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IN BRIEF / TECHNOLOGY

Corning to Take $178-Million Charge

January 15, 2002|Reuters

Corning Inc., the largest maker of fiber-optic cable, said it will take a $178-million fourth-quarter charge related to employee stock holdings and said its pro forma net loss would be wider than expected, although revenue is seen as being in line with expectations.

Corning expects to record a fourth-quarter charge of $90 million related to the release of restrictions on Corning common stock held by employees, a $60-million pre-tax charge to write off inventory in the telecommunications segment and a $28-million write-off of an intellectual property investment.

The Corning, N.Y., firm expects a pro forma net loss per share of 28 to 29 cents, compared with its previous guidance of a loss of 20 to 25 cents a share. The company, which expects to report its fourth-quarter results Jan. 23, expects sales for the fourth quarter to be about $975 million.

Corning shares fell 27 cents to close at $9.81 on the New York Stock Exchange.

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