Here's an interesting development at GLW:
Monday July 9, 4:16 pm Eastern Time
Press Release
Corning Incorporated Discontinues Common Stock Dividend
CORNING, N.Y.--(BUSINESS WIRE)--July 9, 2001--The Board of Directors of Corning Incorporated (NYSE:GLW - news) today announced that the company is discontinuing the payment of dividends on its common stock.
This policy is based on the Board's decision to reinvest all cash generated by Corning's businesses into the future growth of the company to create greater, long-term shareholder value.
Corning's last quarterly dividend on the company's common stock was announced on April 27, 2001 at $0.06 per share, payable June 29, 2001, to holders of record June 4, 2001. The Board of Directors intends to continue the dividend on the Series B 8% convertible preferred stock.
Established in 1851, Corning Incorporated (www.corning.com) creates leading-edge technologies for the fastest-growing markets of the world's economy. Corning manufactures optical fiber, cable and photonic products for the telecommunications industry; and high-performance displays and components for television, information technology and other communications-related industries. The company also uses advanced materials to manufacture products for scientific, semiconductor and environmental markets. Corning revenues for 2000 were $7.1 billion. |
