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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): September 3, 2003
CORNING INCORPORATED
(Exact name of registrant as specified in its charter)
New York 1-3247 16-0393470
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(State or other jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
One Riverfront Plaza, Corning, New York 14831
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (607) 974-9000
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N/A
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(Former name or former address, if changed since last report.)
Page 1 of 4 Pages
Exhibit Index on Page 4
Item 9. Regulation FD Disclosure.
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The Corning Incorporated press releases dated September 3, 2003 and September 4,
2003, regarding its presentation at the Smith Barney Citigroup 2003 Technology
Conference on September 4th are furnished herewith as Exhibits 99.1 and 99.2.
The Corning Incorporated website (www.corning.com) contains information about
Corning and investors are encouraged to visit that website as information is
updated and new information is posted.
(c) Exhibits
99.1. Press Release dated September 3, 2003, issued by Corning
Incorporated.
99.2. Press Release dated September 4, 2003, issued by Corning
Incorporated.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: September 4, 2003
CORNING INCORPORATED
By: /s/ Katherine A. Asbeck
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Katherine A. Asbeck
Senior Vice President & Controller
INDEX TO EXHIBITS
(c) Exhibits
99.1. Press Release dated September 3, 2003, issued by Corning
Incorporated.
99.2. Press Release dated September 4, 2003, issued by Corning
Incorporated.
Exhibit 99.1
FOR RELEASE -- SEPTEMBER 3, 2003
Corning Contacts:
Media Relations Investor Relations
Daniel F. Collins Monica L. Ott Kenneth C. Sofio
(607) 974-4197 (607) 974-8769 (607) 974-7705
collinsdf@corning.com ottml@corning.com sofiokc@corning.com
Corning to Present at Smith Barney 2003 Technology Conference
Company reaffirms quarterly guidance and outlines future growth opportunities
CORNING, N.Y. -- Long-term telecommunications infrastructure investments spurred
by fiber-to-the-premises deployments, continued growth in the popularity of
liquid crystal displays (LCDs) and the implementation of global diesel-emission
standards may create future growth opportunities for Corning Incorporated
(NYSE:GLW), Wendell P. Weeks, president and chief operating officer, will tell
financial analysts tomorrow. Weeks will make his comments as part of a
presentation at the Smith Barney Citigroup 2003 Technology Conference in New
York City on Thursday, Sept. 4.
During his presentation, Weeks also will reiterate the company's 2003
third-quarter guidance of revenues in the range of $740 million to $765 million
and an earnings-per-share profit of $0.01 to $0.03, excluding restructuring
charges and other non-recurring items.
Growth Opportunities Looking forward, Weeks will explain that the new FCC rules
with regard to broadband favor fiber-to-the-premises (FTTP) investments, and
will create the potential for significantly greater network capacity for up to
100 million homes over the next 10 to 20 years. "The benefits to the consumer
will be faster broadband connections and the bundling of voice, data and video
services," he will say. Weeks will point out that Corning does not expect any
significant revenue impact from FTTP this year, but as the market penetration
occurs in the U.S., the fiber, cable and hardware and equipment opportunities
for Corning could be in the range of $80 to $200 per home.
Corning to Present at Smith Barney 2003 Technology Conference
Page 2
In the area of LCD glass, Corning believes that the industry will continue to
experience a 30 percent to 50 percent annual unit volume growth over the next
several years. "This growth will be driven by three primary industry factors.
Notebook computers are expected to double in volume to 60 million units per year
by 2007; flat-screen monitors are rapidly replacing traditional CRT desktop
screens and could reach 80 percent penetration in four years; and LCD television
is becoming increasingly popular as prices decline," Weeks will say.
Accordingly, Corning believes that the total market for LCD glass could reach
one million square feet by 2007. Current annual volume is in the range of 200
million to 300 million square feet. Weeks will also outline Corning's plan to
continue as the market leader of next generation, larger size glass substrates,
noting that the company has the only commercially available Generation 6 LCD
glass.
Emergence of Diesel Global regulations calling for tighter controls on all
on-road diesel engines requiring advanced emissions-control devices represents a
potential $1 billion global market opportunity in the latter part of this
decade, Weeks will tell investors. He will also explain that the company's
established position as the industry's technology leader in cellular ceramic
substrates and filters may provide Corning with a competitive advantage in the
diesel industry. "We continue to invest in new technologies and research in more
efficient thin-wall ceramic filters and ceramic catalysts, designed to reduce
particulate matter and remove harmful hydrocarbons, carbon monoxide and nitrous
oxides from the environment," Weeks will say.
Weeks' presentation will be webcast live at 2:20 p.m. ET. It will be available
on Corning Incorporated's Web site at http://www.corning.com/investor_relations
accessing the Smith Barney Citigroup 2003 Technology Conference link.
About Corning Incorporated Established in 1851, Corning Incorporated
(www.corning.com) creates leading-edge technologies that offer growth
opportunities in markets that fuel the world's economy. Corning manufactures
optical fiber, cable, hardware and equipment in its Telecommunications segment.
Corning's Technologies segment manufactures high-performance display glass, and
products for the environmental, life sciences, and semiconductor markets.
Corning to Present at Smith Barney 2003 Technology Conference
Page 3
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 or fluctuations in global
economic and political conditions; tariffs, import duties and currency
fluctuations; product demand and industry capacity; competitive products and
pricing; manufacturing efficiencies; cost reductions; availability and costs of
critical components and materials; new product development and
commercialization; order activity and demand from major customers; capital
spending by larger customers in the liquid crystal display industry and other
businesses; changes in the mix of sales between premium and non-premium
products; facility expansions and new plant start-up costs; possible disruption
in commercial activities due to terrorist activity, armed conflict, political
instability or major health concerns; ability to obtain financing and capital on
commercially reasonable terms; adequacy and availability of insurance; capital
resource and cash flow activities; capital spending; equity company activities;
interest costs; 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; changes in key personnel;
stock price fluctuations; and adverse litigation or regulatory developments.
These and other 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.
Exhibit 99.2
FOR RELEASE -- SEPTEMBER 4, 2003
Corning Contacts:
Media Relations Investor Relations
Daniel F. Collins Monica L. Ott Kenneth C. Sofio
(607) 974-4197 (607) 974-8769 (607) 974-7705
collinsdf@corning.com ottml@corning.com sofiokc@corning.com
Corning to Present at Smith Barney 2003 Technology Conference
Company reaffirms quarterly guidance and outlines future growth opportunities
CORNING, N.Y. -- Long-term telecommunications infrastructure investments spurred
by fiber-to-the-premises deployments, continued growth in the popularity of
liquid crystal displays (LCDs) and the implementation of global diesel-emission
standards may create future growth opportunities for Corning Incorporated
(NYSE:GLW), Wendell P. Weeks, president and chief operating officer, will tell
financial analysts tomorrow. Weeks will make his comments as part of a
presentation at the Smith Barney Citigroup 2003 Technology Conference in New
York City on Thursday, Sept. 4.
During his presentation, Weeks also will reiterate the company's 2003
third-quarter guidance of revenues in the range of $740 million to $765 million
and an earnings-per-share profit of $0.01 to $0.03, excluding restructuring
charges and other non-recurring items.
Growth Opportunities Looking forward, Weeks will explain that the new FCC rules
with regard to broadband favor fiber-to-the-premises (FTTP) investments, and
will create the potential for significantly greater network capacity for up to
100 million homes over the next 10 to 20 years. "The benefits to the consumer
will be faster broadband connections and the bundling of voice, data and video
services," he will say. Weeks will point out that Corning does not expect any
significant revenue impact from FTTP this year, but as the market penetration
occurs in the U.S., the fiber, cable and hardware and equipment opportunities
for Corning could be in the range of $80 to $200 per home.
Corning to Present at Smith Barney 2003 Technology Conference
Page 2
In the area of LCD glass, Corning believes that the industry will continue to
experience a 30 percent to 50 percent annual unit volume growth over the next
several years. "This growth will be driven by three primary industry factors.
Notebook computers are expected to double in volume to 60 million units per year
by 2007; flat-screen monitors are rapidly replacing traditional CRT desktop
screens and could reach 80 percent penetration in four years; and LCD television
is becoming increasingly popular as prices decline," Weeks will say.
Accordingly, Corning believes that the total market for LCD glass could reach
one billion square feet by 2007. Current annual volume is in the range of 200
million to 300 million square feet. Weeks will also outline Corning's plan to
continue as the market leader of next generation, larger size glass substrates,
noting that the company has the only commercially available Generation 6 LCD
glass.
Emergence of Diesel Global regulations calling for tighter controls on all
on-road diesel engines requiring advanced emissions-control devices represents a
potential $1 billion global market opportunity in the latter part of this
decade, Weeks will tell investors. He will also explain that the company's
established position as the industry's technology leader in cellular ceramic
substrates and filters may provide Corning with a competitive advantage in the
diesel industry. "We continue to invest in new technologies and research in more
efficient thin-wall ceramic filters and ceramic catalysts, designed to reduce
particulate matter and remove harmful hydrocarbons, carbon monoxide and nitrous
oxides from the environment," Weeks will say.
Weeks' presentation will be webcast live at 2:20 p.m. ET. It will be available
on Corning Incorporated's Web site at http://www.corning.com/investor_relations
accessing the Smith Barney Citigroup 2003 Technology Conference link.
About Corning Incorporated Established in 1851, Corning Incorporated
(www.corning.com) creates leading-edge technologies that offer growth
opportunities in markets that fuel the world's economy. Corning manufactures
optical fiber, cable, hardware and equipment in its Telecommunications segment.
Corning's Technologies segment manufactures high-performance display glass, and
products for the environmental, life sciences, and semiconductor markets.
Corning to Present at Smith Barney 2003 Technology Conference
Page 3
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 or fluctuations in global
economic and political conditions; tariffs, import duties and currency
fluctuations; product demand and industry capacity; competitive products and
pricing; manufacturing efficiencies; cost reductions; availability and costs of
critical components and materials; new product development and
commercialization; order activity and demand from major customers; capital
spending by larger customers in the liquid crystal display industry and other
businesses; changes in the mix of sales between premium and non-premium
products; facility expansions and new plant start-up costs; possible disruption
in commercial activities due to terrorist activity, armed conflict, political
instability or major health concerns; ability to obtain financing and capital on
commercially reasonable terms; adequacy and availability of insurance; capital
resource and cash flow activities; capital spending; equity company activities;
interest costs; 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; changes in key personnel;
stock price fluctuations; and adverse litigation or regulatory developments.
These and other 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.