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Corning Inc Ny (GLW) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

Corning Inc Ny

CIK: 24741 Ticker: GLW

Exhibit 99



FOR RELEASE –– JANUARY 26, 2016

Corning Reports Fourth-Quarter and Full-Year 2015 Financial Results and Progress on New Strategy and Capital Allocation Framework


CORNING, N.Y. — Corning Incorporated (NYSE: GLW) today announced its results for the fourth quarter and full-year 2015. Highlights of the report include:

·  
Business segment performance consistent with the company’s expectations;
·  
Moderate LCD glass price declines;
·  
Significant progress on the company’s new strategy and capital allocation framework; and
·  
Substantial progress on extending Japanese yen hedges.

Fourth-Quarter 2015 Results
For the fourth quarter of 2015, Corning reported core sales* of $2.4 billion and core earnings per share of $0.34, compared with $2.5 billion and $0.42, respectively, in 2014. Net sales (GAAP) for the fourth quarter were $2.2 billion and GAAP earnings per share were $0.17, compared with $2.4 billion and $0.70, respectively, in 2014.

Full-Year 2015 Results
For the full-year 2015, core sales were $9.8 billion and core earnings per share were $1.40, compared with $10 billion and $1.42, respectively, in 2014. Net sales (GAAP) for 2015 were $9.1 billion and GAAP earnings per share were $1.00, compared with $9.7 billion and $1.73, respectively, in 2014. Adjusted operating cash flow for the full year remained strong at $3.2 billion.

“Our fourth-quarter performance was in line with our expectations,” Wendell P. Weeks, chairman, chief executive officer and president, said. “Our long-term supply contracts and effective pricing strategies in our Corning Glass Technologies businesses continue to be particularly beneficial, and technology trends in optical communications continue to drive growth.”

“We were especially pleased to mark several major successes right out of the gate on our new strategy and capital allocation framework which outlines our priorities for the next four years: to focus our portfolio and utilize our financial strength,” Weeks noted.
 
Significant Progress on the Strategy and Capital Allocation Framework
In October 2015, Corning announced a new strategy and capital allocation framework that targets generating and deploying more than $20 billion through 2019, with the majority of these funds expected to come from operating cash flow. The company plans to invest approximately $10 billion in opportunities to grow and sustain its leadership positions, and return more than $10 billion to shareholders.





*Core performance measures are non-GAAP financial measures. The reconciliation between GAAP and non-GAAP measures is provided in the tables following this news release, as well as on the company’s website. Core performance metrics (non-GAAP) are adjusted to exclude the impact of changes in Japanese yen and Korean won foreign exchange rates, as well as other items that do not reflect ongoing operations of the company. See “Use of Non-GAAP Financial Measures” section of attached Form 8-K for details on core performance measures.

© 2016 Corning Incorporated. All Rights Reserved.

 
 

The following information was filed by Corning Inc Ny (GLW) on Tuesday, January 26, 2016 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) - 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) - Assumed Health Care Trend Rates
Note 13 - Employee Retirement Plans (details) - Benefit Obligations In Excess Of Fair Value Of Plan Assets
Note 13 - Employee Retirement Plans (details) - Changes In Fair Value Of Level 3 Assets For Defined Benefit Plans
Note 13 - Employee Retirement Plans (details) - Domestic Defined Benefit Plan Assets
Note 13 - Employee Retirement Plans (details) - Effect One-percent-point Change In Assumed Health Care Cost
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) - Net Periodic Benefit Cost Of Postretirement Benefits
Note 13 - Employee Retirement Plans (details) - Net Periodic Benefit Expense
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) - 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 (details) - Other Assets
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) - Non-vested Time-based Restricted Stock And Restricted Stock Units
Note 19 - Share-based Compensation (details) - Stock Options Outstanding
Note 19 - Share-based Compensation (details) - Valuation Inputs For Option Grants Under Stock Option Plans
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 (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) - Securities In A 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 - Acquisitions
Note 8 - Acquisitions (details)
Note 8 - Acquisitions (details) - Fair Value Of Samsung Corning Precision Materials At Acquisition Date
Note 8 - Acquisitions (details) - Fair Value Of Samsung Corning Precision Materials At Acquisition Date (parentheticals)
Note 8 - Acquisitions (details) - Net Gain On Previously Owned Equity
Note 8 - Acquisitions (details) - Net Gain On Previously Owned Equity (parentheticals)
Note 8 - Acquisitions (details) - Recognized Amounts Of Identified Assets Acquired And Liabilities Assumed
Note 8 - Acquisitions (details) - Unaudited Pro Forma Financial Information
Note 8 - Acquisitions (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
Quarterly Operating Results (tables)
Schedule Ii - Valuation Accounts And Reserves
Schedule Ii - Valuation Accounts And Reserves (details) - Valuation Accounts And Reserves
Schedule Ii - Valuation Accounts And Reserves (tables)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (details)
Ticker: GLW
CIK: 24741
Form Type: 10-K Annual Report
Accession Number: 0000024741-16-000077
Submitted to the SEC: Fri Feb 12 2016 3:31:03 PM EST
Accepted by the SEC: Fri Feb 12 2016
Period: Thursday, December 31, 2015
Industry: Drawing And Insulating Of Nonferrous Wire

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