Corning Announces Q1 Results, Layoffs

CORNING, N.Y. -- Corning Incorporated (NYSE:GLW - news), a worldwide leader in optical communications technologies, today reported first quarter pro forma earnings per share of $0.29, up 26% from $0.23 per share a year ago. Corning exceeded by $0.01 per share the current consensus of analysts' earnings estimates, as compiled by Thomson Financial/First Call. Pro forma net income for the first quarter of 2001 totaled $277 million, an increase of 47%, as compared with $188 million in 2000. Additionally, Corning said that it is revising its 2001 pro forma earnings guidance from $1.20 to $1.30 per share, to $0.90 to $1.00 per share. The company also said that it would have eliminated approximately 4,300 permanent and temporary positions, including those announced today, by the end of this month.

John W. Loose, Corning's president and chief executive officer, said, "Early in the first quarter we warned of a significant softening in the telecommunications market. We immediately put into place an aggressive action plan to control costs, reduce overhead and reallocate portions of our fiber volume into international markets that we had been previously unable to serve. These actions clearly paid off and our strong first quarter results are evidence."

http://www.corning.com/inside_corning/news__media/press_releases/2001/010426_q1fin.asp