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, 2000
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)
<PAGE>
Item 5. Current Events
On August 16, 2000, the Board of Directors of Corning Incorporated approved a
three-for-one stock split of Corning common stock effective to Corning
shareholders of record as of September 5, 2000, with distribution of the shares
on October 3, 2000. The following historical financial data prepared under
generally accepted accounting principles (GAAP) and on a Pro Forma basis are
presented as previously reported and as adjusted to give effect to the
three-for-one stock split.
Filed herewith is the following information:
(1) As reported (pre split) and adjusted for the effect of three-for-one stock
split (post split) earnings per share and weighted average shares
outstanding for the quarters ended June 30, 2000, March 31, 2000, December
31, 1999, September 30, 1999, June 30, 1999 and March 31, 1999.
(2) As reported (pre split) and adjusted for the effect of three-for-one stock
split (post split) Pro Forma Net Income* per share and weighted average
shares outstanding for the quarters ended June 30, 2000, March 31, 2000,
December 31, 1999, September 30, 1999, June 30, 1999 and March 31, 1999.
* Pro Forma Net Income excludes amortization of purchased intangibles and
goodwill, purchased in-process research and development, one-time acquisition
costs and other nonrecurring items. Corning's Pro Forma Net Income is not a
measure that is in accordance with GAAP and may not be consistent with
measures used by other companies. It should be considered as supplementary
data rather than an alternative to GAAP.
<PAGE>
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 4, 2000 By /s/ KATHERINE A. ASBECK
Katherine A. Asbeck
Vice President and Controller
<PAGE>
<TABLE>
Corning Incorporated and Subsidiary Companies
(In millions, except per share amounts)
Earnings Per Share
Exhibit 1
<CAPTION>
2000 1999
---------------------------- ------------------------------------------
Six Months Full
Q1 Q2 Year-to-Date Q1 Q2 Q3 Q4 Year-to-Date
---- ---- ------------ ---- ---- ---- ---- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
As Previously Reported (Pre Split)
Income from continuing operations 76.9 149.2 226.1 92.5 131.0 141.9 145.6 511.0
Income from discontinued operations,
net of income taxes 4.8 4.8
------ ------ ------ ------ ------ ------ ------ ------
Net income $ 76.9 $149.2 $226.1 $ 92.5 $131.0 $141.9 $150.4 $515.8
====== ====== ====== ====== ====== ====== ====== ======
Basic earnings per share:
Continuing operations $ 0.28 $ 0.53 $ 0.82(1) $ 0.37 $ 0.51 $ 0.55 $ 0.56 $ 2.00(1)
Discontinued operations 0.02 0.02
------ ------ ------ ------ ------ ------ ------ ------
$ 0.28 $ 0.53 $ 0.82(1) $ 0.37 $ 0.51 $ 0.55 $ 0.58 $ 2.02(1)
====== ====== ====== ====== ====== ====== ====== ======
Diluted earnings per share:
Continuing operations $ 0.28 $ 0.52 $ 0.80 $ 0.36 $ 0.50 $ 0.54 $ 0.55 $ 1.95
Discontinued operations 0.02 0.02
------ ------ ------ ------ ------ ------ ------ ------
$ 0.28 $ 0.52 $ 0.80 $ 0.36 $ 0.50 $ 0.54 $ 0.57 $ 1.97
====== ====== ====== ====== ====== ====== ====== ======
Shares used in computing
earnings per share:
Basic earnings per share 270.4 281.5 275.9 248.4 257.3 257.6 257.8 255.1
====== ====== ====== ====== ====== ====== ====== ======
Diluted earnings per share 277.3 290.7 282.7 260.4 265.2 265.6 266.5 265.0
====== ====== ====== ====== ====== ====== ====== ======
Effect of Three-for-One Stock
Split (Post Split)
Income from continuing operations 76.9 149.2 226.1 92.5 131.0 141.9 145.6 511.0
Income from discontinued operations,
net of income taxes 4.8 4.8
------ ------ ------ ------ ------ ------ ------ ------
Net income $ 76.9 $149.2 $226.1 $ 92.5 $131.0 $141.9 $150.4 $515.8
====== ====== ====== ====== ====== ====== ====== ======
Basic earnings per share:
Continuing operations $ 0.09 $ 0.18 $ 0.27 $ 0.12 $ 0.17 $ 0.18 $ 0.18 $ 0.66(1)
Discontinued operations 0.01 0.01
------ ------ ------ ------ ------ ------ ------ ------
$ 0.09 $ 0.18 $ 0.27 $ 0.12 $ 0.17 $ 0.18 $ 0.19 $ 0.67(1)
====== ====== ====== ====== ====== ====== ====== ======
Diluted earnings per share:
Continuing operations $ 0.09 $ 0.17 $ 0.27(1) $ 0.12 $ 0.17 $ 0.18 $ 0.18 $ 0.65
Discontinued operations 0.01 0.01
------ ------ ------ ------ ------ ------ ------ ------
$ 0.09 $ 0.17 $ 0.27(1) $ 0.12 $ 0.17 $ 0.18 $ 0.19 $ 0.66
====== ====== ====== ====== ====== ====== ====== ======
Shares used in computing
earnings per share:
Basic earnings per share 811.2 844.5 827.7 745.2 771.9 772.8 773.4 765.3
====== ====== ====== ====== ====== ====== ====== ======
Diluted earnings per share 831.9 872.1 848.1 781.2 793.5 796.8 799.5 795.0
====== ====== ====== ====== ====== ====== ====== ======
</TABLE>
(1) Earnings per share (EPS) in each quarter is computed using the weighted-
average number of shares outstanding during that quarter while EPS for
year-to-date is computed using the weighted-average number of shares
outstanding during the year-to-date period. As a result, the sum of the
quarters EPS does not equal the year-to-date EPS.
<PAGE>
<TABLE>
Corning Incorporated and Subsidiary Companies
(In millions, except per share amounts)
Pro Forma Net Income Per Share*
Exhibit 2
<CAPTION>
2000 1999
--------------------------- -------------------------------------------
Six Months Full
Q1 Q2 Year-to-Date Q1 Q2 Q3 Q4 Year-to-Date
---- ---- ------------ ---- ---- ---- ---- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
As Previously Reported (Pre Split)
Pro Forma Net Income $188.3 $271.1 $459.4 $ 97.9 $136.5 $148.1 $142.2 $524.7
====== ====== ====== ====== ====== ====== ====== ======
Basic Pro Forma Net Income
Per Share $ 0.70 $ 0.96 $ 1.66 $ 0.39 $ 0.53 $ 0.57 $ 0.55 $ 2.05(1)
====== ====== ====== ====== ====== ====== ====== ======
Diluted Pro Forma Net Income
Per Share $ 0.68 $ 0.94 $ 1.62 $ 0.38 $ 0.52 $ 0.56 $ 0.54 $ 2.00
====== ====== ====== ====== ====== ====== ====== ======
Shares used in computing Pro
Forma Net Income per share:
Basic Pro Forma Net Income
per share 270.4 281.5 275.9 248.4 257.3 257.6 257.8 255.1
====== ====== ====== ====== ====== ====== ====== ======
Diluted Pro Forma Net Income
per share 277.3 290.7 282.7 260.4 265.2 265.6 266.5 265.0
====== ====== ====== ====== ====== ====== ====== ======
Effect of Three-for-One Stock
Split (Post Split)
Pro Forma Net Income $188.3 $271.1 $459.4 $ 97.9 $136.5 $148.1 $142.2 $524.7
====== ====== ====== ====== ====== ====== ====== ======
Basic Pro Forma Net Income
Per Share $ 0.23 $ 0.32 $ 0.55 $ 0.13 $ 0.18 $ 0.19 $ 0.18 $ 0.68
====== ====== ====== ====== ====== ====== ====== ======
Diluted Pro Forma Net Income
Per Share $ 0.23 $ 0.31 $ 0.54 $ 0.13 $ 0.17 $ 0.19 $ 0.18 $ 0.67
====== ====== ====== ====== ====== ====== ====== ======
Shares used in computing Pro Forma
Net Income per share:
Basic Pro Forma Net Income
per share 811.2 844.5 827.7 745.2 771.9 772.8 773.4 765.3
====== ====== ====== ====== ====== ====== ====== ======
Diluted Pro Forma Net Income
per share 831.9 872.1 848.1 781.2 793.5 796.8 799.5 795.0
====== ====== ====== ====== ====== ====== ====== ======
</TABLE>
* Pro Forma Net Income excludes amortization of purchased intangibles and
goodwill, purchased in-process research and development, one-time
acquisition costs and other nonrecurring items.
(1) Earnings per share (EPS) in each quarter is computed using the weighted-
average number of shares outstanding during that quarter while EPS for
year-to-date is computed using the weighted-average number of shares
outstanding during the year-to-date period. As a result, the sum of the
quarters EPS does not equal the year-to-date EPS.
