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) October 4, 1995
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. Employer
of incorporation) File Number) Identification No.)
One Riverfront Plaza, Corning, New York 14831
_________________________________________________________________
(Address of principal executive offices) (Zip Code)
(607) 974-9000
_________________________________________________________________
(Registrant's telephone number, including area code)
N/A
_________________________________________________________________
(Former name or former address, if changed since last report)
Item 5. Other Events.
On October 5, 1995 Corning Incorporated issued a press release
commenting on developments which would affect its financial
results for the third quarter ending October 8, 1995. Pertinent
portions of such release are set forth below.
"Corning Incorporated (NYSE:GLW) said today results for
the third quarter ending Oct. 8 will reflect a pre-tax
charge to operating earnings of $62 million as a result
of management's decision to increase accounts
receivable reserves at the company's Corning Clinical
Labs unit. These increased reserves reflect the impact
of billing systems problems, increased regulatory
complexity, and a standardization of the procedures
used to estimate such reserves.
Chairman and Chief Executive Officer James R. Houghton
said, "As a result of this charge, we believe Corning's
third-quarter earnings per share will be approximately
30 percent below last year's third quarter earnings per
share of $0.51 (before special charges and excluding
equity earnings from Dow Corning Corporation.)"
Houghton added, "Third quarter results also reflect
continued weakness in the ongoing clinical lab business
and difficult conditions in the retail environment
which impact the consumer products business.
Fortunately, we continue to benefit from strong
performance in the Communications and Specialty
Materials segments, particularly in the optical fiber
and cable businesses. Also, Corning Pharmaceutical
Services is performing well ahead of plan and last
year."
Houghton noted, "A new management team at Corning
Clinical Labs is taking appropriate and timely
corrective action to resolve the systems issues.
However, market conditions in this industry will
continue to pressure margins over the near term.
Consequently, for the company as a whole, profit
comparisons will remain difficult over the next few
quarters. Our problem areas are being decisively
addressed and the other key businesses are as
encouraging as they have ever been."
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: October 5, 1995 By: /s/ M. Ann Gosnell
M. Ann Gosnell
Assistant Secretary
