Corning Announces $2 Billion Share Repurchase Program
July 15 2015 - 4:50PM
Company declares quarterly
dividend payment
CORNING, N.Y., July 15, 2015
- Corning Incorporated (NYSE: GLW) today announced that its
Board of Directors has authorized a new $2 billion share repurchase
program of the company's common stock. The program will expire on
December 31, 2016. The board also declared a quarterly dividend on
the company's common stock of $0.12 per share, payable on September
30, 2015, to holders of record on August 31, 2015.
"We remain confident that Corning's long-term
business prospects remain strong. And this allows us to continue
enhancing value to our shareholders with another stock repurchase
plan," Wendell P. Weeks, chairman, chief executive officer and
president, said.
"Our repurchases demonstrate not only our
continuing commitment to return cash to shareholders, but also our
belief that Corning's valuation is greater than the current
share price," said James B. Flaws, vice chairman and chief
financial officer.
"Today's action furthers our ongoing commitment to
share the company's success directly with our shareholders while
also continuing to make strategic investments in the company's
growth portfolio," Flaws noted. Since October of 2011, Corning's
board has approved five separate share repurchase programs totaling
$9 billion.
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 (www.corning.com) is one of the world's leading innovators
in materials science. For more than 160 years, Corning has applied
its unparalleled expertise in specialty glass, ceramics, and
optical physics to develop products that have created new
industries and transformed people's lives. Corning succeeds through
sustained investment in R&D, a unique combination of material
and process innovation, and close collaboration with customers to
solve tough technology challenges. Corning's businesses and markets
are constantly evolving. Today, Corning's products enable diverse
industries such as consumer electronics, telecommunications,
transportation, and life sciences. They include damage-resistant
cover glass for smartphones and tablets; precision glass for
advanced displays; optical fiber, wireless technologies, and
connectivity solutions for high-speed communications networks;
trusted products that accelerate drug discovery and manufacturing;
and emissions-control products for cars, trucks, and off-road
vehicles.
Media Relations
Contact:
Daniel F. Collins
(607)
974-4197
collinsdf@corning.com
Investor Relations
Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
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This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Corning Incorporated via Globenewswire
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