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Corning Inc Ny (GLW) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Corning Inc Ny

CIK: 24741 Ticker: GLW

Exhibit 99




FOR RELEASE –– JANUARY 28, 2014

Corning Announces Fourth-Quarter and Full-Year Financial Performance

Solid quarter results contributed to 16% full-year core EPS growth

CORNING, N.Y. — Corning Incorporated (NYSE: GLW) today announced its results for the fourth quarter and full year of 2013.

Fourth-Quarter Highlights
·  
Core earnings per share were $0.29*, an increase of 4% over last year’s fourth quarter, and better than expected. GAAP earnings per share were $0.30.
·  
Core sales were $2 billion*, a 2% decline from the comparable period last year. GAAP sales also were $2 billion.
·  
In the Display Technologies segment, price declines for the quarter were again moderate. Total LCD glass volume was at record levels, improving 4% over the year-ago period. The total glass volume combines Corning’s wholly owned business and Samsung Corning Precision Materials Co., Ltd.
·  
Optical Communications segment (formerly Telecommunications) sales increased 12% over the year-ago period.

Full-Year Highlights
·  
Core sales were $7.95 billion*, a 5% increase from $7.61 billion last year. GAAP sales were $7.82 billion.
·  
Core earnings per share were $1.23*, a 16% year-over-year improvement compared to last year’s core earnings of $1.06*. GAAP earnings per share were $1.34.
·  
Free cash flow for the year was strong at $1.2 billion.

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

 
Core Performance*
 
Q4 2013
Q4 2012
% Change
Core Net Sales
$2,005
$2,045
 (2%)
Core Equity Earnings
$   121
$   150
(19%)
Core Earnings
$   410
$   409
     --
Core Earnings EPS
$  0.29
$  0.28
  4%

 
GAAP
 
Q4 2013
Q4 2012
% Change
Net Sales
$1,956
$2,146
 (9%)
Equity Earnings
$      70
$      93
(25%)
Net Income
$    421
$    155
172%
EPS
$   0.30
$   0.10
200%


 
 

The following information was filed by Corning Inc Ny (GLW) on Tuesday, January 28, 2014 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) - Financial Statements As Result Of Accounting Methodology Change
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 Liabilities
Note 11 - Other Liabilities (details)
Note 11 - Other Liabilities (details) - Other Accrued Liabilities
Note 11 - Other Liabilities (tables)
Note 12 - Debt
Note 12 - Debt (details)
Note 12 - Debt (details) - Debt Maturities By Years
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) - Defined Benefit Plan Assets Measured At Fair Value Schedule
Note 13 - Employee Retirement Plans (details) - Estimated Future Benefit Payments And Gross Medicare To Be Received
Note 13 - Employee Retirement Plans (details) - Obligations And Funded Status Schedule
Note 13 - Employee Retirement Plans (details) - Projected Benefit Obligation And Accumulated Benefit Obligation
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 One-percent-point Change In Assumed Health Care Cost
Note 13 - Employee Retirement Plans (details) - Weighted-average Assumption 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) - Amounts Of Obligations
Note 14 - Commitments, Contingencies, And Guarantees (details) - Minimum Rental Commitments Under Leases Outstanding
Note 14 - Commitments, Contingencies, And Guarantees (details) - Reconciliation Of The Changes In The Product Warranty Liability
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) - Changes In Capital Stock
Note 17 - Shareholders' Equity (details) - Reclassifications Out Of Accumulated Other Comprehensive Income By Component
Note 17 - Shareholders' Equity (details) - Summary Of The Components Of Other Comprehensive Income (loss)
Note 17 - Shareholders' Equity (tables)
Note 18 - Earnings Per Common Share
Note 18 - Earnings Per Common Share (details) - Potential Common Shares Excluded From The Calculation Of Diluted Earnings Per Common Share
Note 18 - Earnings Per Common Share (details) - Reconciliation Of Amounts Used In 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 (credits)
Note 2 - Restructuring, Impairment And Other Charges (credits) (details)
Note 2 - Restructuring, Impairment And Other Charges (credits) (details) - Restructuring, Impairment And Other Charges (credits)
Note 2 - Restructuring, Impairment And Other Charges (credits) (details) - Restructuring, Impairment And Other Charges (credits)
Note 2 - Restructuring, Impairment And Other Charges (credits) (details) - Restructuring, Impairment And Other Charges (credits)
Note 2 - Restructuring, Impairment And Other Charges (credits) (details) - Year-to-date Cost For Reportable Segments
Note 2 - Restructuring, Impairment And Other Charges (credits) (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 21 - Subsequent Events
Note 21 - Subsequent Events (details)
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
Note 5 - Inventories (details) - Inventories
Note 5 - Inventories (tables)
Note 6 - Income Taxes
Note 6 - Income Taxes (details)
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) - Provision (benefit) For Income Taxes
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) - Equity Method Investments
Note 7 - Investments (details) - Financial Position
Note 7 - Investments (details) - Results Of Operations
Note 7 - Investments (tables)
Note 8 - Acquisition
Note 8 - Acquisition (details)
Note 8 - Acquisition (details) - Business Acquisitions
Note 8 - Acquisition (tables)
Note 9 - Property, Net Of Accumulated Depreciation
Note 9 - Property, Net Of Accumulated Depreciation (details)
Note 9 - Property, Net Of Accumulated Depreciation (details) - Property, Net
Note 9 - Property, 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
Ticker: GLW
CIK: 24741
Form Type: 10-K Annual Report
Accession Number: 0001308179-14-000032
Submitted to the SEC: Mon Feb 10 2014 12:09:06 PM EST
Accepted by the SEC: Mon Feb 10 2014
Period: Tuesday, December 31, 2013
Industry: Drawing And Insulating Of Nonferrous Wire

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