Corning Sees Continued Strength in LCD TV Sales

Investors got a first look today inside Corning Incorporated’s (NYSE: GLW) new Generation 10 LCD glass substrate facility in Sakai City, Japan, and heard good news about worldwide LCD TV retail sales.

During the facility tour, Jim Clappin, president, Corning Display Technologies, told investors that retail data for the first part of this year shows robust demand for LCD TVs. "In China, January LCD TV sales were up 53%. This is in line with our expectations, given that a portion of Chinese New Year occurred in January last year,” Clappin said. "In Japan, LCD TV sales were also very strong, up 79% in January and 65% in February.” Clappin added that European retail sales grew as well, up 12% in January. In the U.S., LCD TV sales for the two months combined were comparable to sales during the same time period last year. "This is in line with our expectations, as sales last January may have been higher due to inventory liquidation at Circuit City and the original digital conversion deadline in February." The retail data is the result of reports from a variety of independent consumer market research organizations (NPD, GFK, BCN, and CMM) and the company’s internal analysis.

Clappin also noted that panel prices for the first two months continued to be firm. "This is important as it is an indication that panel demand continues to be strong, which suggests there is strength further down the supply chain. Panel maker utilization rates also remain high. As a result, we continue to ship everything that we can make."

The company had no changes to its guidance for its first-quarter results or 2010 LCD glass market expectations.

Corning’s Gen 10 LCD glass facility in Sakai City broke ground in 2007 and began shipments last year. Corning is the first manufacturer of TFT-grade Gen 10 substrates. At 2880 mm x 3130 mm, Gen 10 is the largest LCD glass substrate available. The Gen 10 substrates manufactured at this facility use Corning’s revolutionary EAGLE XG™ glass composition, the most environmentally friendly LCD glass on the market.

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 instability 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; 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 150 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.