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Corning to take fourth-quarter charge

Corning announced late Monday that it will record a fourth-quarter charge of $178 million before taxes when it reports earnings Jan. 23. The company now expects a per-share pro forma loss between 28 cents and 29 cents, an increase from the previously expected per-share loss of 20 cents to 25 cents. The company forecasts revenue around $975 million. In last year's fourth quarter, the company posted pro forma earnings of 34 cents a share and revenue of $2.1 billion. The maker of fiber-optic cable and components said that the charge includes $28 million from an optical networking intellectual property investment that the company decided not to pursue and $60 million from an inventory write-down. The charge also included $90 million from stock grants that have yet to be exercised. A company would normally account for stock grant charges over many quarters as they become unrestricted, but Corning decided to take a lump-sum charge in one quarter for all the grants that will become exercisable.

Corning announced late Monday that it will record a fourth-quarter charge of $178 million before taxes when it reports earnings Jan. 23. The company now expects a per-share pro forma loss between 28 cents and 29 cents, an increase from the previously expected per-share loss of 20 cents to 25 cents. The company forecasts revenue around $975 million. In last year's fourth quarter, the company posted pro forma earnings of 34 cents a share and revenue of $2.1 billion.

The maker of fiber-optic cable and components said that the charge includes $28 million from an optical networking intellectual property investment that the company decided not to pursue and $60 million from an inventory write-down. The charge also included $90 million from stock grants that have yet to be exercised. A company would normally account for stock grant charges over many quarters as they become unrestricted, but Corning decided to take a lump-sum charge in one quarter for all the grants that will become exercisable.