Corning Incorporated (NYSE: GLW) today announced its results for
the second quarter of 2011.
Second-Quarter Highlights
- Sales were $2 billion, an increase of
4% sequentially and 17% year over year.
- Earnings per share were $0.47.
Excluding special items, earnings per share were $0.48*, comparable
with last quarter, but a 17% decline year over year.
- Display Technologies’ wholly owned
business volume decreased slightly sequentially and about 5%
compared to a year ago. Samsung Corning Precision Materials Co.,
Ltd.’s volume was up about 10% on a quarterly basis and up slightly
year over year. The total glass volume, of Corning’s wholly owned
business and SCP combined, increased 5% sequentially.
- Specialty Materials sales increased 11%
sequentially and 125% year over year.
- Telecommunications sales were up 16%
sequentially and 24% over last year’s second quarter.
Second-Quarter Financial
Comparisons
Q2 2011 Q1 2011
% Change Q2 2010
% Change Net Sales in millions
$
2,005 $ 1,923
4 % $ 1,712
17 % Net Income in millions
$
755 $ 748 1
% $ 913 (17
%) Non-GAAP Net Income
in millions*
$ 758 $ 751
1 % $ 916
(17 %) GAAP EPS
$
0.47 $ 0.47
0 % $ 0.58
(19 %) Non-GAAP EPS*
$
0.48 $ 0.47
2 % $ 0.58
(17 %)
*These are non-GAAP financial measures. The reconciliation
between GAAP and non-GAAP measures is provided in the tables
following this news release, as well as on the company’s investor
relations Web site.
“Second-quarter results were in line with our expectations,”
Wendell P. Weeks, chairman, chief executive officer and president,
said. He added that the results demonstrate the company is moving
toward its goal of becoming a more balanced global company by
pursuing growth opportunities. “Corning® Gorilla® Glass is the
cover glass of choice for next-generation mobile devices; sales
continued growing across our major telecommunications product
lines; and global demand for our Environmental Technologies
emissions products remained strong,” he remarked.
Second-Quarter Segment Results
Sales in the Display Technologies segment were $760 million, a
decline of 4% sequentially and 9% year over year. The sequential
sales result was due in part to the anticipated temporary
curtailment of LCD TV production by Sharp Electronics Corporation.
Sharp resumed production in the latter part of the quarter. Glass
price declines were moderate.
Telecommunications segment sales were $548 million, an increase
of 16% sequentially and 24% year over year. Sequential sales were
strong across all major product lines.
Environmental Technologies segment sales were $258 million,
essentially even sequentially, but a 40% year-over-year increase.
Corning continued to experience very robust worldwide demand for
both its diesel and automotive emissions control products.
Specialty Materials segment sales were $283 million, an 11%
sequential and 125% year-over-year improvement driven by continued
strong demand for Corning Gorilla Glass for handheld devices,
tablets, and laptop computers.
Life Sciences segment sales were $155 million, an 8% sequential
and 24% year-over-year increase. About half of the year-over-year
growth rate was due to acquisitions.
Corning’s equity earnings totaled $428 million compared to $398
million in the previous quarter and $474 million a year ago.
Gross margin for the quarter was 44%, a slight decline from the
first quarter, but better than the company anticipated.
Looking Forward
“The display industry has been behaving more cautiously in
recent weeks, driven primarily by weaker retail expectations for
the second half. We have seen many LCD TV brands reduce their sales
forecasts for the year. As LCD panel manufacturers have taken a
more measured approach to their supply chain demands, they may be
waiting a little longer to raise panel fab utilization for seasonal
fourth-quarter retail demand,” Flaws said.
“Based on the lower TV sales expectations and more conservative
supply chain behavior, we now expect the worldwide glass market to
be between 3.3 billion and 3.4 billion square feet this year,
versus previous expectations of 3.5 billion to 3.7 billion square
feet,” Flaws remarked. In 2010, worldwide glass volume was 3.15
billion square feet.
In the display segment, Corning expects combined glass volume in
the third quarter to be consistent with the second quarter. Glass
volume for the company’s wholly owned business is expected to grow
in the mid- to upper-single digits sequentially. At Samsung Corning
Precision, volume is anticipated to decrease in the mid-single
digits for the quarter. Glass price declines are expected to be
moderate.
Telecommunications segment third-quarter sales are expected to
increase slightly compared to the strong second-quarter
performance, and to be up about 20% year over year.
Environmental Technologies segment third-quarter sales should be
comparable with the strong second-quarter results.
The third-quarter growth rate in the Specialty Materials segment
is expected to be in the upper-single digits. Corning Gorilla Glass
is expected to grow 20% sequentially; however, other product lines
in the segment are expected to be lower.
“Looking forward, we no longer believe that Corning Gorilla
Glass sales this year have the potential to reach $1 billion.
Rather, we expect sales will be in the area of $800 million. This
adjustment is driven by our realization that television cover glass
sales will not be as strong as we originally hoped,” Flaws
added.
“Overall,” he said, “we are delighted with our sales growth and
the market’s acceptance of Corning Gorilla Glass as the preferred
cover glass product. Full-year sales are forecasted to be more than
triple last year’s performance,” he concluded.
Corning anticipates equity earnings will be down in the
upper-single digits sequentially. The company also expects its
gross margin for the quarter to improve by a couple of percentage
points.
Corning has updated its capital expenditure guidance and now
believes that spending this year will be at the lower end of the
company’s range of $2.4 billion to $2.7 billion. The company also
has an initial estimate for 2012 capital expenditures in the range
of $1.9 billion to $2.0 billion. Most of that planned capital
spending will be for Corning products that are poised to grow
rapidly over the next several years, such as Gorilla Glass,
substrates for catalytic converters, diesel filters, optical fiber,
as well as completing its new display glass facility in Beijing,
China.
"We remain confident that Corning is on a growth track to reach
$10 billion in sales by 2014. Our product innovations will be an
important part of this growth story. We are seeing good progress in
a number of areas and we are very encouraged by our advancements in
photovoltaic glass panels and OLEDs,” Flaws added.
The company noted it has seen increasing success in customer
testing with its photovoltaic glass program for thin-film solar
panels.
Flaws said that Corning believes OLEDs will be an important
component of the display industry in the future, requiring new,
advanced glass compositions to maximize OLEDs’ potential. “We have
already developed a new glass for OLEDs which is in customer
qualification tests now, and we are working on an additional new
glass composition for large size OLEDs,” he said.
“These innovations, combined with the strong growth of existing
new products such as Corning Gorilla Glass, Corning® ClearCurve®
optical fiber, Pretium EDGE™ solutions for data centers, and
Corning DuraTrap® AT filters for diesel emissions control, will
provide a solid foundation for our growth in sales,” he
concluded.
Upcoming Meetings
Corning executives will update their outlook on end markets and
business performance at the Citi Technology Conference in New York
on Sept. 8 and at the Deutsche Bank Technology Conference in Las
Vegas on Sept. 13.
Second-Quarter Conference Call Information
The company will host a second-quarter conference call on
Wednesday, July 27 at 8:30 a.m. ET. To participate, please call
toll free (800) 230-1951 or for international access call (612)
332-0226 approximately 10-15 minutes prior to the start of the
call. The password is ‘QUARTER TWO’. The host is ‘SOFIO’. To listen
to a live audio webcast of the call, go to Corning’s Web site at
www.corning.com/investor_relations and click Investor Events on the
left. A replay will be available beginning at 10:30 a.m. ET and
will run through 5:00 p.m. ET, Wednesday, August 10, 2011. To
listen, dial (800) 475-6701 or for international access call (320)
365-3844. The access code is 209752. The webcast will be archived
for one year following the call.
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, 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. Reconciliation of these non-GAAP measures can be found
on the company’s Web site by going to
www.corning.com/investor_relations and clicking Financial Reports
on the left. Reconciliation also accompanies this news release.
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 or financial instability, natural
disasters, adverse weather conditions, 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; retention of key
personnel; 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.
About Corning Incorporated
Corning Incorporated (www.corning.com) is the world leader in
specialty glass and ceramics. Drawing on 160 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.
View Related Video: A Day Made of Glass
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CORNING INCORPORATED AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF
INCOME
(Unaudited; in millions, except per share
amounts)
Three months ended Six months
ended June 30, June 30, 2011 2010 2011
2010 Net sales $ 2,005 $ 1,712 $ 3,928 $ 3,265 Cost of sales
1,116 885 2,165
1,707 Gross margin 889 827 1,763 1,558
Operating expenses: Selling, general and administrative expenses
284 246 534 481 Research, development and engineering expenses 172
144 328 289 Amortization of purchased intangibles 4 2 7 4
Restructuring, impairment and other credits (2 ) Asbestos
litigation charge (credit) (Note 1) 5 5
10 (47 ) Operating income 424 430 884
833 Equity in earnings of affiliated companies 428 474 826
943 Interest income 5 2 9 5 Interest expense (22 ) (26 ) (49 ) (52
) Other income, net 43 64 70
128 Income before income taxes 878 944
1,740 1,857 Provision for income taxes (123 ) (31 )
(237 ) (128 ) Net income attributable to
Corning Incorporated $ 755 $ 913 $ 1,503 $
1,729 Earnings per common share attributable to
Corning Incorporated: Basic (Note 2) $ 0.48 $ 0.59 $
0.96 $ 1.11 Diluted (Note 2) $ 0.47 $ 0.58
$ 0.95 $ 1.09 Dividends declared per common
share $ 0.05 $ 0.05 $ 0.10 $ 0.10
See accompanying notes to these financial statements.
CORNING INCORPORATED AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions, except per share
amounts)
June 30, December 31, 2011 2010
Assets Current assets: Cash and cash equivalents $
4,609 $ 4,598 Short-term investments, at fair value 1,748
1,752 Total cash, cash equivalents and
short-term investments 6,357 6,350 Trade accounts receivable, net
of doubtful accounts and allowances 1,252 973 Inventories 917 738
Deferred income taxes 439 431 Other current assets 364
367 Total current assets 9,329 8,859
Investments 5,029 4,372 Property, net of accumulated depreciation
9,755 8,943 Goodwill and other intangible assets, net 883 716
Deferred income taxes 2,679 2,790 Other assets 150
153
Total Assets $ 27,825 $
25,833
Liabilities and Equity Current
liabilities: Current portion of long-term debt $ 26 $ 57 Accounts
payable 1,052 798 Other accrued liabilities 1,005
1,131 Total current liabilities 2,083 1,986
Long-term debt 2,248 2,262 Postretirement benefits other than
pensions 886 913 Other liabilities 1,302 1,246
Total liabilities 6,519 6,407
Commitments and contingencies Shareholders’ equity: Common
stock - Par value $0.50 per share; Shares authorized: 3.8 billion;
Shares issued: 1,634 million and 1,626 million 817 813 Additional
paid-in capital 12,989 12,865 Retained earnings 8,227 6,881
Treasury stock, at cost; Shares held: 66 million and 65 million
(1,242 ) (1,227 ) Accumulated other comprehensive income 464
43 Total Corning Incorporated shareholders'
equity 21,255 19,375 Noncontrolling
interests 51 51 Total equity
21,306 19,426
Total Liabilities and
Equity $ 27,825 $ 25,833 See accompanying
notes to these financial statements.
CORNING INCORPORATED
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(Unaudited; in millions)
Three months ended Six months
ended June 30, June 30, 2011 2010 2011
2010
Cash Flows from Operating Activities: Net income $ 755
$ 913 $ 1,503 $ 1,729 Adjustments to reconcile net income to net
cash provided by operating activities: Depreciation 232 206 458 412
Amortization of purchased intangibles 4 2 7 4 Asbestos litigation
charges (credits) 5 5 10 (47 ) Restructuring, impairment and other
credits (2 ) Cash received from settlement of insurance claims 66
Stock compensation charges 22 26 45 55 Undistributed earnings of
affiliated companies (359 ) (417 ) (437 ) (658 ) Deferred tax
provision (benefit) 81 (40 ) 96 10 Restructuring payments (4 ) (19
) (13 ) (50 ) Credits issued against customer deposits (7 ) (38 )
(14 ) (68 ) Employee benefit payments less than (in excess of)
expense 34 (54 ) 68 (28 ) Changes in certain working capital items:
Trade accounts receivable (122 ) (73 ) (243 ) (193 ) Inventories
(64 ) (31 ) (143 ) (62 ) Other current assets (16 ) 8 (42 ) 40
Accounts payable and other current
liabilities, net of restructuring payments
40
75 (43 ) 1 Other, net (55 ) 109 (199 )
172
Net cash provided by operating activities
546 672 1,119
1,315
Cash Flows from Investing Activities:
Capital expenditures (494 ) (136 ) (1,026 ) (309 ) Acquisitions of
businesses, net of cash received (148 ) Net proceeds from sale or
disposal of assets 1 Short-term investments - acquisitions (962 )
(670 ) (1,845 ) (894 ) Short-term investments - liquidations 949
422 1,852 894 Other, net 2 4
2
Net cash used in investing activities
(505 ) (384 ) (1,162 ) (307 )
Cash
Flows from Financing Activities:
Net repayments of short-term borrowings
and current portion of long-term debt
(2)
(3 ) (12 ) (61 ) Principal payments under capital lease obligations
(32 ) Proceeds from issuance of common stock, net 11 15 Proceeds
from the exercise of stock options 9 8 73 29 Dividends paid
(79 ) (78 ) (158 ) (156 )
Net cash used in
financing activities (72 ) (62 ) (129 )
(173 ) Effect of exchange rates on cash 70
(87 ) 183 (162 ) Net increase in cash
and cash equivalents 39 139 11 673 Cash and cash equivalents at
beginning of period 4,570 3,075
4,598 2,541
Cash and cash
equivalents at end of period $ 4,609 $ 3,214 $
4,609 $ 3,214
CORNING INCORPORATED AND
SUBSIDIARY COMPANIES
SEGMENT RESULTS
(Unaudited; in millions)
Our reportable operating segments include Display
Technologies, Telecommunications, Environmental Technologies,
Specialty Materials and Life Sciences. Display
Telecom- Environmental Specialty Life
All Technologies munications Technologies Materials
Sciences Other Total
Three months ended June 30,
2011 Net sales $ 760 $ 548 $ 258 $ 283 $ 155 $ 1 $ 2,005
Depreciation (1) $ 123 $ 32 $ 27 $ 42 $ 9 $ 3 $ 236 Amortization of
purchased intangibles $ 2 $ 2 $ 4 Research, development and
engineering expenses (2) $ 27 $ 32 $ 23 $ 36 $ 5 $ 24 $ 147 Equity
in earnings of affiliated companies $ 319 $ 1 $ 1 $ 5 $ 2 $ 328
Income tax (provision) benefit $ (118 ) $ (22 ) $ (15 ) $ (9 ) $ (7
) $ 10 $ (161 ) Net income (loss) (3) $ 626 $ 46
$ 32 $ 23 $ 15 $ (20 ) $ 722
Three months ended June 30, 2010 Net sales $
834 $ 441 $ 184 $ 126 $ 125 $ 2 $ 1,712 Depreciation (1) $ 129 $ 32
$ 25 $ 12 $ 8 $ 3 $ 209 Amortization of purchased intangibles $ 2 $
2 Research, development and engineering expenses (2) $ 21 $ 28 $ 23
$ 20 $ 4 $ 28 $ 124 Equity in earnings of affiliated companies $
353 $ 1 $ 1 $ 5 $ 360 Income tax (provision) benefit $ (151 ) $ (14
) $ (2 ) $ 9 $ (9 ) $ 13 $ (154 ) Net income (loss)
(3) $ 756 $ 30 $ 5 $ (17 ) $ 18 $ (19 )
$ 773
Six months ended June 30, 2011
Net sales $ 1,550 $ 1,022 $ 517 $ 537 $ 299 $ 3 $ 3,928
Depreciation (1) $ 247 $ 60 $ 52 $ 79 $ 17 $ 5 $ 460 Amortization
of purchased intangibles $ 3 $ 4 $ 7 Research, development and
engineering expenses (2) $ 52 $ 61 $ 46 $ 65 $ 9 $ 46 $ 279 Equity
in earnings of affiliated companies $ 613 $ 4 $ 1 $ 8 $ 9 $ 635
Income tax (provision) benefit $ (257 ) $ (41 ) $ (29 ) $ (12 ) $
(14 ) $ 19 $ (334 ) Net income (loss) (3) $ 1,264 $
87 $ 61 $ 31 $ 30 $ (35 ) $ 1,438
Six months ended June 30, 2010 Net
sales $ 1,616 $ 805 $ 376 $ 222 $ 243 $ 3 $ 3,265 Depreciation (1)
$ 257 $ 62 $ 51 $ 23 $ 16 $ 6 $ 415 Amortization of purchased
intangibles $ 1 $ 3 $ 4 Research, development and engineering
expenses (2) $ 44 $ 57 $ 46 $ 36 $ 8 $ 56 $ 247 Restructuring,
impairment and other credits $ (2 ) $ (2 ) Equity in earnings of
affiliated companies $ 697 $ 1 $ 4 $ 16 $ 718 Income tax
(provision) benefit $ (283 ) $ (18 ) $ (7 ) $ 12 $ (17 ) $
24 $ (289 ) Net income (loss) (3) $ 1,459 $ 38
$ 16 $ (24 ) $ 35 $ (34 ) $ 1,490 (1)
Depreciation expense for Corning’s reportable segments includes an
allocation of depreciation of corporate property not specifically
identifiable to a segment. (2) Research, development, and
engineering expense includes direct project spending which is
identifiable to a segment. (3) Many of Corning’s administrative and
staff functions are performed on a centralized basis. Where
practicable, Corning charges these expenses to segments based upon
the extent to which each business uses a centralized function.
Other staff functions, such as corporate finance, human resources
and legal are allocated to segments, primarily as a percentage of
sales.
CORNING INCORPORATED AND SUBSIDIARY COMPANIES
SEGMENT RESULTS
(Unaudited; in millions)
A reconciliation of reportable segment net income to
consolidated net income follows (in millions): Three months
ended Six months ended June 30, June 30, 2011
2010 2011 2010 Net income of reportable
segments $ 742 $ 792 $ 1,473 $ 1,524 Non-reportable
segments (20 ) (19 ) (35 ) (34 ) Unallocated amounts: Net financing
costs (1) (47 ) (44 ) (99 ) (90 ) Stock-based compensation expense
(22 ) (26 ) (45 ) (55 ) Exploratory research (19 ) (14 ) (36 ) (29
) Corporate contributions (11 ) (7 ) (32 ) (19 ) Equity in earnings
of affiliated companies, net of impairments (2) 100 114 191 225
Asbestos settlement (3) (5 ) (5 ) (10 ) 47 Other corporate items
(4) 37 122
96 160 Net income $ 755
$ 913 $ 1,503 $ 1,729 (1)
Net financing costs include interest income, interest
expense, and interest costs and investment gains associated with
benefit plans. (2) Primarily represents the equity earnings of Dow
Corning Corporation. In the six months ended June 30, 2010, equity
earnings of affiliated companies, net of impairments, includes a
credit of $21 million for our share of U.S. advanced energy
manufacturing tax credits at Dow Corning Corporation. (3) In
the three and six months ended June 30, 2011, Corning recorded a
charge of $5 million and $10 million, respectively, to adjust the
asbestos liability for the change in value of the components of the
Modified PCC Plan. In the three and six months ended June 30, 2010,
Corning recorded a charge of $5 million and a net credit of $47
million, respectively, primarily to reflect the change in the terms
of the proposed asbestos settlement. (4) In the six months
ended June 30, 2010, other corporate items included a tax charge of
$56 million from the reversal of the deferred tax asset associated
with a Medicare subsidy.
CORNING INCORPORATED AND
SUBSIDIARY COMPANIES
NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS
(Unaudited)
1. Asbestos
Litigation
Pittsburgh Corning Corporation (PCC) was
named in numerous lawsuits alleging personal injury from exposure
to asbestos and, on April 16, 2000, PCC filed for Chapter 11
reorganization. Corning, with other relevant parties,
proposed a Plan of Reorganization of PCC in 2003, which has not yet
been confirmed. Under this PCC Plan, Corning would
contribute certain payments and assets. In the second
quarter of 2011, we recorded a charge of $5 million ($3 million
after-tax) to adjust the asbestos litigation liability for the
change in value of the components to be contributed by Corning
under this PCC Plan.
In the second quarter of 2011, we recorded a charge of $5
million ($3 million after-tax) to adjust the asbestos litigation
liability for the change in value of the components of the Modified
PCC Plan.
2. Weighted Average
Shares Outstanding
Weighted average shares outstanding are as follows (in
millions):
Three months ended
Three months June 30, ended 2011
2010 March 31, 2011 Basic 1,568 1,558 1,565
Diluted 1,591 1,581 1,589
Diluted used for non-GAAP measures
1,591 1,581 1,589
CORNING INCORPORATED AND SUBSIDIARY
COMPANIES
QUARTERLY SALES INFORMATION
(Unaudited; in millions)
2011 March 31
June 30
SixMonthsEndedJune
30
Display Technologies $ 790 $ 760 $ 1,550
Telecommunications Fiber and cable 248 265 513 Hardware and
equipment 226 283 509 474 548 1,022
Environmental Technologies Automotive 123 121 244 Diesel
136 137 273 259 258 517
Specialty
Materials 254 283 537
Life Sciences 144 155 299
All Other 2 1 3
Total $ 1,923 $ 2,005 $ 3,928
2010
Q1 Q2 Q3 Q4 Total
Display Technologies $ 782 $ 834 $ 645 $ 750 $ 3,011
Telecommunications Fiber and cable 190 227 232 229 878
Hardware and equipment 174 214 232 214
834 364 441 464 443 1,712
Environmental
Technologies Automotive 117 109 119 117 462 Diesel 75
75 89 115 354 192 184 208 232 816
Specialty Materials 96 126 159 197 578
Life
Sciences 118 125 125 140 508
All Other 1
2 1 3 7
Total $ 1,553 $
1,712 $ 1,602 $ 1,765 $ 6,632 The above supplemental
information is intended to facilitate analysis of Corning’s
businesses.
CORNING INCORPORATED AND SUBSIDIARY
COMPANIES
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURE TO GAAP FINANCIAL MEASURE
Three Months Ended June 30,
2011
(Unaudited; amounts in millions, except
per share amounts)
Corning’s net income and earnings per share (EPS)
excluding special items for the second quarter of 2011 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 Income Before
Net Share Income Taxes Income
Earnings per share (EPS) and net income, excluding special items $
0.48 $ 883 $ 758 Special items: Asbestos settlement (a)
- (5 ) (3 ) Total EPS and net
income $ 0.47 $ 878 $ 755 (a) In
the second quarter of 2011, Corning recorded a charge of $5 million
($3 million after-tax) to adjust the asbestos liability for the
change in value of the components of the Modified PCC Plan.
CORNING INCORPORATED AND SUBSIDIARY COMPANIES
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURE TO GAAP FINANCIAL MEASURE
Three Months Ended March 31,
2011
(Unaudited; amounts in millions, except
per share amounts)
Corning’s net income and earnings per share (EPS)
excluding special items for the first quarter of 2011 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 Income Before
Net Share Income Taxes Income
Earnings per share (EPS) and net income, excluding special items $
0.47 $ 867 $ 751 Special items: Asbestos settlement (a)
- (5 ) (3 ) Total EPS and net
income $ 0.47 $ 862 $ 748 (a) In
the first quarter of 2011, Corning recorded a charge of $5 million
($3 million after-tax) to adjust the asbestos liability for the
change in value of the components of the Modified PCC Plan.
CORNING INCORPORATED AND SUBSIDIARY COMPANIES
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURE TO GAAP FINANCIAL MEASURE
Three Months Ended June 30,
2010
(Unaudited; amounts in millions, except
per share amounts)
Corning’s net income and earnings per share (EPS)
excluding special items for the second quarter of 2010 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 Income Before
Net Share Income Taxes Income
Earnings per share (EPS) and net income, excluding special items $
0.58 $ 949 $ 916 Special items: Asbestos settlement (a)
- (5 ) (3 ) Total EPS and net
income $ 0.58 $ 944 $ 913 (a) In
the second quarter of 2010, Corning recorded a charge of $5 million
($3 million after-tax) to adjust the asbestos liability for the
change in value of the components of the modified PCC Plan.
CORNING INCORPORATED AND SUBSIDIARY COMPANIES
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURE TO GAAP FINANCIAL MEASURE
Three and Six Months Ended June 30,
2011
(Unaudited; amounts in millions)
Corning’s free cash flow financial measure for the
three and six months ended June 30, 2011 is a non-GAAP financial
measure 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 financial measures are 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
this non-GAAP measure and the directly related GAAP measures.
Three Six
months ended months ended June 30, June
30, 2011 2011 Cash flows from operating
activities $ 546 $ 1,119 Less: Cash flows from investing
activities (505 ) (1,162 ) Plus: Short-term investments -
acquisitions 962 1,845 Less: Short-term investments -
liquidations (949 ) (1,852 ) Free cash flow $
54 $ (50 )
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