GLW Corning Inc

MIDLAND, Mich., Jan. 30 /PRNewswire-FirstCall/ -- Dow Corning Corp. today reported adjusted net income of $96.6 million for the fourth quarter of 2005, a 29 percent increase from the $74.8 million reported in same quarter of 2004. For all of 2005, adjusted net income was $472.1 million, 64 percent higher than the $288.8 million reported for 2004. Adjusted net income is a financial measure which excludes certain unusual items and which is reconciled to net income in an attachment to this news release. Fourth quarter 2005 sales were $942.7 million, 8 percent greater than sales of $876.7 million in last year's fourth quarter. For all of 2005, sales were $3.88 billion, an increase of 15 percent from sales of $3.37 billion in 2004. Including all items, Dow Corning reported net income of $100.0 million for the fourth quarter of 2005 and $506.5 million for all of 2005. "This performance reflects the capabilities of our global workforce to adapt to changing market conditions, including increasing raw materials and energy costs," said Vice President and Chief Financial Officer J. Donald Sheets. "We are taking 'innovation' to a new level -- applying it to supply chain management and business model development, for example, in addition to the science and technology of silicon." Dow Corning (http://www.dowcorning.com/ ) develops, manufactures and markets diverse silicon-based products and services, and currently offers more than 7,000 products to customers around the world. Dow Corning is a global leader in silicon-based materials with shares equally owned by The Dow Chemical Company (NYSE:DOW) and Corning, Incorporated (NYSE:GLW). More than half of Dow Corning's sales are outside the United States. Dow Corning Corporation Condensed Consolidated Statements of Income (in millions of U. S. dollars) (Unaudited) Three Months Ended Year Ended December 31, December 31, 2005 2004 2005 2004 Net Sales $942.7 $876.7 $3,878.7 $3,372.6 Net Income 100.0 70.5 506.5 238.3 Adjustments for certain unusual items: Chapter 11 related items, after tax $(3.4) $(3.3) $(13.2) $22.8 Gain on issuance of subsidiary stock, after tax - - (21.2) - Restructuring costs, after tax - 7.6 - 27.7 Total Adjustments After Tax (3.4) 4.3 (34.4) 50.5 Adjusted Net Income(1) $96.6 $74.8 $472.1 $288.8 (1) Adjusted Net Income is a non-GAAP financial measure which excludes certain unusual items and which reconciles to Net Income as shown. Dow Corning Corporation Condensed Consolidated Balance Sheets (in millions of U. S. dollars) (Unaudited) December 31, 2005 December 31, 2004 Assets Current Assets $2,574.8 $1,828.3 Property, Plant and Equipment, Net 1,323.5 1,422.9 Other Assets 1,246.5 1,565.2 $5,144.8 $4,816.4 Liabilities and Stockholders' Equity Current Liabilities $933.0 $830.1 Other Liabilities 2,592.8 2,668.3 Minority Interest in Consolidated Subsidiaries 178.6 171.6 Stockholders' Equity 1,440.4 1,146.4 $5,144.8 $4,816.4 First Call Analyst: FCMN Contact: c.m.heffner@dowcorning.com DATASOURCE: Dow Corning Corporation CONTACT: Mary Lou Benecke of Dow Corning Corp., +1-989-496-8689 Web site: http://www.dowcorning.com/

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