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"The majority of our Taichung glass production continues to operate normally," James B. Flaws, vice chairman and chief financial officer, said. "However the power disruption caused the shutdown of several of our glass melting tanks. We are in the process of determining how much glass melting capacity was affected, the time to repair the tanks, and the impact on our glass volume available for customers."
Corning said its preliminary assessment of the impact is that fourth-quarter glass volume now could be flat to down slightly sequentially. Without the power disruption, the company said it believes quarterly glass volume would have increased by as much as 5%.
Flaws said, "We are doing everything possible to accelerate repairs and leverage our worldwide supply chain to secure additional glass supply."
Corning will provide more detail on the impact of the Taichung power disruption to glass production when it releases third-quarter financial results on Monday, October 26.
Forward-Looking and Cautionary Statements
This press release contains "forward-looking statements" (within the meaning of the Private Securities Litigation Reform Act of 1995), which are based on current expectations and assumptions about Corning's financial results and business operations, that involve substantial risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include: the effect of global political, economic and business conditions; conditions in the financial and credit markets; currency fluctuations; tax rates; product demand and industry capacity; competition; reliance on a concentrated customer base; manufacturing efficiencies; cost reductions; availability of critical components and materials; new product commercialization; pricing fluctuations and changes in the mix of sales between premium and non-premium products; new plant start-up or restructuring costs; possible disruption in commercial activities due to terrorist activity, armed conflict, political instability or major health concerns; adequacy of insurance; equity company activities; acquisition and divestiture activities; the level of excess or obsolete inventory; the rate of technology change; the ability to enforce patents; product and components performance issues; stock price fluctuations; and adverse litigation or regulatory developments. These and other risk factors are detailed 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.
About Corning Incorporated
Corning Incorporated (www.corning.com) is the world leader in specialty glass and ceramics. Drawing on more than 150 years of materials science and process engineering knowledge, Corning creates and makes keystone components that enable high-technology systems for consumer electronics, mobile emissions control, telecommunications and life sciences. Our products include glass substrates for LCD televisions, computer monitors and laptops; ceramic substrates and filters for mobile emission control systems; optical fiber, cable, hardware & equipment for telecommunications networks; optical biosensors for drug discovery; and other advanced optics and specialty glass solutions for a number of industries including semiconductor, aerospace, defense, astronomy and metrology.
SOURCE: Corning Incorporated
Corning Incorporated Media Relations: Daniel F. Collins, 607-974-4197 collinsdf@corning.com or Investor Relations: Kenneth C. Sofio, 607-974-7705 sofiokc@corning.com
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