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Corning 2006 Annual Report & 2007 Proxy Statement

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Corning 2006 Annual Report & 2007 Proxy Statement 522602_CorningCvr_TS 2/28/07 7:38 PM Page 1 Corning 2006 Annual Report & 2007 Proxy Statement Possibilities made Corning Incorporated One Riverfront Plaza Corning, NY 14831-0001 U.S.A. www.corning.com real © 2007 Corning Incorporated Printed in USA PT# 02AR34006EN 522602_CorningCvr_TS 2/28/07 7:38 PM Page 2 BOARD OF DIRECTORS EUGENE C. SIT WILLIAM D. EGGERS MARC S. GIROUX CHAIRMAN, CHIEF EXECUTIVE OFFICER SENIOR VICE PRESIDENT VICE PRESIDENT AND CHIEF JOHN SEELY BROWN AND CHIEF INVESTMENT OFFICER AND GENERAL COUNSEL ENGINEER — MANUFACTURING RETIRED CHIEF SCIENTIST SIT INVESTMENT ASSOCIATES, INC. TECHNOLOGY AND ENGINEERING XEROX CORPORATION MINNEAPOLIS, MN MARK S. ROGUS PALO ALTO, CA (3) (6) SENIOR VICE PRESIDENT VINCENT P.HATTON (2) (5) AND TREASURER SENIOR VICE PRESIDENT — WILLIAM D. SMITHBURG LEGAL DEPARTMENT Corning is the world leader in specialty glass ROBERT F. CUMMINGS JR. RETIRED CHAIRMAN, PRESIDENT DENISE A. HAUSELT SENIOR MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER CORPORATE SECRETARY AND THOMAS R. HINMAN and ceramics. GSC GROUP,INC. THE QUAKER OATS COMPANY ASSISTANT GENERAL COUNSEL SENIOR VICE PRESIDENT AND NEW YORK, NY CHICAGO, IL GENERAL MANAGER — (4) (6) (1) (2) JANE D. POULIN DIESEL TECHNOLOGIES CHIEF ACCOUNTING OFFICER JAMES B. FLAWS HANSEL E. TOOKES II CLARK S. KINLIN We create and make keystone components VICE CHAIRMAN RETIRED CHAIRMAN TONY TRIPENY GENERAL MANAGER — AND CHIEF FINANCIAL OFFICER AND CHIEF EXECUTIVE OFFICER VICE PRESIDENT AND GREATER CHINA CORNING INCORPORATED RAYTHEON AIRCRAFT COMPANY CORPORATE CONTROLLER that enable high-technology systems for CORNING, NY PALM BEACH GARDENS, FL MARK W. LAUROESCH 4 6 7 1 4 ( ) ( ) ( ) ( ) ( ) OTHER OFFICERS VICE PRESIDENT AND GENERAL consumer electronics, mobile emissions INTELLECTUAL PROPERTY COUNSEL GORDON GUND PETER F. VOLANAKIS LARRY AIELLO JR. CHAIRMAN CHIEF OPERATING OFFICER PRESIDENT JOHN P.MACMAHON control, telecommunications and life AND CHIEF EXECUTIVE OFFICER CORNING INCORPORATED AND CHIEF EXECUTIVE OFFICER — SENIOR VICE PRESIDENT — GLOBAL GUND INVESTMENT CORPORATION CORNING, NY CORNING CABLE SYSTEMS COMPENSATION AND BENEFITS sciences. PRINCETON, NJ (4) (6) (7) (2) (6) THOMAS APPELT JEAN-PIERRE MAZEAU PADMASREE WARRIOR VICE PRESIDENT AND GENERAL VICE PRESIDENT — SCIENCE AND JOHN M. HENNESSY EXECUTIVE VICE PRESIDENT MANAGER — AUTOMOTIVE TECHNOLOGY AND DIRECTOR INDEPENDENT SENIOR ADVISOR AND CHIEF TECHNOLOGY OFFICER TECHNOLOGIES CORPORATE PRODUCT AND Corning succeeds through sustained CREDIT SUISSE FIRST BOSTON MOTOROLA, INC. PROCESS DEVELOPMENT NEW YORK, NY SCHAUMBURG, IL MARK A. BECK (4) (5) (3) (6) VICE PRESIDENT AND GENERAL DONALD A. MCCABE JR. investment in R&D, more than 150 years MANAGER — LIFE SCIENCES SENIOR VICE PRESIDENT — JAMES R. HOUGHTON WENDELL P.WEEKS MANUFACTURING AND of materials science and process engineering CHAIRMAN OF THE BOARD PRESIDENT THOMAS E. BLUMER PERFORMANCE EXCELLENCE CORNING INCORPORATED AND CHIEF EXECUTIVE OFFICER VICE PRESIDENT — PROCUREMENT CORNING, NY CORNING INCORPORATED AND TRANSPORTATION E. MARIE MCKEE knowledge, and a distinctive collaborative (3) CORNING, NY SENIOR VICE PRESIDENT — (7) ROBERT B. BROWN CORNING INCORPORATED JEREMY R. KNOWLES EXECUTIVE VICE PRESIDENT — culture. CORNING ENVIRONMENTAL DEAN OF FACULTY OF CORPORATE OFFICERS LAWRENCE D. MCRAE ARTS & SCIENCES TECHNOLOGIES SENIOR VICE PRESIDENT — HARVARD UNIVERSITY WENDELL P.WEEKS CORPORATE DEVELOPMENT CAMBRIDGE, MA PRESIDENT JAMES P.CLAPPIN (3) (6) AND CHIEF EXECUTIVE OFFICER PRESIDENT — DISPLAY DAVID L. MORSE TECHNOLOGIES ASIA SENIOR VICE PRESIDENT — JAMES J. O’CONNOR JAMES B. FLAWS SCIENCE & TECHNOLOGY RETIRED CHAIRMAN VICE CHAIRMAN CHARLES R. CRAIG CORPORATE RESEARCH AND CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER VICE PRESIDENT — UNICOM CORPORATION SCIENCE & TECHNOLOGY ERIC S. MUSSER CHICAGO, IL PETER F. VOLANAKIS AND DIRECTOR OF VICE PRESIDENT AND (2) (5) CHIEF OPERATING OFFICER ADMINISTRATION AND OPERATIONS GENERAL MANAGER — CORNING OPTICAL FIBER DEBORAH D. RIEMAN KIRK P.GREGG ALAN T. EUSDEN RETIRED PRESIDENT EXECUTIVE VICE PRESIDENT PRESIDENT — CORNING DISPLAY MARK A. NEWHOUSE AND CHIEF EXECUTIVE OFFICER AND CHIEF ADMINISTRATIVE OFFICER TECHNOLOGIES TAIWAN SENIOR VICE PRESIDENT — CHECK POINT SOFTWARE STRATEGIC GROWTH TECHNOLOGIES INCORPORATED JOSEPH A. MILLER JR. KURT R. FISCHER WOODSIDE, CA EXECUTIVE VICE PRESIDENT SENIOR VICE PRESIDENT — TIMOTHY J. REGAN (1) (3) AND CHIEF TECHNOLOGY OFFICER HUMAN RESOURCES SENIOR VICE PRESIDENT — GOVERNMENT AFFAIRS H. ONNO RUDING PAMELA C. SCHNEIDER RICHARD J. FISHBURN RETIRED VICE CHAIRMAN SENIOR VICE PRESIDENT SENIOR VICE PRESIDENT JAMES R. STEINER AND DIRECTOR AND OPERATIONS CHIEF OF STAFF AND CHIEF INFORMATION OFFICER SENIOR VICE PRESIDENT CITICORP AND CITIBANK, N.A. AND GENERAL MANAGER — BRUSSELS, BELGIUM KATHERINE A. ASBECK VIVIAN L. GERNAND SPECIALTY MATERIALS (1) (4) SENIOR VICE PRESIDENT — FINANCE VICE PRESIDENT — GLOBAL COMMERCIAL DEVELOPMENT 2006 BOARD COMMITTEES (1) AUDIT; (2) COMPENSATION; (3) CORPORATE RELATIONS; (4) FINANCE; (5) NOMINATING AND CORPORATE GOVERNANCE; (6) PENSION; (7) EXECUTIVE © CORNING INCORPORATED 2007 136995-3_NARR 2/27/07 8:13 PM Page 2 To our shareholders: Corning Incorporated had an outstand- 2006 HIGHLIGHTS The growth of the liquid crystal display ing year in 2006. We delivered record (LCD) television market was a significant results in net income and earnings per We continued to follow the consistent set factor in our profitability during 2006. share and marked another year of of operating priorities that have guided us We were encouraged that LCD television significant improvement in profitability. since 2002: penetration reached 22 percent of the This performance would not have been world’s color television market by year- possible without the continued focus of I Protecting our financial health end. At the same time, average screen our management and employees, and I Improving our profitability sizes continued to increase. However, the steady guidance of our Board of I Investing in our future market dynamics brought a new challenge Directors and senior leaders. Together, I Always living our Values of seasonality to the complex LCD we remain committed to our long-term television supply chain. goal of another 150 years of innovation FINANCIAL HEALTH: and independence. As a result, we experienced some market Our financial health remains strong. In disruptions and corrections during the Our strategy of growing through 2006, we strengthened our credit ratings year. Our customers in Asia built inven- innovation, working toward balance with all three of the major rating agencies. tory in the first quarter, reduced produc- and stability and living our Values We ended the year with approximately tion in the second quarter, and then continues to be a winning formula for $3.2 billion in cash and short-term ramped back up in the third in anticipa- Corning. We are confident that it will investments and $1.7 billion in total out- tion of consumer demand at year-end. serve our shareholders well for many standing debt. For the second year in Our overall volume grew significantly years to come. a row, we had more cash than debt. With year-over-year, but this seasonal market these accomplishments, we believe we volatility made for a tough environment In this report, we will review our are well-equipped to weather potential as these dynamics played out. accomplishments from 2006 and our volatility in our businesses as we continue expectations as we look ahead to 2007. to invest in our future. We also faced a tougher competitive environment in 2006. We remain the IMPROVING PROFITABILITY: market leader, but our competitors have improved their capabilities as well, It was a banner year for earnings growth. resulting in additional pricing pressure. We dramatically improved profitability. We expected this, and our ongoing cost- Sales grew to $5.17 billion and gross reduction efforts are helping to offset margins, at 44 percent, were the highest the effects. This will become increasingly in our company’s history. We also achieved important as the business matures. In the all-time records for net income, at $1.85 meantime, the market continues to grow, billion, and for earnings per share, at $1.16. which means continued profitability for Corning as the world’s leading supplier of LCD glass. 136995-3_NARR 2/27/07 8:13 PM Page 3 INVESTING IN OUR FUTURE: In telecommunications, we’re encouraged We are committed to solving more of by Verizon’s fiber-to-the-premises plans those problems than ever before. We achieved important milestones in to extend their network to 3 million all of our growth initiatives this year. additional homes every year through We’ve set an ambitious goal: to double These developments show that our 2010. We’re also seeing broader industry our historic rate of new-business creation investments are firmly focused on the interest in optical networks that can carry from two to four per decade. Over the future and on what we do best — creating robust video downloads and high-speed past year, we completed a corporate and making keystone components that data direct to the home. Our innovative technology strategy to achieve this goal. enable high-technology systems. Here are cable, hardware and equipment products And as we create new businesses in a wide a few examples: help make installation easier and more variety of markets, we will also help cost-efficient for network providers, so we mitigate our inherent volatility as a tech- In display, we began supplying commercial
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