CORNING, N.Y., July 31 /Xinhua-PRNewswire/ -- Corning Incorporated (NYSE: GLW) announced on July 30, 2008 that its board of directors and executive committee have approved the repurchase of up to $1 billion of common stock between now and the end of 2009. This is in addition to last year's $500 million repurchase authorization of which $125 million remains.
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Wendell P. Weeks, chairman and chief executive officer, said, "This decision is consistent with our strategy to use free cash flow first to protect our financial health and second to fund growth opportunities. With the strength of our balance sheet and our sustained positive business performance, we can also increase the amount of share repurchases and maintain our common stock dividends."
In total, Corning's share repurchase programs authorize the purchase of up to $1.125 billion of the company's common stock from time to time through open market or private transactions, depending on market conditions between now and the end of 2009.
Forward-Looking and Cautionary Statements
This press release contains forward-looking statements that involve a variety of business risks and other uncertainties that could cause actual results to differ materially. These risks and uncertainties include the possibility of changes in global economic and political conditions; currency fluctuations; product demand and industry capacity; competition; manufacturing efficiencies; cost reductions; availability of critical components and materials; new product commercialization; changes in the mix of sales between premium and non-premium products; new plant start-up costs; possible disruption in commercial activities due to terrorist activity, armed conflict, political instability 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; stock price fluctuations; and adverse litigation or regulatory developments. Additional risk factors are identified 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 ( http://www.corning.com )is the world leader in specialty glass and ceramics. Drawing on more than 150 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.
