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Corning Bids Adieu to 2002

Photonics.com
Jan 2003
CHICAGO, Jan. 24 -- Corning Inc. posted a net loss yesterday of $709 million, or 60 cents a share, compared with a loss of $656 million, or 69 cents a share, in the same quarter last year.

Corning vice chairman and CFO James B. Flaws said, "We are pleased that 2002 is behind us. It was a difficult and disappointing year for Corning's shareholders, our employees and the communities in which we operate."
Corning, which manufactures optical fiber, cable and photonic products for the telecommunications industry, said last month it expected little growth in the telecoms sector until late 2004.

Flaws said the company will continue to reduce debt and look toward being profitable in 2003, and that it will invest in research and development in liquid crystal displays and in chemical processing and diesel emissions control.

In October, Corning announced it was cutting another 2,200 jobs, or 8.5 percent of its global payroll. It had previously announced 4,600 job cuts in 2002 on top of 12,000 in 2001. The latest cuts will reduce its worldwide work force to about 23,500.

For more information, visit: www.corning.com



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