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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) February 15, 1996
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)
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Item 5 - Other events
Corning Incorporated has changed its accounting calendar, effective
January 1, 1996. This change will make Corning's results more
comparable with other companies and will enable Corning to report
results of certain subsidiaries on a more current basis.
Corning's accounting calendar will change in several ways:
First, Corning will adopt an annual reporting calendar rather than
the current fiscal year ending on the Sunday nearest December 31.
As a result, Corning's 1996 quarters will include results for three
calendar months while Corning's quarters previously included results for
12 weeks (16 weeks in the third quarter).
Second, beginning in 1996, Corning's quarters will include three
months of operations for all significant subsidiaries and affiliates.
Previously, certain subsidiaries reported two months of results in
the first quarter and four months of results in the third quarter.
Third, Corning Life Sciences, Inc. and certain other consolidated
subsidiaries that previously reported on a fiscal year ending November
30 will also adopt a calendar year. This one-time "catch-up" will
be recorded in retained earnings rather than in net income during the
first quarter of 1996.
This change will not affect the comparability of Corning's 1995 and 1996
annual results. It will, however, cause a shift in results between the
quarters, primarily increasing the first quarter and decreasing the
third quarter reported results.
Corning will not restate its quarterly historical financial statements
because financial information as of calendar quarter ends is not readily
available. To provide a basis against which to evaluate 1996 quarterly
results, the attached exhibit presents management's pro forma estimates
of 1995 quarterly results as if this change had occurred at the
beginning of 1995. The pro forma estimate was prepared by prorating
1995 results for twelve or sixteen week periods into calendar month
quarters and by shifting monthly results of subsidiaries and affiliates
between quarters to reflect the new calendar. Management believes that
the impact of the change on Corning's balance sheet and cash flow is not
material.
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<TABLE>
Corning Incorporated and Subsidiary Companies
(In millions, except per-share amounts)
<CAPTION>
1995 AS REPORTED 1995 PRO FORMA
Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Revenues $1,123.0 $1,306.5 $1,577.9 $1,338.7 $5,346.1 $1,286.2 $1,340.2 $1,350.8 $1,368.9 $5,346.1
Net Income
Before Unusual Items
and Dow Corning
Corporation $61.9 $108.8 $83.5 $83.5 $337.7 $82.9 $107.8 $63.0 $84.0 $337.7
Dow Corning Corporation
operating results 17.5 -- -- -- 17.5 17.5 -- -- -- 17.5
Dow Corning Corporation
special charges -- (365.5)(1) -- -- (365.5) -- (365.5)(1) -- -- (365.5)
Total Dow Corning
Corporation 17.5 (365.5) -- -- (348.0) 17.5 (365.5) -- -- (348.0)
------ ------- ------- ------ ------ ------- ------ ------ ------- ------
Before Unusual Items 79.4 (256.7) 83.5 83.5 (10.3) 100.4 (257.7) 63.0 84.0 (10.3)
Unusual items,
excluding Dow Corning -- (40.5)(2) -- -- (40.5) -- (40.5)(2) -- -- (40.5)
------ ------- ------ ------ ------- ------- ------- ------ ----- ------
Net Income (Loss) $79.4 $(297.2) $83.5 $83.5 $(50.8) $100.4 $(298.2) $63.0 $84.0 $(50.8)
Earnings Per Share
Before Unusual Items
and Dow Corning
Corporation $0.27 $0.48 $0.37 $0.37 $1.49 $0.36 $0.48 $0.28 $0.37 $1.49
Dow Corning Corporation
operating results 0.08 -- -- -- 0.08 0.08 -- -- -- 0.08
Dow Corning Corporation
special charges -- (1.62)(1) -- -- (1.62) -- (1.62)(1) -- -- (1.62)
Total Dow Corning
Corporation 0.08 (1.62) -- -- (1.54) 0.08 (1.62) -- -- (1.54)
------ ------- ----- ------ ------- ------- ------- ------ ------ ------
Before Unusual Items 0.35 (1.14) 0.37 0.37 (0.05) 0.44 (1.14) 0.28 0.37 (0.05)
Unusual items,
excluding Dow Corning -- (0.18)(2) -- -- (0.18) -- (0.18)(2) -- -- (0.18)
------ ------- ----- ------ ------- ------ ----- ------ ----- -----
Net Income (Loss) $0.35 $(1.32) $0.37 $0.37 $(0.23) $0.44 $(1.32) $0.28 $0.37 $(0.23)
Weighted Average Shares
Outstanding 225.4 226.3 227.2 226.7 226.6 225.6 226.4 227.1 227.2 226.6
</TABLE>
(1) Reflects a charge to fully reserve Corning's investment in Dow
Corning Corporation.
(2) Reflects a restructuring charge.
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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: February 15, 1996 By /s/ K. A. ASBECK
K.A. Asbeck
Chief Accounting Officer
