Company to Reiterate Second-Quarter Guidance, Update LCD Glass Market Expectations
CORNING, N.Y., May 17 /Xinhua-PRNewswire/ -- Corning Incorporated (NYSE: GLW) Vice Chairman and Chief Financial Officer James B. Flaws will participate in a "fireside chat" with investors at the Deutsche Bank Technology Conference in San Francisco on May 16. Chairman and Chief Executive Officer Wendell P. Weeks will also participate in a similar discussion with investors at the JP Morgan Technology and Telecommunications Conference in Boston on May 21. Flaws and Weeks will address questions posed by investors and discuss the company's expectations for continued growth and profitability in 2007 at both meetings. The company will confirm its previously disclosed second-quarter guidance.
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Corning executives will also update the company's liquid crystal display (LCD) glass market growth expectations for 2008. The company now expects the 2006 to 2008 cumulative annual growth rate for LCD glass demand to be about 32 percent, versus its previous estimate of 30 percent. The company's estimate for LCD glass market volume growth for 2007 remains unchanged at 35 to 40 percent. The higher growth forecast for 2008 is the result of stronger LCD TV penetration expectations. Corning now anticipates the penetration rate of LCD TVs to be about 47 percent in 2008, versus its previous estimate of 45 percent.
Corning's fireside chats with investors at the Deutsche Bank Technology Conference and the JP Morgan Technology and Telecommunications Conference will be available via webcast by accessing the IR events calendar on Corning's Web site at http://www.corning.com/investor_relations .
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.
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.
