 Março 2009 - 9:45AM
Business Wire
Corning Incorporated (NYSE:GLW) senior management will meet with
investors in Corning, N.Y., on March 19 to share updates on the
company's Display Technologies business and to discuss the
company�s 2009 proxy material.
Encouraging data from panel makers and LCD television retail
sales indicate that the display supply chain is performing as
predicted, management will say. As a result, the company has been
experiencing increasing glass orders over the past several weeks at
both its wholly owned business and Samsung Corning Precision Glass
Co., Ltd. The company now believes total glass volume for the first
quarter could be flat to down 5% sequentially, versus its original
guidance of down 20% to 25%.
Information supplied by NPD Group, an independent consumer
market research firm, shows that retail sales of LCD TVs remain
strong. In the U.S. alone, February unit sales of LCD TVs increased
39% over 2008. Similarly, unit sales for Japan were 30% higher year
over year as indicated by data from BCN, another independent
research firm. For Europe and China, only January data is
available, but reports indicated year-over-year growth of 49% and
109%, respectively. As a reminder, the company is forecasting
worldwide LCD TV unit sales to increase by 9% for the full
year.
Management will also state that reported utilization rates at
the panel makers continue to improve. In Taiwan, average
utilization rates show an increase from approximately 20% in
December to more than 40% in February. In Korea, average
utilization rates show an increase from under 50% in December to
almost 80% in February. The company expects panel maker utilization
rates to increase again in March.
The company still expects significant glass price declines for
the first quarter in its wholly owned business as compared to
previous quarters. Management will state that it has not reached
agreements for pricing in the second quarter, but expects price
declines to be more moderate than the first quarter. Market
pressures could still affect these expectations.
No new information will be presented on the company�s
environmental business, which continues to be impacted by the
recession. In the telecommunications segment, the company remains
cautious as the business has not felt any material impact from the
economy in the first quarter.
Based on the improved volume expectations for its display
business, the company now believes it will have positive net
income, excluding special items, in the first quarter. 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. No additional guidance will be provided at this time.
Corning will also be meeting with investors in New York and
Boston, March 23-25. On March 25, the company will host an investor
luncheon in Boston. For those interested in attending�the luncheon,
please contact the investor relations department at
607-974-8764.
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� (within
the meaning of the Private Securities Litigation Reform Act of
1995), which are based on current expectations and assumptions
about Corning�s financial results and business operations, that
involve substantial risks and uncertainties that could cause actual
results to differ materially. These risks and uncertainties
include: the effect of global political, economic and business
conditions;�conditions in the�financial and credit
markets;�currency fluctuations;�tax rates; product demand and
industry capacity; competition; reliance on a concentrated customer
base; manufacturing efficiencies; cost reductions; availability of
critical components and materials; new product commercialization;
pricing fluctuations�and�changes in the mix of sales between
premium and non-premium products; new plant start-up�or
restructuring�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.�These and other�risk factors
are�detailed�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.
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