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Technology Stocks : Corning Incorporated (GLW) -- Ignore unavailable to you. Want to Upgrade?

To: Gregory Rasp who wrote (525)	4/24/2000 9:34:00 PM
From: Curtis E. Bemis	Respond to of 2260

Hi- It could be that the 0.64 number was indeed GAAP rules but in the absence of a standard accounting sheet, I don't know the answer. Hopefully, it will become clearer tomorrow I dunno why they even wanted to change the methods in the first place. What is NOT needed at this time, in this market, is a lack of clarity. The numbers were indeed excellent and shareholders will be rewarded.

To: Gregory Rasp who wrote (525)	4/24/2000 9:48:00 PM
From: t2	Respond to of 2260

Greg, It is clear as day that the GAAP earnings is 64 and the pro forma is 68. It is so obvious from the press release. It is also clear that they want to use pro forma figures are as a "perfomance metric". I believe other companies like JDSU also prefer to use pro forma as a way to measure performance but they still have to report the GAAP earnings. They don't have a choice. It is a tough job to try to find something wrong with the earnings report. <ggg> It is also obvious from my last post quoting the earnings press release. If someone can't see this in the report... <g> Here is the quote from the earnings release...again. "The company reported first-quarter earnings of $0.64 per share before special items, an increase of 78%, compared with $0.36 per share in 1999. Income for the first quarter of 2000 totaled $178.1 million before special items, an increase of 93%, as compared with $92.5 million in 1999 The company reported first-quarter 2000 pro forma net income per share of $0.68, an increase of 79%, compared with $0.38 per share in the first quarter of 1999. Pro forma net income was $188.3 million in first quarter 2000, an increase of 92% as compared with $97.9 million in the same period of 1999. Pro forma earnings exclude amortization of purchased intangibles and goodwill, purchased in-process R&D, one-time acquisition costs, discontinued operations and other non-recurring items. Going forward, Corning will report pro forma earnings as its primary performance measure. Here is the company's filing quote that Curtis provided. 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. Notice the same passage is used in the earnings release and the SEC filing. The company could not be more clear. The 68 cent pro forma number is adjusted for the items I have hi-lited to arrive at the 64 cents. It is so obvious. I can't believe I am still posting about this.<g> I guess it is a quiet board. Congratulations to all longs!!