-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LjoUZKgZR85n2Rg1iPbhC8SKKf79WJsjnM3gHLlWMXnEfFapFzyiYEXjdOl/IF+U 9ZdH+fFkpiD0/cxrMtSfsw== /in/edgar/work/0000024741-00-000051/0000024741-00-000051.txt : 20001005 0000024741-00-000051.hdr.sgml : 20001005 ACCESSION NUMBER: 0000024741-00-000051 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000630 ITEM INFORMATION: FILED AS OF DATE: 20001004 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CORNING INC /NY CENTRAL INDEX KEY: 0000024741 STANDARD INDUSTRIAL CLASSIFICATION: [3661 ] IRS NUMBER: 160393470 STATE OF INCORPORATION: NY FISCAL YEAR END: 1228 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-03247 FILM NUMBER: 734646 BUSINESS ADDRESS: STREET 1: ONE RIVERFRONT PLAZA CITY: CORNING STATE: NY ZIP: 14831 BUSINESS PHONE: 6079749000 MAIL ADDRESS: STREET 1: ONE RIVERFRONT PLAZA CITY: CORNING STATE: NY ZIP: 14831 FORMER COMPANY: FORMER CONFORMED NAME: CORNING INC /NY / CORNING LAB SERVICES INC DATE OF NAME CHANGE: 19930713 FORMER COMPANY: FORMER CONFORMED NAME: CORNING GLASS WORKS DATE OF NAME CHANGE: 19890512 8-K 1 0001.txt CORNING'S THREE-FOR-ONE STOCK SPLIT SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report: (Date of earliest event reported) October 4, 2000 CORNING INCORPORATED (Exact name of registrant as specified in its charter) New York 1-3247 16-0393470 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) One Riverfront Plaza, Corning, New York 14831 (Address of principal executive offices) (Zip Code) (607) 974-9000 (Registrant's telephone number, including area code) N/A (Former name or former address, if changed since last report) Item 5. Current Events On August 16, 2000, the Board of Directors of Corning Incorporated approved a three-for-one stock split of Corning common stock effective to Corning shareholders of record as of September 5, 2000, with distribution of the shares on October 3, 2000. The following historical financial data prepared under generally accepted accounting principles (GAAP) and on a Pro Forma basis are presented as previously reported and as adjusted to give effect to the three-for-one stock split. Filed herewith is the following information: (1) As reported (pre split) and adjusted for the effect of three-for-one stock split (post split) earnings per share and weighted average shares outstanding for the quarters ended June 30, 2000, March 31, 2000, December 31, 1999, September 30, 1999, June 30, 1999 and March 31, 1999. (2) As reported (pre split) and adjusted for the effect of three-for-one stock split (post split) Pro Forma Net Income* per share and weighted average shares outstanding for the quarters ended June 30, 2000, March 31, 2000, December 31, 1999, September 30, 1999, June 30, 1999 and March 31, 1999. * Pro Forma Net Income excludes amortization of purchased intangibles and goodwill, purchased in-process research and development, one-time acquisition costs and other nonrecurring items. Corning's Pro Forma Net Income is not a measure that is in accordance with GAAP and may not be consistent with measures used by other companies. It should be considered as supplementary data rather than an alternative to GAAP. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CORNING INCORPORATED Registrant Date: October 4, 2000 By /s/ KATHERINE A. ASBECK Katherine A. Asbeck Vice President and Controller Corning Incorporated and Subsidiary Companies (In millions, except per share amounts) Earnings Per Share Exhibit 1
2000 1999 ---------------------------- ------------------------------------------ Six Months Full Q1 Q2 Year-to-Date Q1 Q2 Q3 Q4 Year-to-Date ---- ---- ------------ ---- ---- ---- ---- ------------ As Previously Reported (Pre Split) Income from continuing operations 76.9 149.2 226.1 92.5 131.0 141.9 145.6 511.0 Income from discontinued operations, net of income taxes 4.8 4.8 ------ ------ ------ ------ ------ ------ ------ ------ Net income $ 76.9 $149.2 $226.1 $ 92.5 $131.0 $141.9 $150.4 $515.8 ====== ====== ====== ====== ====== ====== ====== ====== Basic earnings per share: Continuing operations $ 0.28 $ 0.53 $ 0.82(1) $ 0.37 $ 0.51 $ 0.55 $ 0.56 $ 2.00(1) Discontinued operations 0.02 0.02 ------ ------ ------ ------ ------ ------ ------ ------ $ 0.28 $ 0.53 $ 0.82(1) $ 0.37 $ 0.51 $ 0.55 $ 0.58 $ 2.02(1) ====== ====== ====== ====== ====== ====== ====== ====== Diluted earnings per share: Continuing operations $ 0.28 $ 0.52 $ 0.80 $ 0.36 $ 0.50 $ 0.54 $ 0.55 $ 1.95 Discontinued operations 0.02 0.02 ------ ------ ------ ------ ------ ------ ------ ------ $ 0.28 $ 0.52 $ 0.80 $ 0.36 $ 0.50 $ 0.54 $ 0.57 $ 1.97 ====== ====== ====== ====== ====== ====== ====== ====== Shares used in computing earnings per share: Basic earnings per share 270.4 281.5 275.9 248.4 257.3 257.6 257.8 255.1 ====== ====== ====== ====== ====== ====== ====== ====== Diluted earnings per share 277.3 290.7 282.7 260.4 265.2 265.6 266.5 265.0 ====== ====== ====== ====== ====== ====== ====== ====== Effect of Three-for-One Stock Split (Post Split) Income from continuing operations 76.9 149.2 226.1 92.5 131.0 141.9 145.6 511.0 Income from discontinued operations, net of income taxes 4.8 4.8 ------ ------ ------ ------ ------ ------ ------ ------ Net income $ 76.9 $149.2 $226.1 $ 92.5 $131.0 $141.9 $150.4 $515.8 ====== ====== ====== ====== ====== ====== ====== ====== Basic earnings per share: Continuing operations $ 0.09 $ 0.18 $ 0.27 $ 0.12 $ 0.17 $ 0.18 $ 0.18 $ 0.66(1) Discontinued operations 0.01 0.01 ------ ------ ------ ------ ------ ------ ------ ------ $ 0.09 $ 0.18 $ 0.27 $ 0.12 $ 0.17 $ 0.18 $ 0.19 $ 0.67(1) ====== ====== ====== ====== ====== ====== ====== ====== Diluted earnings per share: Continuing operations $ 0.09 $ 0.17 $ 0.27(1) $ 0.12 $ 0.17 $ 0.18 $ 0.18 $ 0.65 Discontinued operations 0.01 0.01 ------ ------ ------ ------ ------ ------ ------ ------ $ 0.09 $ 0.17 $ 0.27(1) $ 0.12 $ 0.17 $ 0.18 $ 0.19 $ 0.66 ====== ====== ====== ====== ====== ====== ====== ====== Shares used in computing earnings per share: Basic earnings per share 811.2 844.5 827.7 745.2 771.9 772.8 773.4 765.3 ====== ====== ====== ====== ====== ====== ====== ====== Diluted earnings per share 831.9 872.1 848.1 781.2 793.5 796.8 799.5 795.0 ====== ====== ====== ====== ====== ====== ====== ======
(1) Earnings per share (EPS) in each quarter is computed using the weighted- average number of shares outstanding during that quarter while EPS for year-to-date is computed using the weighted-average number of shares outstanding during the year-to-date period. As a result, the sum of the quarters EPS does not equal the year-to-date EPS. Corning Incorporated and Subsidiary Companies (In millions, except per share amounts) Pro Forma Net Income Per Share* Exhibit 2
2000 1999 --------------------------- ------------------------------------------- Six Months Full Q1 Q2 Year-to-Date Q1 Q2 Q3 Q4 Year-to-Date ---- ---- ------------ ---- ---- ---- ---- ------------ As Previously Reported (Pre Split) Pro Forma Net Income $188.3 $271.1 $459.4 $ 97.9 $136.5 $148.1 $142.2 $524.7 ====== ====== ====== ====== ====== ====== ====== ====== Basic Pro Forma Net Income Per Share $ 0.70 $ 0.96 $ 1.66 $ 0.39 $ 0.53 $ 0.57 $ 0.55 $ 2.05(1) ====== ====== ====== ====== ====== ====== ====== ====== Diluted Pro Forma Net Income Per Share $ 0.68 $ 0.94 $ 1.62 $ 0.38 $ 0.52 $ 0.56 $ 0.54 $ 2.00 ====== ====== ====== ====== ====== ====== ====== ====== Shares used in computing Pro Forma Net Income per share: Basic Pro Forma Net Income per share 270.4 281.5 275.9 248.4 257.3 257.6 257.8 255.1 ====== ====== ====== ====== ====== ====== ====== ====== Diluted Pro Forma Net Income per share 277.3 290.7 282.7 260.4 265.2 265.6 266.5 265.0 ====== ====== ====== ====== ====== ====== ====== ====== Effect of Three-for-One Stock Split (Post Split) Pro Forma Net Income $188.3 $271.1 $459.4 $ 97.9 $136.5 $148.1 $142.2 $524.7 ====== ====== ====== ====== ====== ====== ====== ====== Basic Pro Forma Net Income Per Share $ 0.23 $ 0.32 $ 0.55 $ 0.13 $ 0.18 $ 0.19 $ 0.18 $ 0.68 ====== ====== ====== ====== ====== ====== ====== ====== Diluted Pro Forma Net Income Per Share $ 0.23 $ 0.31 $ 0.54 $ 0.13 $ 0.17 $ 0.19 $ 0.18 $ 0.67 ====== ====== ====== ====== ====== ====== ====== ====== Shares used in computing Pro Forma Net Income per share: Basic Pro Forma Net Income per share 811.2 844.5 827.7 745.2 771.9 772.8 773.4 765.3 ====== ====== ====== ====== ====== ====== ====== ====== Diluted Pro Forma Net Income per share 831.9 872.1 848.1 781.2 793.5 796.8 799.5 795.0 ====== ====== ====== ====== ====== ====== ====== ======
* Pro Forma Net Income excludes amortization of purchased intangibles and goodwill, purchased in-process research and development, one-time acquisition costs and other nonrecurring items. (1) Earnings per share (EPS) in each quarter is computed using the weighted- average number of shares outstanding during that quarter while EPS for year-to-date is computed using the weighted-average number of shares outstanding during the year-to-date period. As a result, the sum of the quarters EPS does not equal the year-to-date EPS. -----END PRIVACY-ENHANCED MESSAGE-----