Ceramic Industry

Corning Reports Fourth Quarter And Year End Results

February 3, 2004
Corning Inc. recently announced that its fourth quarter sales were $820 million and that it incurred a net loss of $29 million or $0.02 per share. This net loss includes previously announced after-tax charges totaling $81 million or $0.06 per share. "We are pleased that our fourth quarter results met our expectations and that our sales increased for the fourth consecutive time this past year," said James R. Houghton, chairman and chief executive officer. "More importantly, our goal at the beginning of the year was to restore profitability and, excluding special items, we have accomplished what we set out to do." Fourth quarter sales of $820 million exceeded the company's guidance range of $740 million to $765 million, and were $48 million higher than third quarter sales. For the year, Corning recorded sales of $3.1 billion, a slight decline from a year ago sales of $3.2 billion. The company's loss from continuing operations for 2003 was $223 million, or $0.18 per share, compared to a loss from continuing operations of $1.8 billion, or $1.85 per share, last year.

The company will provide additional information about its 2004 financial performance at its annual investor meeting on February 6, 2004, at the Pierre Hotel in New York City and simultaneously via audio webcast. Investors can register for the event online at http://www.corning.com .