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Corning Reports $22 Million Loss

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CORNING, N.Y., July 22 -- Corning Inc. today reported a second-quarter loss of $22 million but expressed optimism it will return to profitability in the third quarter. The net loss includes $47 million of after-tax charges, primarily related to the shutdown of Corning Asahi Video Products Co.; the planned exit from its photonics business; and its asbestos liability settlement. Second-quarter sales of $752 million exceeded Corning's guidance range of $715 million to $745 million and increased from first-quarter sales of $746 million. The company said it expects third-quarter sales to be in the...Read full article

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    Published: July 2003
    Glossary
    liquid crystal display
    An alphanumeric display formed by a layer of liquid crystal material sandwiched between two sheets of glass; a transparent conductive coating on the glass is etched to form the character segments. An applied voltage causes the appropriate segments to darken as the molecules in the liquid crystal change their arrangement.
    CommunicationsCorningCorning Asahi Video Productsfiber-to-the-premisesLCDliquid crystal displayNews & Featuressemiconductor business

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