GLW Corning Inc

MIDLAND, Mich., May 1 /PRNewswire-FirstCall/ -- Dow Corning Corp. today reported consolidated net income of $183.6 million for the first quarter of 2007, an increase of 33 percent from net income of $138.0 million reported in the first quarter of 2006. Sales were $1.18 billion in the first quarter of 2007, 15 percent higher than sales of $1.03 billion in the same quarter of 2006. "Strong growth at Dow Corning's joint venture, Hemlock Semiconductor Corporation, alongside continued strength in our silicones business led to record sales in the first quarter," said Dow Corning's Vice President and Chief Financial Officer J. Donald Sheets. "Our broad geographic presence and innovative choices for customers around the world allow us to sustain global competitiveness." Dow Corning (http://www.dowcorning.com/) provides performance-enhancing solutions to serve the diverse needs of more than 25,000 customers worldwide. A global leader in silicon-based technology and innovation, offering more than 7,000 products and services, Dow Corning is equally owned by The Dow Chemical Company (NYSE:DOW) and Corning Incorporated (NYSE:GLW). More than half of Dow Corning's annual sales are outside the United States. Dow Corning Corporation Condensed Consolidated Statements of Income (in millions of U. S. dollars) (Unaudited) Three Months Ended March 31, 2007 2006 Net Sales $1,178.3 $1,027.4 Net Income 183.6 138.0 Dow Corning Corporation Condensed Consolidated Balance Sheets (in millions of U. S. dollars) (Unaudited) March 31, 2007 December 31, 2006 Assets Current Assets $3,245.8 $3,179.8 Property, Plant and Equipment, Net 1,780.7 1,645.9 Other Assets 1,113.7 1,146.6 $6,140.2 $5,972.3 Liabilities and Stockholders' Equity Current Liabilities $1,115.1 $1,054.9 Other Liabilities 2,682.6 2,755.9 Minority Interest in Consolidated Subsidiaries 280.9 298.3 Stockholders' Equity 2,061.6 1,863.2 $6,140.2 $5,972.3 DATASOURCE: Dow Corning Corporation CONTACT: Jarrod Erpelding of Dow Corning Corporation, +1-989-496-1582, or Web site: http://www.dowcorning.com/

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