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Corning to take $178 Fourth Quarter Charge

Photonics.com
Jan 2002
CORNING, NY, Jan. 16 -- Corning Inc. said it will take a $178 million fourth-quarter charge related to employee stock holdings and post a larger loss as a result, although it sees revenues in line with expectations.

Corning said it expects to record a fourth-quarter charge of $90 million related to the release of restrictions on Corning common stock held by employees, a $60 million pretax charge to write off inventory in the telecommunications segment, primarily in its Photonic Technologies business, and a $28 million write-off of an intellectual property investment.



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