GLW Corning Inc

MIDLAND, Mich., July 31 /PRNewswire-FirstCall/ -- Dow Corning Corp. today reported consolidated net income of $187.7 million for the second quarter of 2008, an increase of 6 percent from net income of $176.7 million reported in the same quarter of 2007. For the first half of 2008, net income was $348.1 million, a decline of 3 percent from net income of $360.3 million reported in the first half of last year. Sales were $1.38 billion in the second quarter of 2008, 12 percent higher than sales of $1.23 billion in the same quarter of 2007. Sales in the first half of 2008 were $2.66 billion, 10 percent higher than sales of $2.41 billion reported in the first half of 2007. "While our sales and income both grew in the second quarter, we continue to be significantly challenged by high raw materials and energy costs," said Dow Corning's Vice President and Chief Financial Officer J. Donald Sheets. "We are encouraged by continued demand growth for our silicone-based products, especially in developing regions such as China, Eastern Europe, India and South America. Also in the second quarter, Dow Corning's joint venture, Hemlock Semiconductor Corporation, commissioned new manufacturing capacity which nearly doubled the output of polycrystalline silicon, a critical raw material for the solar and electronics industries." 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 Selected Financial Information (in millions of U. S. dollars) (Unaudited) Consolidated Income Statement Data Three Months Ended Six Months Ended June 30, June 30, 2008 2007 2008 2007 Net Sales $1,384.1 $1,231.3 $2,659.1 $2,409.6 Net Income $187.7 $176.7 $348.1 $360.3 Consolidated Balance Sheet Data June 30, Dec. 31, 2008 2007 Assets Current Assets $2,549.6 $3,511.1 Property, Plant and Equipment, Net 3,133.0 2,542.4 Other Assets 2,380.4 1,145.2 $8,063.0 $7,198.7 Liabilities and Stockholders' Equity Current Liabilities $1,913.2 $1,266.8 Other Liabilities 3,260.6 3,188.1 Minority Interest 364.2 383.3 Stockholders' Equity 2,525.0 2,360.5 $8,063.0 $7,198.7 DATASOURCE: Dow Corning Corporation CONTACT: Jarrod Erpelding, Dow Corning Corporation, +1-989-496-1582, Web site: http://www.dowcorning.com/

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