Corning Reports First-Quarter Results

Corning Incorporated today announced that its first-quarter results exceeded quarterly guidance and sales increased sequentially for the first time in two years.

The company said sales were $746 million and that it recorded a net loss of $205 million or $0.17 per share. This net loss includes $201 million or $0.17 per share of charges primarily related to the previously announced asbestos litigation settlement and restructuring and impairment charges.

James R. Houghton, chairman and chief executive officer, said, "We are extremely pleased with the improvement in our quarterly performance. Our results reflect stronger than expected demand for fiber and cable in Japan and the continued strength of our technologies businesses, particularly the Display Technologies and Environmental Technologies businesses." Houghton said that the company continues to focus on its goal of returning to profitability by the third quarter of this year. "We are seeing significant improvement in our gross margin and lower operating costs due to our restructuring efforts over the past year," he said.

600450 Corning Reports First-Quarter Results
Date: 23 April 2003

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