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Corning Inc Ny (GLW) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Corning Inc Ny

CIK: 24741 Ticker: GLW

Exhibit 99



FOR RELEASE –– JANUARY 27, 2015

Corning Announces Fourth-Quarter and Full-Year Financial Performance

Company achieves $10 billion* in core sales milestone;
Annual core EPS grows 24%

CORNING, N.Y. — Corning Incorporated (NYSE: GLW) today announced its results for the fourth quarter and full year of 2014.

Fourth-Quarter Highlights
·  
Core earnings per share were $0.45*, a 55% increase over last year’s fourth quarter. These results were better than anticipated and completed the company’s ninth consecutive quarter of year-over-year core earnings growth. GAAP earnings per share were $0.70.
·  
Core sales were $2.6 billion*, a 30% increase from the comparable period last year. GAAP sales were $2.4 billion.
·  
In the Display Technologies segment, LCD glass volume remained strong as retail demand for large screen TVs continued.
·  
All of Corning’s business segments delivered year-over-year quarterly sales gains.

Full-Year Highlights
·  
Core sales were $10.2 billion*, a 29% increase from $7.9 billion last year, marking a record year in sales performance for the company. GAAP sales were $9.7 billion.
·  
Core earnings per share were $1.53*, a 24% year-over-year improvement compared with last year’s full-year EPS of $1.23*. GAAP earnings per share were $1.73.
·  
The very successful integration of Corning Precision Materials Co., Ltd. resulted in pretax synergies of greater than $100 million, which exceeded the company’s original expectations.

Fourth-Quarter Financial Comparisons
(In millions, except percentages and per-share amounts)

 
Core Performance*
 
Q4 2014
Q4 2013
% Change
Core Net Sales
$2,602
$2,005
30%
Core Equity Earnings
$116
$121
(4)%
Core Earnings
$630
$410
54%
Core EPS
$0.45
$0.29
55%
 
 
GAAP
 
Q4 2014
Q4 2013
% Change
Net Sales
$2,404
$1,956
23%
Equity Earnings
$23
$70
(67)%
Net Income
$988
$421
135%
EPS
$0.70
$0.30
133%


© 2015 Corning Incorporated. All Rights Reserved.
-1-

The following information was filed by Corning Inc Ny (GLW) on Tuesday, January 27, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Consolidated Balance Sheets
Consolidated Balance Sheets (parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Accounting Policies, By Policy (policies)
Document And Entity Information
Note 1 - Summary Of Significant Accounting Policies
Note 1 - Summary Of Significant Accounting Policies (details)
Note 1 - Summary Of Significant Accounting Policies (details) - Other Income, Net
Note 1 - Summary Of Significant Accounting Policies (details) - Supplemental Disclosure Of Cash Flow Information
Note 1 - Summary Of Significant Accounting Policies (details) - Useful Life Of Equipment
Note 1 - Summary Of Significant Accounting Policies (tables)
Note 10 - Goodwill And Other Intangible Assets
Note 10 - Goodwill And Other Intangible Assets (details)
Note 10 - Goodwill And Other Intangible Assets (details) - Carrying Amount Of Goodwill By Segment
Note 10 - Goodwill And Other Intangible Assets (details) - Other Intangible Assets
Note 10 - Goodwill And Other Intangible Assets (tables)
Note 11 - Other Assets And Other Liabilities
Note 11 - Other Assets And Other Liabilities (details)
Note 11 - Other Assets And Other Liabilities (details) - Other Assets And Other Liabilities
Note 11 - Other Assets And Other Liabilities (tables)
Note 12 - Debt
Note 12 - Debt (details)
Note 12 - Debt (details) - Debt Maturities
Note 12 - Debt (details) - Long-term Debt
Note 12 - Debt (details) - Long-term Debt (parentheticals)
Note 12 - Debt (tables)
Note 13 - Employee Retirement Plans
Note 13 - Employee Retirement Plans (details)
Note 13 - Employee Retirement Plans (details) - Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets
Note 13 - Employee Retirement Plans (details) - Benefit Obligations In Excess Of Fair Value Of Plan Assets
Note 13 - Employee Retirement Plans (details) - Domestic Defined Benefit Plan Assets
Note 13 - Employee Retirement Plans (details) - Estimated Future Benefit Payments And Gross Medicare To Be Received
Note 13 - Employee Retirement Plans (details) - International Defined Benefit Plan Assets
Note 13 - Employee Retirement Plans (details) - Obligations And Funded Status Schedule
Note 13 - Employee Retirement Plans (details) - Postretirement Benefits
Note 13 - Employee Retirement Plans (details) - Summary Of Assumed Health Care Trend Rates
Note 13 - Employee Retirement Plans (details) - Summary Of Changes In Fair Value Of Level 3 Assets For Defined Benefit Plans
Note 13 - Employee Retirement Plans (details) - Summary Of Net Periodic Benefit Cost
Note 13 - Employee Retirement Plans (details) - Summary Of Net Periodic Benefit Cost Of Postretirement Benefits
Note 13 - Employee Retirement Plans (details) - Summary Of One-percent-point Change In Assumed Health Care Cost
Note 13 - Employee Retirement Plans (details) - Weighted-average Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Cost
Note 13 - Employee Retirement Plans (tables)
Note 14 - Commitments, Contingencies, And Guarantees
Note 14 - Commitments, Contingencies, And Guarantees (details)
Note 14 - Commitments, Contingencies, And Guarantees (details) - Minimum Rental Commitments Under Leases
Note 14 - Commitments, Contingencies, And Guarantees (details) - Obligations
Note 14 - Commitments, Contingencies, And Guarantees (tables)
Note 15 - Hedging Activities
Note 15 - Hedging Activities (details)
Note 15 - Hedging Activities (details) - Effect On Consolidated Financial Statements
Note 15 - Hedging Activities (details) - Effect On Consolidated Financial Statements
Note 15 - Hedging Activities (details) - Summary Of Notional Amounts And Respective Fair Values Of Derivative Financial Instruments
Note 15 - Hedging Activities (tables)
Note 16 - Fair Value Measurements
Note 16 - Fair Value Measurements (details)
Note 16 - Fair Value Measurements (details) - Major Categories Of Financial Assets And Liabilities Measured On A Recurring Basis
Note 16 - Fair Value Measurements (tables)
Note 17 - Shareholders' Equity
Note 17 - Shareholders' Equity (details)
Note 17 - Shareholders' Equity (details) - Accumulated Other Comprehensive Income
Note 17 - Shareholders' Equity (details) - Changes In Capital Stock
Note 17 - Shareholders' Equity (details) - Reclassifications Out Of Accumulated Other Comprehensive Income (aoci) By Component
Note 17 - Shareholders' Equity (tables)
Note 18 - Earnings Per Common Share
Note 18 - Earnings Per Common Share (details) - Computation Of Basic And Diluted Earnings Per Common Share
Note 18 - Earnings Per Common Share (tables)
Note 19 - Share-based Compensation
Note 19 - Share-based Compensation (details)
Note 19 - Share-based Compensation (details) - Inputs Used For Valuation Of Option Grants Under Stock Option Plans
Note 19 - Share-based Compensation (details) - Summary Of Information Concerning Stock Options Outstanding Including The Related Transactions Under The Stock Option Plans
Note 19 - Share-based Compensation (details) - Summary Of The Status Of Non-vested Time-based Restricted Stock And Restricted Stock Units
Note 19 - Share-based Compensation (tables)
Note 2 - Restructuring, Impairment And Other Charges
Note 2 - Restructuring, Impairment And Other Charges (details)
Note 2 - Restructuring, Impairment And Other Charges (details) - Restructuring, Impairment And Other Charges
Note 2 - Restructuring, Impairment And Other Charges (details) - Restructuring, Impairment And Other Charges
Note 2 - Restructuring, Impairment And Other Charges (details) - Restructuring, Impairment And Other Charges
Note 2 - Restructuring, Impairment And Other Charges (details) - Year-to-date Cost For Reportable Segments
Note 2 - Restructuring, Impairment And Other Charges (tables)
Note 20 - Reportable Segments
Note 20 - Reportable Segments (details)
Note 20 - Reportable Segments (details) - Information Concerning Principal Geographic Areas
Note 20 - Reportable Segments (details) - Reconciliation Of Reportable Segment Net Assets To Consolidated Net Assets
Note 20 - Reportable Segments (details) - Reconciliation Of Reportable Segment Net Income (loss) To Consolidated Net Income
Note 20 - Reportable Segments (details) - Reportable Segments
Note 20 - Reportable Segments (details) - Selected Financial Information On Product Lines And Reportable Segments
Note 20 - Reportable Segments (tables)
Note 3 - Available-for-sale Investments
Note 3 - Available-for-sale Investments (details)
Note 3 - Available-for-sale Investments (details) - Fair Value And Gross Unrealized Losses Of Investments By Length Of Time In Continuous Unrealized Loss Position
Note 3 - Available-for-sale Investments (details) - Summary Of Fair Value Of Available-for-sale Investments
Note 3 - Available-for-sale Investments (details) - Summary Of Maturities Of Available-for-sale Securities
Note 3 - Available-for-sale Investments (tables)
Note 4 - Significant Customers
Note 4 - Significant Customers (details)
Note 5 - Inventories, Net Of Inventory Reserves
Note 5 - Inventories, Net Of Inventory Reserves (details) - Inventories, Net
Note 5 - Inventories, Net Of Inventory Reserves (tables)
Note 6 - Income Taxes
Note 6 - Income Taxes (details)
Note 6 - Income Taxes (details) - Current And Deferred Amounts Of Provision (benefit) For Income Taxes
Note 6 - Income Taxes (details) - Deferred Tax Assets For Loss And Tax Credit Carryforwards
Note 6 - Income Taxes (details) - Income Before Income Taxes
Note 6 - Income Taxes (details) - Net Deferred Tax Assets
Note 6 - Income Taxes (details) - Reconciliation Of The U.s. Statutory Income Tax Rate To Effective Tax Rate
Note 6 - Income Taxes (details) - Reconciliation Of Unrecognized Tax Benefits
Note 6 - Income Taxes (details) - Tax Effects Of Temporary Differences And Carryforwards Of Deferred Tax Assets And Liabilities
Note 6 - Income Taxes (tables)
Note 7 - Investments
Note 7 - Investments (details)
Note 7 - Investments (details) - Financial Position
Note 7 - Investments (details) - Investments
Note 7 - Investments (details) - Results Of Operations
Note 7 - Investments (tables)
Note 8 - Acquisition
Note 8 - Acquisition (details)
Note 8 - Acquisition (details) - Net Gain On Previously Owned Equity
Note 8 - Acquisition (details) - Net Gain On Previously Owned Equity (parentheticals)
Note 8 - Acquisition (details) - Recognized Amounts Of Identified Assets Acquired And Liabilities Assumed
Note 8 - Acquisition (details) - Recognized Amounts Of Identified Assets Acquired And Liabilities Assumed
Note 8 - Acquisition (details) - Total Fair Value Of Samsung Corning Precision Materials At Acquisition Date
Note 8 - Acquisition (details) - Total Fair Value Of Samsung Corning Precision Materials At Acquisition Date (parentheticals)
Note 8 - Acquisition (details) - Unaudited Pro Forma Financial Information
Note 8 - Acquisition (tables)
Note 9 - Property, Plant And Equipment, Net Of Accumulated Depreciation
Note 9 - Property, Plant And Equipment, Net Of Accumulated Depreciation (details)
Note 9 - Property, Plant And Equipment, Net Of Accumulated Depreciation (details) - Property, Net
Note 9 - Property, Plant And Equipment, Net Of Accumulated Depreciation (tables)
Quarterly Operating Results
Quarterly Operating Results (details) - Quarterly Operating Results
Schedule Ii - Valuation Accounts And Reserves
Schedule Ii - Valuation Accounts And Reserves (details) - Valuation Accounts And Reserves
Supplemental Cash Flow Information
Supplemental Cash Flow Information (details)
Ticker: GLW
CIK: 24741
Form Type: 10-K Annual Report
Accession Number: 0000024741-15-000015
Submitted to the SEC: Fri Feb 13 2015 10:22:33 AM EST
Accepted by the SEC: Fri Feb 13 2015
Period: Wednesday, December 31, 2014
Industry: Drawing And Insulating Of Nonferrous Wire

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