Corning Reports Second-Quarter Results

Date: 24 July 2003
Source: Pressi.com

Date: 24 July 2003

Corning Incorporated (NYSE:GLW) today announced that its second-quarter sales were $752 million and that it incurred a net loss of $22 million or $0.02 per share.

This net loss includes $47 million or $0.04 per share of after-tax charges primarily related to the shutdown of Corning Asahi Video Products Company (CAV); the planned exit from its photonics business; and a mark-to-market adjustment to the portion of its asbestos liability settlement to be paid in Corning common stock.

"We are pleased that our results exceeded our second-quarter guidance. This performance gives us confidence that we will achieve our goals for the year. We continue to maintain our focus on managing costs, paying down debt and investing in future technologies," said James R. Houghton, chairman and chief executive officer.

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