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Corning Inc Ny (GLW) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Corning Inc Ny

CIK: 24741 Ticker: GLW


Exhibit 99




FOR RELEASE –– JANUARY 29, 2013

Corning Announces Fourth-Quarter and Full-Year Financial Performance

Annual sales largest in company history
2012 Corning® Gorilla® Glass sales exceed $1 billion

CORNING, N.Y. — Corning Incorporated (NYSE: GLW) today announced its results for the fourth quarter and full year of 2012.

Fourth-Quarter Highlights
·  
Sales were $2.15 billion, a 14% year-over-year increase. The quarter performance reflects the largest quarterly sales in Corning history.
·  
Earnings per share were $0.34,* excluding special items, the company’s first year-over-year quarterly improvement since 2010; GAAP earnings per share were $0.19.
·  
Display Technologies total glass volume from Corning’s wholly owned business and Samsung Corning Precision Materials Co., Ltd. (SCPM) increased sequentially by a high-single digit percentage, reflecting overall improved market demand throughout the quarter. Price declines in Corning’s wholly owned business were slightly higher than in the third quarter, as expected. For SCPM, price declines were consistent with the previous quarter.
·  
Specialty Materials sales were up 68% on a year-over-year basis and 10% sequentially, driven by the continued strength of Corning® Gorilla® Glass.
·  
Telecommunications sales improved 10% over the year-ago period and 3% sequentially.

Full-Year Highlights
·  
Sales were $8.01 billion, a 2% increase over $7.9 billion last year, representing a sales record for the company.
·  
Excluding special items, earnings per share for the year were $1.29* compared to last year’s $1.76*. GAAP earnings per share for the year were $1.15 versus $1.77 last year.
·  
Free cash flow for the year was $579 million*.

*These 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 investor relations website.











 
 

The following information was filed by Corning Inc Ny (GLW) on Tuesday, January 29, 2013 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

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Acquisition
Acquisition (schedule Of Business Acquisitions) (details)
Acquisition (tables)
Available-for-sale Investments
Available-for-sale Investments (fair Value And Gross Unrealized Losses Of Investments By Length Of Time In Continuous Unrealized Loss Position) (details)
Available-for-sale Investments (narrative) (details)
Available-for-sale Investments (summary Of Contractual Maturities Of Available-for-sale Securities) (details)
Available-for-sale Investments (summary Of Fair Value Of Available-for-sale Securities) (details)
Available-for-sale Investments (tables)
Commitments, Contingencies, And Guarantees
Commitments, Contingencies, And Guarantees (amounts Of Obligations) (details)
Commitments, Contingencies, And Guarantees (narrative) (details)
Commitments, Contingencies, And Guarantees (reconciliation Of Changes In The Product Warranty Liability) (details)
Commitments, Contingencies, And Guarantees (schedule Of Minimum Rental Commitments Under Leases Outstanding) (details)
Commitments, Contingencies, And Guarantees (tables)
Debt
Debt (narrative) (details)
Debt (schedule Of Debt Maturities By Years) (details)
Debt (schedule Of Long-term Debt) (details)
Debt (tables)
Earnings Per Common Share
Earnings Per Common Share (schedule Of Potential Common Shares Were Excluded From The Calculation Of Diluted Earnings Per Common Share) (details)
Earnings Per Common Share (schedule Of Reconciliation Of Amounts Used In Basic And Diluted Earnings Per Common Share) (details)
Earnings Per Common Share (tables)
Employee Retirement Plans
Employee Retirement Plans (assumed Rate Of Return Determined Based On Current Interest Rate Environment And Historical Market Premiums Relatives To Fixed Income Rates Of Equities And Other Assets Classes) (details)
Employee Retirement Plans (changes In Benefit Obligation And Funded Status Of Employee Retirement Plans) (details)
Employee Retirement Plans (estimated Future Benefit Payments, And Gross Amount Of Annual Medicare Part D Subsidy Expected To Be Received) (details)
Employee Retirement Plans (narrative) (details)
Employee Retirement Plans (projected Benefit Obligation And Accumulated Benefit Obligation For Pension Plans) (details)
Employee Retirement Plans (schedule Of Defined Benefit Plan Assets Measured At Fair Value) (details)
Employee Retirement Plans (schedule Of Effect One-percentage-point Change In Assumed Health Care Cost Trend Rate) (details)
Employee Retirement Plans (summary Of Changes In Fair Value Of The Defined Benefit Plans Level 3 Assets) (details)
Employee Retirement Plans (summary Of The Components Of Net Periodic Benefit Cost) (details)
Employee Retirement Plans (tables)
Employee Retirement Plans (weighted-average Assumptions Used To Determine Benefit Obligations) (details)
Employee Retirement Plans (weighted-average Assumptions Used To Determine Net Periodic Benefit Cost) (details)
Fair Value Measurements
Fair Value Measurements (narrative) (details)
Fair Value Measurements (schedule Of Major Categories Of Financial Assets And Liabilities Measured On A Nonrecurring Basis) (details)
Fair Value Measurements (schedule Of Major Categories Of Financial Assets And Liabilities Measured On A Recurring Basis) (details)
Fair Value Measurements (tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (narrative) (details)
Goodwill And Other Intangible Assets (schedule Of Carrying Amount Of Goodwill By Segment) (details)
Goodwill And Other Intangible Assets (schedule Of Other Intangible Assets) (details)
Goodwill And Other Intangible Assets (tables)
Hedging Activities
Hedging Activities (effect Of Derivative Financial Instruments On Consolidated Financial Statements And Undesignated Derivatives) (details)
Hedging Activities (narrative) (details)
Hedging Activities (summary Of Notional Amounts And Respective Fair Values Of Derivative Financial Instruments) (details)
Hedging Activities (tables)
Income Taxes
Income Taxes (narrative) (details)
Income Taxes (reconciliation Of The U.s. Statutory Income Tax Rate To Effective Tax Rate) (details)
Income Taxes (schedule Of Current And Deferred Provision For Income Tax) (details)
Income Taxes (schedule Of Deferred Tax Assets For Loss And Tax Credit Carryforwards) (details)
Income Taxes (schedule Of Income Before Income Taxes) (details)
Income Taxes (schedule Of Net Deferred Tax Assets) (details)
Income Taxes (schedule Of Reconciliation Of Unrecognized Tax Benefits) (details)
Income Taxes (schedule Of Tax Effects Of Other Comprehensive Income) (details)
Income Taxes (schedule Of Tax Effects Of Temporary Differences And Carryforwards Of The Deferred Tax Assets And Liabilities) (details)
Income Taxes (tables)
Inventories
Inventories (schedule Of Inventories) (details)
Inventories (tables)
Investments
Investments (affiliate Results Of Operations) (details)
Investments (equity Method Investments) (details)
Investments (narrative) (details)
Investments (tables)
Other Liabilities
Other Liabilities (narrative) (details)
Other Liabilities (schedule Of Other Accrued Liabilities) (details)
Other Liabilities (tables)
Property, Net Of Accumulated Depreciation
Property, Net Of Accumulated Depreciation (narrative) (details)
Property, Net Of Accumulated Depreciation (schedule Of Property, Net) (details)
Property, Net Of Accumulated Depreciation (tables)
Quarterly Operating Results
Quarterly Operating Results (schedule Of Quarterly Operating Results) (details)
Quarterly Operating Results (tables)
Reportable Segments
Reportable Segments (information Concerning Principal Geographic Areas) (details)
Reportable Segments (narrative) (details)
Reportable Segments (reconciliation Of Reportable Segment Net Assets) (details)
Reportable Segments (reconciliation Of Reportable Segment Net Income (loss) To Consolidated Net Income (loss)) (details)
Reportable Segments (schedule Of Operating Segments Information By Segment) (details)
Reportable Segments (tables)
Restructuring, Impairment And Other Charges (credits)
Restructuring, Impairment And Other Charges (credits) (narrative) (details)
Restructuring, Impairment And Other Charges (credits) (schedule Of Restructuring Cost By Reportable Segments) (details)
Restructuring, Impairment And Other Charges (credits) (schedule Of Restructuring, And Other Charges And (credits)) (details)
Restructuring, Impairment And Other Charges (credits) (tables)
Share-based Compensation
Share-based Compensation (narrative) (details)
Share-based Compensation (schedule Of Inputs Used For Valuation Of Option Grants Under Stock Option Plans) (details)
Share-based Compensation (summary Of Information Concerning Stock Options Outstanding Including Related Transactions Under The Stock Option Plans) (details)
Share-based Compensation (summary Of Status Of Non-vested Performance-based Restricted Stock And Restricted Stock Units) (details)
Share-based Compensation (summary Of Status Of Non-vested Time-based Restricted Stock And Restricted Stock Units) (details)
Share-based Compensation (tables)
Shareholders' Equity
Shareholders' Equity (schedule Of Changes In Capital Stock) (details)
Shareholders' Equity (schedule Of Components Of Other Comprehensive Income (loss)) (details)
Shareholders' Equity (tables)
Significant Customers
Significant Customers (details)
Subsequent Events
Subsequent Events (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policy)
Summary Of Significant Accounting Policies (schedule Of Other Income (expense), Net) (details)
Summary Of Significant Accounting Policies (schedule Of Range Of Useful Life Of Equipment) (details)
Summary Of Significant Accounting Policies (supplemental Disclosure Of Cash Flow Information) (details)
Summary Of Significant Accounting Policies (tables)
Valuation Accounts And Reserves
Valuation Accounts And Reserves (details)
Ticker: GLW
CIK: 24741
Form Type: 10-K Annual Report
Accession Number: 0001308179-13-000024
Submitted to the SEC: Wed Feb 13 2013 4:06:18 PM EST
Accepted by the SEC: Wed Feb 13 2013
Period: Monday, December 31, 2012
Industry: Drawing And Insulating Of Nonferrous Wire

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