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To: Kelvin Taylor who wrote (38333)	2/8/2002 9:38:59 AM
From: Larry S.	Read Replies (1) \| Respond to of 53068

PVN - WOW! GLW - see email below i just got from investor relations: FEBRUARY 8, 2002 Corning Contacts: Media Relations Daniel F. Collins (607) 974-4197 collinsdf@corning.com Investor Relations Katherine M. Dietz (607) 974-8217 dietzkm@corning.com Corning CEO Outlines Leadership Priorities First Quarter Guidance Provided CORNING, N.Y. -- Citing continued confidence in the company's long-term strategy, John W. Loose, Corning Incorporated's (NYSE:GLW) president and chief executive officer, will tell investors today that, "despite the short-term pain that many technology markets are experiencing, we believe in the long-term growth potential of our key businesses." Loose is to outline the company's business strategy and leadership priorities at its annual investor conference in New York City today. The company will also provide financial guidance for the first quarter of 2002. Corning expects revenues in the range of $925 to $950 million and a net loss in the range of $0.14 to $0.18 per share. Loose will tell investors, "recognizing the many uncertainties about the broader economy, we are carefully walking the line between realism and optimism. We believe that the first quarter of this year will represent a bottoming out across our businesses as revenues are expected to approximate those of the fourth quarter last year. Although it appears that our revenue stream will improve as the year plays out, the pace and timing of recovery is uncertain." Loose will also say that in 2002 Corning will invest approximately $550 million in research, development and engineering projects in such areas as optical transparency in telecommunications networks, ceramic substrates and particulate filter technologies for diesel engines and ultra-thin substrates for a new generation of flat screen liquid crystal displays (LCD). The company expects capital spending for 2002 to be approximately $500 million. Corning Optical Communications Wendell P. Weeks, president of Corning Optical Communications, which includes the company's optical fiber and cable, photonic technologies and optical networking devices businesses, will tell investors that, "we think we are at bottom, but we continue to be unsure when the recovery actually will begin." He also will point out, that when the recovery begins, the growth will be led by optical fiber build outs in the metro and access markets and by the lighting of previously installed long-haul fibers which will require additional photonic modules. Corning expects fiber shipments to increase at least 15% in the first quarter of 2002 over the fourth quarter of last year. "We believe the fundamental drivers of our optical layer strategy remain intact," Weeks will say. "Bandwidth demand will remain robust, with compound growth in the 60% to 80% range for the foreseeable future. As more and more network functions are moving to the optical domain, it is apparent to us that optical remains a transcendent technology." Corning Technologies Peter F. Volanakis, president of Corning Technologies, which includes Corning's display technologies, environmental technologies and life sciences businesses, will outline what the company sees as growth opportunities. He will tell investors that government regulations requiring significant reductions in diesel vehicle emissions will provide the opportunity for Corning's ceramic substrates and particulate filter businesses to grow to $1 billion in revenue by 2008. Additionally, the increasing popularity of flat screen LCDs will cause desktop penetration to reach 30% of the market by 2005. "Our technological success in producing the world's finest flat glass for LCDs allows us to maintain a worldwide advantage as the lowest cost producer and the market leader," Volanakis will say. "Our strategy is to continue to push the edge in technological innovation to maintain our leadership position." Financial Outlook James B. Flaws, Corning's chief financial officer, will address the company's liquidity, cash flow, and rating agency outlook. Flaws will say Corning ended 2001 with $2.2 billion in cash and continues to have an unused and committed $2 billion revolving credit line available. Also, the company expects to be free cash flow positive late in the year but will have negative free cash flow for the total year. "The company's cash and liquidity resources are ample to cover ongoing business requirements," Flaws will say. Conference Broadcast Information Corning will make the presentations at its annual investor conference available to the public by webcast and telephone access. The broadcast will be held today at 10:00 a.m. EST. The dial in number is 712-271-0656. The password is Investor. The leader is Dietz. A replay of the call will begin at approximately 1:30 p.m. and will run through 4:00 p.m. EST on Friday, February 22, 2002. To access the replay, dial 402-220-2168; a password is not required. A live audio webcast will be available at www.corning.com/investor_relations/ and will remain there for 14 days following the call. About Corning Incorporated 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 2001 were $6.3 billion. 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 conditions; currency exchange rates; product demand and industry capacity; competitive products and pricing; 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 telecommunications industry and other business segments; the mix of sales between premium and non-premium products; possible disruption in commercial activities due to terrorist activity and armed conflict; ability to obtain financing and capital on commercially reasonable terms; acquisition and divestiture activities; the level of excess or obsolete inventory; the ability to enforce patents; product a! nd components performance issues; and litigation. 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.