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) June 7, 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 (Zip Code)
executive offices)
(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 June 7, 1995 Corning Incorporated announced that its second
quarter results will include two special charges: $365.5 million
to fully reserve its investment in Dow Corning Corporation, a 50
percent owned equity investment of Corning Incorporated and The
Dow Chemical Company, and approximately $36 million after tax as
a restructuring charge related to the ongoing reengineering
programs of Corning Incorporated. Attached for filing as an
exhibit hereto is the press release of Corning Incorporated dated
June 7, 1995 with respect to such announcement.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
Exhibits:
The Registrant's Press Release of June 7, 1995.
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: June 8, 1995 By /s/ M. Ann Gosnell
M. Ann Gosnell
Assistant Secretary
EXHIBIT
Kathryn C. Littleton
(607) 974-8206
John H. Abrams
(607) 974-8832
IMMEDIATE RELEASE
JUNE 7, 1995
CORNING SAYS SECOND QUARTER TO INCLUDE SPECIAL CHARGES
Corning, NY, June 7 -- Corning Incorporated (NYSE:GLW)
indicated today that its second quarter results will include two
special charges. As a result of Dow Corning Corporation's
previously announced filing on May 15 for protection under
Chapter 11 of the United States Bankruptcy Code, Corning said it
will record a special charge of $365.5 million, or $1.62 per
share, to fully reserve its investment in Dow Corning. Beginning
in the second quarter, Corning will also discontinue recognition
of equity earnings from Dow Corning.
Second quarter results will also include a restructuring
charge of approximately $36 million after tax, or $0.16 per
share. As previously indicated, the charge reflects the costs of
additional workforce reductions and facility consolidations
associated with Corning's ongoing reengineering programs.
In the second quarter of 1994, Corning reported net income
of $111.4 million, or $0.54 per share, which included $22.6
million, or $0.11 per share, of equity earnings from Dow Corning.
Corning's second quarter ends June 18, 1995, and the company
expects to report its results June 27.
Corning Incorporated is a Fortune 500 company which reports
its financial results in four segments: specialty materials,
communications, laboratory services and consumer products. For
1994 revenues totaled $4.8 billion.
Dow Corning Corporation is a 50-percent owned equity
investment with The Dow Chemical Company.
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Investor Relations Contact: Richard B. Klein, (607) 974-8313
Katherine M. Dietz, (607) 974-8217
