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CORNING, N. Y., APRIL 25,
2013 - Speaking at the company's annual meeting this
morning, Wendell P. Weeks, Corning Incorporated's (NYSE: GLW)
chairman, chief executive officer, and president, told shareholders
that he believed the company's performance over the past two
quarters is a strong indication that "we have successfully formed
bottom and are beginning to march up."
He also took the opportunity to underscore
Corning's longevity and resilience. "In 162 years, Corning has been
through recessions, depressions, world wars, industry meltdowns,
and numerous evolutions driven by changing markets," he said.
"Corning is no stranger to tough times, and the leadership
team has worked hard to ensure that the company is stronger than
any challenge we face."
2012 Results and 2013
First-Quarter Performance
Weeks acknowledged that 2012 was a tough year. "But thanks to a
solid foundation and outstanding execution by our 29,000 employees,
we reached key milestones in each of our major business segments
and had the highest sales in the company's history," he said. "More
importantly, we are positioned for growth in 2013."
Weeks devoted a significant portion of his remarks
to detailing the company's progress against its mandate to "Form
Bottom and March Up." Highlights include:
-
Signing supply agreements with several leading
display makers, which the company believes will stabilize share at
each, allow Corning to manage capacity more efficiently, and help
maintain moderate price declines
-
Introducing new glass compositions for
high-performance displays
-
Growing sales in the Specialty Materials segment
by 25%
-
Completing a major acquisition in Life Sciences
that expands Corning's product portfolio and market reach, while
positioning the segment to become a $1 billion business
-
Launching new products such as ultra-slim
Corning® Willow(TM)
Glass
Weeks told shareholders that Corning was building
on that momentum in 2013. Yesterday, the company reported results
ahead of expectations, including an increase in core earnings.
Weeks said that Corning expects to grow revenue, improve profits,
and generate strong cash flow this year.
Weeks emphasized that Corning would continue to
innovate. He shared examples of new products that Corning expects
to launch in the coming months, including the company's first
antimicrobial glass offering and an all-optical distributed antenna
system to improve wireless communication. He also noted that
Corning is honoring its commitment to return cash to shareholders.
Yesterday, the company announced a share repurchase of $2 billion
and a quarterly dividend increase from $0.09 a share to $0.10 a
share. "These actions underscore the Board's confidence in
Corning's financial health and in our ability to continue
generating strong operating cash flow," said Weeks.
Growth
Opportunities
Looking ahead, Weeks described Corning's future as "very
bright."
"For more than 160 years, our scientists have
taken advantage of the technical and artistic properties of glass
to drive new innovations, and we've consistently challenged
people's ideas about what glass can do," explained Weeks. "As
Corning extends the capabilities of glass, more and more customers
from a broad range of industries are turning to us to solve tough
problems."
The opportunities driving Corning's growth
include:
-
The proliferation of mobile devices, which
increases the need for thin, tough cover glass
-
The growing demand for bandwidth, which creates
the need for fiber optic networks
-
The evolution to higher-resolution display
devices, which depends on specialty glass that can meet rigorous
technical requirements
-
Tighter environmental regulations in developed and
emerging markets, which drive demand for emissions-control
products
-
And the aging of the global population, which
increases the need for more effective drug therapies
A Special
Company
Weeks closed his remarks by summarizing the value that he believes
Corning offers to investors: financial strength and stability;
business segments that are tied to key growth trends; strong cash
flow and a sustainable dividend; and an innovation portfolio that
creates the opportunity for significant growth.
On a more personal note, he shared his thoughts on
what makes Corning so special. "This is a company responsible for
numerous life-changing innovations; a company with a relentless
desire to make things better; a company that manufactures products
that make a real difference in the world; a company that has always
upheld the values instilled by Amory Houghton Sr. in 1851."
Acknowledgements
Following his report on the state of the company, Weeks recognized
retiring directors Gordon Gund and Onno Ruding for their many years
of distinguished service. He said, "They have both left an
indelible mark on Corning and helped us honor our commitment to
good corporate governance. We have been enriched by their
experience, their wisdom, and their friendship."
Formal
Business
During the meeting's formal business, shareholders elected the
following 12 directors to one-year terms: John Seely Brown, 73,
retired chief scientist of Xerox Corporation; Stephanie A. Burns,
58, retired chairman and chief executive officer of Dow Corning
Corporation; John A. Canning, Jr., 68, co-founder and chairman of
Madison Dearborn Partners, LLC; Richard T. Clark, 67, retired
chairman, president, and chief executive officer of Merck &
Co., Inc.; Robert Cummings, 63, vice chairman of investment
banking, JPMorgan Chase & Co.; James B. Flaws, 64, vice
chairman and chief financial officer, Corning Incorporated; Kurt M.
Landgraf, 66, president and chief executive officer of Educational
Testing Service; Kevin Martin, 46, Partner of Patton Boggs LLP and
former Chairman of the Federal Communications Commission; Deborah
D. Rieman, 63, executive chairman of MetaMarkets Group and retired
president and chief executive officer of Check Point Software
Technologies, Incorporated; Hansel Tookes, 65, retired chairman and
chief executive officer, Raytheon Aircraft Company; Wendell Weeks,
53, chairman, chief executive officer, and president, Corning
Incorporated; and Dr. Mark S. Wrighton, 63, chancellor and
professor of chemistry at Washington University in St. Louis.
Shareholders also approved the company's executive
compensation as disclosed in the 2013 proxy statement and ratified
PricewaterhouseCoopers LLP as independent registered public
accounting firm for the 2013 fiscal year.
Special
Presentation
Immediately following the annual meeting, Dr. David L. Morse,
executive vice president and chief technology officer, provided an
overview of Corning's Science and Technology organization. After
briefly reviewing Corning's legacy of research and development,
Morse declared, "I am pleased to report that we are still making
life-changing innovations."
He shared examples of several programs in
Corning's innovation portfolio including advanced glass such as
Eagle XG® Slim, Corning
Lotus(TM) Glass, and Corning® Willow(TM)
Glass that will enable high-performance displays; antimicrobial
glass that could kill more than 99% of germs on its surface;
ultra-capacitors that can improve fuel consumption; and Corning's
new all-optical ONE(TM) Wireless platform, which will increase the
capacity and efficiency of communications networks.
Morse underscored Corning's unwavering commitment
to innovation and promised shareholders, "We will always challenge
conventional wisdom."
Webcast Information
The company hosted a live audio webcast of the 2013 annual meeting
of shareholders in Corning, N.Y., from 11 a.m. to 12:15 p.m. EDT,
April 25, 2013. To access the webcast, please go to
www.corning.com/investor_relations, select "Investor Events" in the
left-hand column, and click on "More Information" next to the
archived event. No password is required. The audio webcast will be
archived on the website for one year following the broadcast.
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 more than 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.
Media Relations
Contact:
Daniel F. Collins
(607) 974-4197
collinsdf@corning.com
Additional
Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
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This
announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: Corning Incorporated via Thomson Reuters ONE
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