Corning Reiterates Growth Projections for its LCD Glass Business

Corning Incorporated (reaffirmed that it expects annual revenue growth for its LCD glass business of up to 20% to 40%, based upon anticipated trends.

In a presentation before the 2003 Display Industry Investment Conference in New York City, Donald B. McNaughton, vice president of Corning's Display business, told investors that the business growth drivers include a dramatic increase in the market penetration of liquid crystal display (LCD) desktop monitors, continuing growth of notebook computers and the emergence of LCD television.

McNaughton said Corning believes that over 70% of all desktop computer monitors will be LCD by 2006. He added, "Due to the popularity of LCD monitors on the desktop, LCD penetration is likely to reach 40% this year, compared to 28% in 2002. In addition, notebook computers, all of which have LCD screens, continue to appeal to more users and should grow to represent 25% of all new PCs sold this year."

He also reminded investors that LCD televisions currently represent only 1% of the color television market, but anticipated price declines and the introduction of new, larger screen sizes could drive market penetration to nearly 10% by 2006. He also noted that while current worldwide glass demand for all LCD applications is about 200 million square feet per year, the increasing popularity and larger sizes in LCD televisions and desktop monitors could result in the quadrupling of that volume by the end of the decade.

McNaughton pointed out that Corning has a strong technology position and will continue to invest in its fusion manufacturing process, a Corning invention. He said, "This sets the technical standard for the industry. Our glass enables thinner and lighter displays, which is particularly important for notebook computer applications. Our fusion process delivers glass with a pristine surface, critical as a foundation for the display transistors. And, these qualities are important for the new glass sizes being demanded by the industry for manufacturing efficiencies."

600450 Corning Reiterates Growth Projections for its LCD Glass Business
Date: 24 March 2003

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