Company confident in ability to create next growth
surge
CORNING, N.Y., April 29,
2013 - Speaking at the company's annual meeting of
shareholders this morning, Wendell P. Weeks, Corning Incorporated's
(NYSE: GLW) chairman, chief executive officer, and president, said,
"This company is built for longevity." He added that Corning has
successfully navigated the latest challenge in its 163-year history
and is now focused on creating the company's next growth surge.
2013 Results and 2014
First-Quarter Performance
Weeks told shareholders that Corning has delivered on its
objectives to stabilize the Display Technologies segment and
restore earnings growth. Despite a tough business environment,
Corning reported sales of nearly $8 billion and grew core earnings
per share 16% in 2013.
Weeks explained that all Corning's businesses
contributed to the company's success. He cited as key contributors:
moderate price declines for LCD glass, higher volume in the Optical
Communications segment, the continued proliferation of Corning®
Gorilla® Glass, manufacturing improvements in the Environmental
Technologies segment, and synergies from acquisitions in the
company's Life Sciences segment.
As Corning's performance improved, the company
honored its commitment to return cash to shareholders. Weeks
remarked, "In just over two years, we doubled the dividend and
repurchased 13% of outstanding shares."
Weeks also noted that the company continues to
develop new growth drivers. Highlights from 2013 include:
- The extension of Corning Gorilla Glass into
automotive applications
- The registration of Corning's Antimicrobial
Gorilla® Glass with the Environmental Protection Agency
- The acquisition of Samsung Corning Precision
Materials Co. Ltd. (now Corning Precision Materials Co., Ltd.)
Weeks told shareholders that Corning will continue
its "march up" in 2014. Yesterday, the company announced a sixth
consecutive quarter of year-over-year core earnings-per-share
growth.
Corning's Next Growth
Surge
Weeks underscored his confidence in Corning's ability to create its
next growth surge. He reminded shareholders that Corning's history
is characterized by periods of growth and transitions. "When we
experience inevitable challenges, we innovate our way out," he
said.
Reflecting on the company's proven track record of
innovation, Weeks said, "Our products and markets have changed many
times over the years, but our innovations share fundamental
ingredients: a really tough problem; a combination of materials and
process innovation; and a solution that makes a real difference in
people's lives."
Weeks said that Corning continues to apply this
successful formula today. He cited Corning's visionary 2011 video,
A Day Made of Glass, and described the
progress the company has made bringing this world to life.
For example:
- The all-optical Corning® ONE(TM) Wireless
distributed antenna system is helping enable an "always-on" world
by ensuring robust, reliable signals in tough indoor
environments.
- The video's roll-able display devices are closer
to becoming reality, thanks to ultra-slim Corning® Willow® glass,
which combines the flexibility of plastic with the optical quality
and stability of glass.
- Corning's collaboration with View, Inc. is
enabling dynamic windows that transition from transparent to opaque
to increase comfort and reduce energy consumption.
Weeks noted that Corning also continues to
innovate in other core businesses. In Environmental Technologies,
the company is developing solutions to address new challenges such
as "cold-start emissions," the high volume of pollutants emitted
when gasoline engines first start up. Corning is also participating
in one of the most exciting new trends in life sciences by
developing tools and surfaces for researching and manufacturing
biologic drugs and treatments.
"Our products change, our markets change, and our
businesses change," said Weeks. "But what doesn't change is our
capacity for innovation, our unique capability set, and our ability
to transform and lead markets."
Tribute
Following his report on the state of the company, Weeks recognized
retiring director John Seely Brown for 18 years of distinguished
service. "John is truly one of the world's greatest innovation
strategists and visionaries," said Weeks. "Corning has been
fortunate to have him as an advisor, an advocate, and a friend."
Brown is a retired chief scientist for Xerox Corporation.
Formal
Business
During the meeting's formal business, shareholders elected the
following 12 directors to one-year terms: Stephanie Burns, 59; John
Canning, 69; Richard Clark, 68; Robert Cummings, 64; James Flaws,
65; Deborah Henretta, 52; Kurt Landgraf, 67; Kevin Martin, 47;
Deborah Rieman, 64; Hansel Tookes, 66; Wendell Weeks, 54; and Mark
Wrighton, 64.
Shareholders also voted in favor of the total
compensation paid to the company's named executive officers as
disclosed in the 2014 proxy statement, approved the company's 2014
variable compensation plan, and ratified PricewaterhouseCoopers LLP
as the independent registered public accounting firm for the 2014
fiscal year.
Special
Presentation
Following the meeting, James P. Clappin, president of Corning Glass
Technologies, provided an overview of Corning's advanced display
glass and cover-glass businesses. Clappin explained that Corning's
products "are actively engaged at the forefront of how people
access, manipulate, and interpret information." He told
shareholders that Display Technologies will remain a great business
with solid profit and cash generation. He said, "The next wave of
display innovation is coming, and glass is sure to be at the heart
of it." Clappin also noted that Corning® Gorilla® Glass innovation
will continue, and shareholders can expect to see a new generation
of Gorilla Glass this year, as well as new attributes and
applications.
Webcast
Information
The company hosted a live audio webcast of the 2014 annual meeting
of shareholders in Corning, N.Y., from 11 a.m. to 12:15 p.m. EDT,
April 29, 2014. To access the webcast, please go to
www.corning.com/investor_relations, select "Investor Events" in the
left-hand column, and click on "More Information" next to the
archived event. No password is required. The audio webcast
will be archived on the website for one year following the
broadcast.
Presentation of Information
in this News Release
Non-GAAP financial measures are not in accordance with, or an
alternative to, GAAP. Corning's non-GAAP financial measures exclude
the impact of items that are driven by general economic conditions
and events that do not reflect the underlying fundamentals and
trends in the company's operations. The company believes
presenting non-GAAP financial measures assists in analyzing
financial performance without the impact of items that may obscure
trends in the company's underlying performance. Detailed
reconciliations outlining the differences between these non-GAAP
measures and the most directly comparable GAAP measure can be found
on the company's website by going to
www.corning.com/investor_relations and clicking "Financial Reports"
on the left. These reconciliations also accompany this news
release.
Forward-Looking and
Cautionary Statements
This press release contains "forward-looking statements" (within
the meaning of the Private Securities Litigation Reform Act of
1995), which are based on current expectations and assumptions
about Corning's financial results and business operations, that
involve substantial risks and uncertainties that could cause actual
results to differ materially. These risks and uncertainties
include: the effect of global political, economic and business
conditions; conditions in the financial and credit
markets; currency fluctuations; tax rates; product demand
and industry capacity; competition; reliance on a concentrated
customer base; manufacturing efficiencies; cost reductions;
availability of critical components and materials; new product
commercialization; pricing fluctuations and changes in
the mix of sales between premium and non-premium products; new
plant start-up or restructuring costs; possible
disruption in commercial activities due to terrorist activity,
armed conflict, political or financial instability, natural
disasters, adverse weather conditions, or major health concerns;
adequacy of insurance; equity company activities; acquisition and
divestiture activities; the level of excess or obsolete inventory;
the rate of technology change; the ability to enforce patents;
product and components performance issues; retention of key
personnel; stock price fluctuations; and adverse litigation or
regulatory developments. These and other risk factors
are detailed in Corning's filings with the Securities and
Exchange Commission. Forward-looking statements speak only as
of the day that they are made, and Corning undertakes no obligation
to update them in light of new information or future events.
About Corning
Incorporated
Corning Incorporated
(www.corning.com) is the world leader in specialty glass and
ceramics. Drawing on more than 160 years of materials science and
process engineering knowledge, Corning creates and makes keystone
components that enable high-technology systems for consumer
electronics, mobile emissions control, telecommunications and life
sciences. Our products include glass substrates for LCD
televisions, computer monitors and laptops; ceramic substrates and
filters for mobile emission control systems; optical fiber, cable,
hardware & equipment for telecommunications networks; optical
biosensors for drug discovery; and other advanced optics and
specialty glass solutions for a number of industries including
semiconductor, aerospace, defense, astronomy, and metrology.
Media Relations
Contact:
Daniel F. Collins
(607)
974-4197
collinsdf@corning.com
Investor Relations
Contact:
Ann H. S. Nicholson
(607) 974-6716
nicholsoas@corning.com
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This
announcement is distributed by NASDAQ OMX Corporate Solutions on
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The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Corning Incorporated via Globenewswire
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