Corning Increases Dividend Payout
Company Signals Continued Confidence in Its Future
CORNING, N.Y.--(BUSINESS WIRE)-- Corning Incorporated's (NYSE: GLW ) Board of Directors today declared a 20% increase in the company's quarterly common stock dividend. Corning's quarterly dividend will rise to $0.09 per share of common stock held, versus $0.075 per share previously. The increase will result in Corning's dividends rising to $0.36 per share on an annual basis. The fourth-quarter dividend will be payable on Dec. 14, 2012 to holders of record Nov. 16, 2012.
"Corning continues to generate strong cash flow from all of our businesses and we have done so for some time now," Wendell P. Weeks, chairman, chief executive officer and president, said. "We believe our operating cash flow generation will continue, and combined with lower capital spending, give the company more financial flexibility. It has been a priority of our board of directors and mine to return a portion of our cash flow to our investors to enhance their total shareholder return. Raising the dividend allows us to do so."
"Corning is a financially strong company, and this strength allows us to continue investing in our research and development portfolio to provide future growth for the company," he said.
Separately, Corning said it will announce its third-quarter financial results on Oct. 24.
Forward-Looking and Cautionary Statements
This press release contains "forward-looking statements" (within the meaning of the Private Securities Litigation Reform Act of 1995), which are based on current expectations and assumptions about Corning's financial results and business operations, that involve substantial risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include: the effect of global political, economic and business conditions; conditions in the financial and credit markets; currency fluctuations; tax rates; product demand and industry capacity; competition; reliance on a concentrated customer base; manufacturing efficiencies; cost reductions; availability of critical components and materials; new product commercialization; pricing fluctuations and changes in the mix of sales between premium and non-premium products; new plant start-up or restructuring costs; possible disruption in commercial activities due to terrorist activity, armed conflict, political or financial instability, natural disasters, adverse weather conditions, or major health concerns; adequacy of insurance; 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; retention of key personnel; stock price fluctuations; and adverse litigation or regulatory developments. These and other risk factors are detailed 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.
About Corning Incorporated
Corning Incorporated (www.corning.com) is the world leader in specialty glass and ceramics. Drawing on more than 160 years of materials science and process engineering knowledge, Corning creates and makes keystone components that enable high-technology systems for consumer electronics, mobile emissions control, telecommunications and life sciences. Our products include glass substrates for LCD televisions, computer monitors and laptops; ceramic substrates and filters for mobile emission control systems; optical fiber, cable, hardware & equipment for telecommunications networks; optical biosensors for drug discovery; and other advanced optics and specialty glass solutions for a number of industries including semiconductor, aerospace, defense, astronomy, and metrology.
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