Corning Incorporated said 18 May 2004 that it will meet investors over the next two weeks to discuss the company“s three growth opportunities and its progress on improved profitability in 2004.
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Corning Incorporated said 18 May 2004 that it will meet investors over the next two weeks to discuss the company“s three growth opportunities and its progress on improved profitability in 2004. Corning President and Chief Operating Officer Wendell Weeks and Vice Chairman and Chief Financial Officer James B. Flaws will meet investors in Denver, Colorado, on 19 May 2004 and in Minneapolis, Minnesota, on 20 May 2004. In addition, Flaws will meet investors in Europe the week of 24 May 2004. The European visit will include stops in London, Geneva, Zurich, Frankfurt, Paris and Amsterdam. Corning will tell investors that the company is delivering on its commitment of improved profitability and a strong balance sheet. “In the 1Q we had solid performance in both the operating company and in our equity companies. We generated significant positive operating margin for the first time in many quarters and we plan on continuing to improve our performance throughout the year,” Weeks is expected to say. Weeks will add, “We continue to be pleased with our progress in reducing overall debt levels and believe we have an adequate amount of cash on hand, about USD 1.5 billion today, to meet our on going obligations.” The company“s three significant near-term growth opportunities are liquid crystal display (LCD) glass substrates for the rapidly growing LCD industry, fiber to the premises for local access networks, and emission control products for heavy-duty and light-duty diesel engines. Flaws will tell investors that the popularity of notebook computers, the continued penetration of LCDs into the desktop monitor market, and the substitution of CRT television by LCD television are driving strong demand for Corning“s LCD glass. Flaws will say, “We believe the worldwide LCD glass demand will grow around 50% in 2004 and that Corning“s volume growth may exceed 50% this year.” He will add, “As the industry continues to migrate to larger-size glass, we expect Corning“s competitive advantages may permit Corning“s volume to grow at a faster pace than the market.”