Corning Reports First-Quarter Net Income Gains; Strong Performance in Display, Environmental and Life Sciences Company's 2004 LCD Volume Growth May Exceed 50 Percent.

Extract

---

Corning Reports First-Quarter Net Income Gains; Strong Performance in Display, Environmental and Life Sciences Company's 2004 LCD Volume Growth May Exceed 50 Percent.

Business Editors

CORNING, N.Y.--(BUSINESS WIRE)--April 22, 2004

Corning Incorporated (NYSE: GLW) today announced that its first-quarter sales were $844 million and its net income was $55 million or $0.04 per share. Net income includes previously announced after-tax charges of $60 million or $0.04 per share.

James R. Houghton, chairman and chief executive officer, remarking on the quarter results said, "We are extremely pleased with our first-quarter performance. Our sales exceeded our expectations and we were pleased with our improved manufacturing performance that contributed to our gross margin improvement to more than 35 percent. In addition, we continued to experience strong equity earnings."

Corning said that its first-quarter results include previously announced pretax charges of $76 million ($60 million after-tax or $0.04 per share). These include:

-- Restructuring, impairment and other charges of $34 million

($21 million after-tax and minority interest) primarily

related to the closure of Corning's high purity fused silica

manufacturing facility in Charleston, S.C.

-- A $23 million charge ($21 million after-tax) related to

Corning's ongoing debt reduction program.

-- A $19 million charge ($18 million after-tax) to reflect the

increase in the market value of Corning common stock to be

contributed to settle the asbestos litigation related to

Pittsburgh Corning Corporation.

First-Quarter Operating Results

The company's...

See the full content of this document

---