Corning Incorporated (GLW) Message Board

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Technology Stocks : Corning Incorporated (GLW)

GLW 87.93

+1.0%

3:59 PM EST

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To: t2 who wrote (1106)	12/14/2000 9:57:48 AM
From: BDR	Read Replies (1) of 2260

Notes from viewing the PDF file of the annual investor presentation available here: corning.com 9 month revenue up 50% y-o-y -fiber +71% -Photonics +100% -LCD +73% 9 month Pro Forma EPS up 82% y-o-y Full year 2000 revenue projection $7.1 billion, proforma eps $1.17 2001 revenue $9.1-9.2 billion, eps $140-1.43, R&D 8% of revenue, capital spending $2.5 billion Corning Technologies (Advanced Materials and Information Display) division makes for a nice growth company in itself. Corning Optical: Corning #1 in fiber #1 in Amplifiers and dispersion compensation Tripling components capacity #1 in Optical Drop-Add multiplexers US end user demand is robust (measured in petabytes/month): estimates for CAGR - RHK 160% (for 2001) - Morgan Stanley 76% (through 2004) - JP Morgan/McKinsey 60% (through 2004) International- double the US demand in 1999, growing at 82% CAGR through 2004 One third of fiber in the ground today is "old generation" and is costly to light compared to current technology. Future optical networks will have 40-45% less operating cost compared to current. -New technologies drive down costs and breakeven point -Utilization economics drive race to win traffic -Low-cost network needed to capture new IP-based service revenues -"Invest to Win" Long haul players who achieve scale and drive down costs will earn attractive return on capital

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