GLW Corning Inc

Silicon-based technology leader posts sixth-straight record sales quarter MIDLAND, Mich., July 27 /PRNewswire-FirstCall/ -- Dow Corning Corp. today reported consolidated adjusted net income of $176.7 million for the second quarter of 2007, an increase of 26 percent from adjusted net income of $140.7 million reported in the same quarter of 2006. For the first half of 2007, adjusted net income was $360.3 million, an increase of 29 percent from adjusted net income of $278.7 million reported in the first half of last year. Adjusted net income excludes a gain from a settlement with the US Internal Revenue Service in the second quarter of 2006. No unusual items were adjusted from 2007 results. Sales were $1.23 billion in the second quarter of 2007, 16 percent higher than sales of $1.06 billion in the same quarter of 2006. The second quarter marked the sixth consecutive quarter of record sales for Dow Corning. Sales in the first half of 2007 were $2.41 billion, 15 percent higher than sales of $2.09 billion reported in the first half of 2006. "Dow Corning had an outstanding second quarter, highlighted by the announcement of a $1 billion investment by our joint venture, Hemlock Semiconductor Corporation, for additional capacity to develop ultra pure silicon for the solar and semiconductor industries," said Dow Corning's Vice President and Chief Financial Officer J. Donald Sheets. "We continue to strengthen our silicone technology leadership by delivering innovative products and solutions while serving customers in new geographies - such as China, India, Malaysia, Russia, Turkey and Vietnam." 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. WE HELP YOU INVENT THE FUTURE(TM) Dow Corning Corporation Condensed Consolidated Statements of Income (in millions of U. S. dollars) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2007 2006 2007 2006 Net Sales $1,231.3 $1,061.8 $2,409.6 $2,089.2 Net Income 176.7 207.3 360.3 345.3 Adjustment for IRS Settlement, after tax(1) - (66.6) - (66.6) Adjusted Net Income(2) $176.7 $140.7 $360.3 $278.7 (1) During the three month period ending June 30, 2006, the Company reached a settlement with the United States Internal Revenue Service regarding liabilities for tax years 1992 - 2003. (2) 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) June 30, 2007 December 31, 2006 Assets Current Assets $3,056.8 $3,179.8 Property, Plant and Equipment, Net 1,961.7 1,645.9 Other Assets 1,139.2 1,146.6 $6,157.7 $5,972.3 Liabilities and Stockholders' Equity Current Liabilities $1,041.7 $1,054.9 Other Liabilities 2,677.9 2,755.9 Minority Interest in Consolidated Subsidiaries 320.2 298.3 Stockholders' Equity 2,117.9 1,863.2 $6,157.7 $5,972.3 DATASOURCE: Dow Corning Corporation CONTACT: Jarrod Erpelding, Dow Corning Corporation, +1-989-496-1582, Web site: http://www.dowcorning.com/

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