Corning announces a change in how it will report performance (I guess). Accountants help me out.
freeedgar.com
Item 5. Current Events
Effective with Corning's first quarter press release in 2000, Corning will
transition to a new performance metric that will be its primary measure of
performance. Corning will report pro forma earnings, which will exclude
amortization of purchased intangibles and goodwill, purchased in-process
research and development, acquisition-related costs, discontinued operations
and any non-recurring items. This also represents the manner in which
segment net income amounts are evaluated regularly by executive management in
deciding how to allocate resources and in assessing performance. Corning
believes comparing its operating results excluding these items, provides a
better understanding of the trends in operating results. Corning's pro forma
earnings is not a measure that is in accordance with generally accepted
accounting principles (GAAP) and may not be consistent with measures used by
other companies. It should not be considered superior to or used as a
substitute for GAAP measures.
Filed herewith is the following financial information:
(1) Historical statements of income for the years ended December 31, 1998,
1997, 1996 and 1995.
(2) Pro forma statements of income for the years ended December 31, 1998, 1997,
1996 and 1995.
(3) Historical statements of income for the quarters ended March 31, 1999,
June 30, 1999, September 30, 1999 and December 31, 1999.
(4) Pro forma statements of income for the quarters ended March 31, 1999,
June 30, 1999, September 30, 1999 and December 31, 1999.
(5) Segment information for the quarters ended March 31, 1999, June 30, 1999,
September 30, 1999 and December 31, 1999, and the year ended December 31,
1998, restated to conform to future presentations. |
