Corning to take US$ 178-million charge

In January this year US fibre-optic cable maker Corning, Inc. said it will take a US$ 178-million fourth-quarter charge related to employee stock holdings and said its pro forma net loss would be wide…

In January this year US fibre-optic cable maker Corning, Inc. said it will take a US$ 178-million fourth-quarter charge related to employee stock holdings and said its pro forma net loss would be wider than expected, although revenue is seen as being in line with expectations. Corning expects to record a fourth-quarter charge of US$ 90 million US$ 60-million pre-tax charge to write off inventory in the telecommunications segment and a US$ 28-million write-off of an intellectual property investment. The company expects a pro forma net loss per share of 28 to 29 cents, compared with its previous guidance of a loss of 20 to 25 cents a share. Corning, which expects to report its fourth-quarter results 23 January, forecasts sales for the fourth quarter to be about US$ 975 million.