The ongoing malaise of the telecommunications industry led
Corning to initiate significant restructurings during 2002. Optical
fiber plant closings and workforce reductions were evidence of our
comprehensive plan to align expenses with dramatically lowered
revenues in our telecommunications businesses. Despite industry
weakness, we remain the global leader in the manufacturing and sale
of optical communications products. Our position will serve us well
when the inevitable growth of this dynamic market returns.
For the near-term, we are focused on maintaining our leading position
across our markets and with our customers. Through our many
generations of manufacturing technology development, we are
restoring our businesses to profitability despite continued pricing
pressure and low-volume growth expectations. 
Looking further ahead, we remain committed to creating innovative
optical communications products that meet even tighter quality,
capability and cost requirements for our customers. We are empha-
sizing metro and access segments of the market as our major oppor-
tunities. And we are watching carefully for signs of market recovery.
When that time comes, we will be poised for growth once again.
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C ORNING C ABLE S YSTEMS : CABLE AND HARDW ARE
O PTICAL N ETWORKS : METRO , LOCAL , LAST MILE
C ORNING T ELECOMMUNICA TIONS