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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
__________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: (Date of earliest event reported)
April 6, 1994
CORNING INCORPORATED
(Exact name of registrant as specified in its charter)
New York 1-3247 16-0393470
(State or other jurisdiction (Commission (I.R.S.
of incorporation) File Number) Employer
Identification
No.)
One Riverfront Plaza, Corning, New York 14831
(Address of principal (Zip
executive offices) Code)
(607) 974-9000
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last
report)
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Item 5. Other Events.
Attached for filing as an exhibit hereto is the item listed
in "Item 7 -- Financial Statements, Pro Forma Financial
Information and Exhibits" below. Such item is being filed
in connection with the offering by Corning Incorporated of
$400,000,000 aggregate principal amount of its Medium-Term
Notes due from 9 months to 50 years from Date of Issue.
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Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
Exhibits:
The Registrant's press release of April 6, 1994.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned thereunto duly
authorized.
CORNING INCORPORATED
Registrant
Date: April 6, 1994 By /s/ M. ANN GOSNELL
M. Ann Gosnell
Assistant Secretary
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Kathryn C. Littleton
(607) 974-8206
John H. Abrams
(607) 974-8832
IMMEDIATE RELEASE
April 6, 1994
Corning Incorporated Reports First Quarter Increases
In Sales and Net Income
CORNING, N.Y., April 6 - Corning Incorporated (NYSE:GLW) said today
that its first quarter net income totaled $58 million, or $0.28 per share
compared with 1993's first quarter net income of $49.8 million, or $0.26
per share. Excluding 1993's one-time event which contributed $0.01 per
share, earnings per share were up 15 percent.
First-quarter sales totaled $948.9 million, up 16 percent over 1993.
Approximately half of the sales increase was due to the 1993 acquisition
of Damon Corporation.
Board Chairman James R. Houghton said, "The improvement in the quarter
was led by the optical fiber and cable and the environmental substrate
businesses which benefited from vigorously expanding markets."
Houghton added, "The strength of the quarter was somewhat diminished
by a significant loss of revenues in the clinical testing business due to
the string of winter storms in the eastern half of the United States.
However, we continue to be encouraged by progress on the integration of
Damon into MetPath."
Equity company earnings of $16.5 million were more than double the
prior year's first quarter. The improvements were due to strong
performance at Dow Corning Corporation and to the elimination of losses
from Vitro Corning, S.A., which was divested in late 1993.
Houghton said, "We are pleased to be starting the year with broad-
based improvements as we drive to re-establish our growth momentum."
Corning Incorporated is a Fortune 200 company which reports its
financial results in four business segments: specialty materials,
communications, laboratory services and consumer products. For 1993,
Corning's revenues totaled $4 billion.
-30-
Investor Relations Contact: Richard B. Klein (607) 974-8313
Stephen L. Albertalli (607) 974-8357
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CORNING INCORPORATED AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per-share amounts)
Twelve Weeks Ended
March 27, March 28,
1994 1993
(Unaudited)
REVENUES
Net sales $ 948.9 $ 817.0
Royalty, interest, and dividend income 7.7 6.4
Non-operating gains 4.2
956.6 827.6
DEDUCTIONS
Cost of sales 622.1 532.1
Selling, general and
administrative expenses 185.7 168.6
Research and development expenses 38.2 37.7
Interest expense 25.8 16.5
Other, net 5.8 3.1
Income before taxes on income 79.0 69.6
Taxes on income 29.6 23.9
Income before minority interest
and equity earnings 49.4 45.7
Minority interest in earnings of subsidiaries (7.9) (3.1)
Equity in earnings of associated companies 16.5 7.2
NET INCOME $ 58.0 $ 49.8
EARNINGS PER COMMON SHARE:
NET INCOME $ 0.28 $ 0.26
The accompanying notes are an integral part of these statements.
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CORNING INCORPORATED AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
March 27, January 2,
1994 1994
(Unaudited)
ASSETS
CURRENT ASSETS
Cash and short-term investments $ 98.2 $ 160.8
Receivables, net 752.2 691.1
Inventories 378.1 353.9
Deferred taxes on income and
other current assets 264.2 265.9
Total current assets 1,492.7 1,471.7
INVESTMENTS 650.1 630.7
PLANT AND EQUIPMENT, NET 1,776.2 1,759.8
GOODWILL AND OTHER INTANGIBLE ASSETS, NET 1,193.1 1,009.1
OTHER ASSETS 318.1 360.4
$5,430.2 $ 5,231.7
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Loans payable $ 232.5 $ 141.7
Accounts payable 170.6 245.1
Other accrued liabilities 637.1 633.5
Total current liabilities 1,040.2 1,020.3
OTHER LIABILITIES 652.6 668.6
LOANS PAYABLE BEYOND ONE YEAR 1,573.6 1,585.6
MINORITY INTEREST IN SUBSIDIARY COMPANIES 182.2 245.7
CONVERTIBLE PREFERRED STOCK 25.5 25.7
COMMON STOCKHOLDERS' EQUITY 1,956.1 1,685.8
$5,430.2 $ 5,231.7
The accompanying notes are an integral part of these statements.
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CORNING INCORPORATED AND SUBSIDIARY COMPANIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
QUARTER 1, 1994
(1) Earnings per common share are computed by dividing net income less
dividends on preferred stock by the weighted average number of
common shares outstanding during the period. The weighted average
shares outstanding (in thousands) for the first quarter were 202,325
and 189,632 for 1994 and 1993, respectively. Preferred dividends of
$0.5 million were declared in the first quarters of 1994 and 1993.
(2) Depreciation and amortization charged to operations during the first
quarters of 1994 and 1993 amounted to $76.9 million and $63 million,
respectively.
(3) In February 1994, under terms of a previously announced agreement
with Vitro Corning S.A. de C.V., Corning purchased the shares of
capital stock of Corning Vitro Corporation held by Vitro. This
transaction completed the second and final phase of the agreement
between Corning and Vitro to end their cross ownership in two
consumer products companies. The net cost to Corning under terms of
the agreement was $131 million. Goodwill of approximately $70
million resulted from this transaction and is being amortized over
40 years.
(4) In February 1994, Corning and Siecor Corporation, a consolidated 50-
percent owned company, acquired the assets relating to the optical-
fiber and optical-cable businesses of Northern Telecom Limited.
Under terms of the agreement, Corning provided $87 million of the
purchase price and Siecor provided $43 million. Goodwill of
approximately $110 million resulted from this transaction and is
being amortized over 25 years. Northern Telecom is a major supplier
of optical fiber and optical cable to Canadian and international
markets.
(5) In February 1994, Corning issued 8 million shares of common stock in
a single-block transaction. The net proceeds from this offering
totaled approximately $233 million and were used to finance the
acquisition of the shares of capital stock of Corning Vitro
Corporation held by Vitro (see Note 3) and the acquisition of Northern
Telecom's optical-fiber and optical-cable businesses (see Note 4).
(6) Effective January 4, 1993, Corning and its subsidiaries adopted
Financial Accounting Standard No. 109, "Accounting for Income
Taxes," (FAS 109) and Financial Accounting Standard No. 112,
"Employers' Accounting for Postemployment Benefits," (FAS 112). The
impact of adopting FAS 109 and FAS 112 was not material in 1993 and
prior year financial statements were not restated.
NON-OPERATING GAINS AND LOSSES
(7) During the first quarter 1993, Corning recognized a non-operating
gain totaling $4.2 million ($2.6 million after tax).
SUBSEQUENT EVENT
(8) On April 4, 1994, Corning sold the assets of its Damon clinical
laboratory testing operations in California to Physicians Clinical
Laboratory, Inc. for approximately $51 million. No gain or loss
will be recognized as a result of this transaction. Corning expects
to use the proceeds from the transaction to retire a portion of the
debt incurred in conjunction with the Damon acquisition in August
1993.
