Corning Addresses Investors at Bank of America Conference
CORNING, N.Y. – Corning Incorporated (NYSE:GLW) Senior Vice President - Finance Katherine A. Asbeck will address investors at the 37th Annual Bank of America Investment Conference in San Francisco today. She will update the company’s third-quarter guidance and review key growth business opportunities.
“We now expect our third-quarter earnings per share, before special items, to be in the upper end of our guidance range of $.34 to $.37. This is a reflection of the company’s strong performance throughout the first two months of this quarter as well as continued strengthening of the yen, which could increase earnings per share by $0.01 this quarter,” Asbeck will tell investors. Earnings per share before special items is a non-GAAP financial measure. This and all non-GAAP financial measures are reconciled on the company’s investor relations Web site and in attachments to this news release.
“Third-quarter sales are expected to be between $1.525 and $1.575 billion,” she will add. Investors will be reminded that the benefit from the yen is more significant to earnings per share than to sales since Corning does not consolidate sales from Samsung Corning Precision Glass Co., Ltd., its 50-percent owned equity venture in Korea which manufactures LCD glass substrates for the Korean market.
Asbeck will reaffirm the healthy supply-chain conditions indicated by the company’s liquid crystal display (LCD) industry checks. “Record panel manufacturer shipments for July and August, stable panel pricing, and acceptable panel inventory levels provide good indicators that LCD product shipments are on track with our forecasts,” she will note.
In speaking to the company’s recently announced dividend and common stock repurchase program, Asbeck will confirm that the third-quarter dividend will be paid on September 28 and will aggregate $80 million. “In addition,” she will say, “we have completed the repurchase of $125 million of common stock, or approximately 5.3 million shares, in the third quarter. This is the first phase of our plan to repurchase $500 million in Corning common stock before the end of 2008.”
Corning’s presentation to investors at the 37th Annual Bank of America Investment Conference will be available via webcast by accessing the IR events calendar on Corning’s Web site at www.corning.com/investor_relations.
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 required by movements in Corning’s common stock price, 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. These non-GAAP measures are reconciled on the company’s Web site at www.corning.com/investor_relations and accompanies this news release.
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