Corning CEO to Address Investors at Citigroup Technology Conference

Corning CEO to Address Investors at Citigroup Technology Conference

September 11, 2006

Stronger LCD Glass Volume and Financial Performance Expected in Third Quarter

    CORNING, N.Y., Sept. 11 /Xinhua-PRNewswire/ -- Corning
Incorporated (NYSE: GLW) President and Chief Executive
Officer Wendell P. Weeks will address investors at the
Citigroup 13th Annual Global Technology Conference in New
York, Sept. 6.  Weeks will provide an update to the
company's third-quarter guidance.

    Weeks will tell investors that the company has narrowed
the guidance range for sequential liquid crystal display
(LCD) glass volume growth for its wholly owned Display
Technologies business to up 10 to 15 percent from the
previous guidance of up 5 to 15 percent.  Additionally, he
will provide a narrowed guidance range for sequential LCD
glass volume growth at Samsung Corning Precision Co., Ltd.
of up 8 to 12 percent from the previous guidance range of
up 5 to 15 percent. 

    Weeks will also present a revised third-quarter
earnings per share (EPS) guidance range of $0.24 to $0.26,
narrowed from the previous range of $0.22 to $0.26.  This
EPS estimate is a non-GAAP financial measure and excludes
any possible special items.  This and all non-GAAP
financial measures are reconciled on the company's investor
relations Web site and in an attachment to this news
release. 

    The company also revised its third-quarter sales
guidance range to $1.27 billion to $1.31 billion from the
previous $1.26 billion to $1.33 billion. Weeks will explain
that this change reflects updates to LCD sales estimates and
foreign currency translation rates.  Also, the company's
gross margin guidance range has been narrowed to 42 to 43
percent from the previous 41 to 43 percent. Guidance ranges
for other businesses remain unchanged. 

    "We are encouraged by the results we have seen in
our Display Technologies segment over the last two months. 
Supply chain improvements as well as a sequential increase
in glass demand from our customers have led us to a more
optimistic view of quarter three.  And, our end market
analysis indicates that demand for LCD notebooks, monitors
and TVs continues to meet our expectations at the retail
level," Weeks will say. 

    Weeks will outline key indicators of improved health in
the display industry supply chain that have contributed to
the company's improved outlook for the quarter.  These
include: normal end market seasonality; reductions in panel
inventory levels; and increased panel manufacturing
utilization rates, particularly for the Taiwanese panel
manufacturers. 

    Looking forward to the remainder of 2006, Weeks will
add, "We believe that normally stronger seasonal
demand for both monitors and TVs as well as supply chain
replenishment will allow the overall LCD glass market
volume to grow between 40 and 50 percent this year." 

    Corning's presentation to investors at the Citigroup
13th Annual Global Technology Conference will be available
via webcast by accessing the IR events calendar on
Corning's Web site at
http://www.corning.com/investor_relations . 

    Corning executives will also be presenting at the Bank
of America Annual Investment Conference in San Francisco on
Sept. 20, 2006. 

    Presentation of Information in this News Release

    Non-GAAP financial measures are not in accordance with,
or an alternative to, GAAP. Corning's non-GAAP EPS measure
excludes restructuring, impairment and other charges and
adjustments to prior estimates for such charges.
Additionally, the company's non-GAAP measure excludes
adjustments to asbestos settlement reserves required by
movements in Corning's common stock price, gains and losses
arising from debt retirements, charges resulting from the
impairment of equity or cost method investments, or
adjustments to deferred tax assets, and gains or losses
recognized in equity earnings from restructuring,
impairment or other charges or credits taken by equity
method companies.  The company believes presenting non-GAAP
EPS measures are helpful to analyze financial performance
without the impact of unusual items that may obscure trends
in the company's underlying performance.  These non-GAAP
measures are reconciled on the company's Web site at
http://www.corning.com/investor_relations and accompany
this news release. 

    About Corning Incorporated

    Corning Incorporated ( http://www.corning.com ) is a
diversified technology company that concentrates its
efforts on high-impact growth opportunities.  Corning
combines its expertise in specialty glass, ceramic
materials, polymers and the manipulation of the properties
of light, with strong process and manufacturing
capabilities to develop, engineer and commercialize
significant innovative products for the telecommunications,
flat panel display, environmental, semiconductor, and life
sciences industries.

    Forward-Looking and Cautionary Statements

    This press release contains forward-looking statements
that involve a variety of business risks and other
uncertainties that could cause actual results to differ
materially.  These risks and uncertainties include the
possibility of changes in global economic and political
conditions; tariffs, import duties and currency
fluctuations; product demand and industry capacity;
competition; manufacturing efficiencies; cost reductions;
availability and costs of critical components and
materials; new product development and commercialization;
order activity and demand from major customers; changes in
the mix of sales between premium and non-premium products;
facility expansions and new plant start-up costs; possible
disruption in commercial activities due to terrorist
activity, armed conflict, political instability or major
health concerns; adequacy and availability of insurance;
capital spending; equity company activities; acquisition
and divestiture activities; the level of excess or obsolete
inventory; the rate of technology change; the ability to
enforce patents; product and components performance issues;
stock price fluctuations; and adverse litigation or
regulatory developments.  Additional risk factors are
identified in Corning's filings with the Securities and
Exchange Commission.  Forward-looking statements speak only
as of the day that they are made, and Corning undertakes no
obligation to update them in light of new information or
future events.

    For more information, please contact:

    Media Relations Contact:
     Corning China
     Lydia Lu
     Tel:   [phone] x1900
     Email: [e-mail]

     US Corning
     M. Elizabeth Dann
     Tel:   [phone]
     Email: [e-mail]

    Investor Relations Contact:
     Kenneth C. Sofio
     Tel:   [phone]
     Email: [e-mail]

SOURCE  Corning Incorporated