text: All that said, we are preserving what we believe is a strong 
  liquidity position. And our balance sheet will continue to 
  improve in 2003 as we gain more benefits from last year’s 
  restructuring actions. We will continue to maintain our focus 
  on improving our cash flow and reducing our debt levels as 
  we look ahead to our longer-term goal of regaining an invest- 
  ment-grade debt rating. 
  
  The plan — painful though it is — is working. 
  
  **P R E S E R V I N G O U R F I N A N C I A L H E A L T H**
  
  Now, let’s take a look at our financial picture. Our 2002 sales 
  from continuing operations were $3.2 billion, a significant 
  decline from 2001 sales of $6.1 billion. Losses in our 
  telecommunications segment and significant restructuring 
  and impairment charges drove a net loss of $1.3 billion or 
  $1.39 per share in 2002. 
  
  **R E T U R N I N G T O P R O F I T A B I L I T Y**
  
  In 2003, we will focus our energy on the plan to return to 
  profitability. We are on track to reach that goal, and let me 
  explain a few of the reasons why. 
  
  Despite these lowered revenues and net loss, I take great 
  pride in saying that Corning continues to be a financially 
  sound company. We developed a three-part plan for achieving 
  this goal: maintaining significant cash balances; using excess 
  cash to reduce our debt; and continuing to have access to our 
  $2 billion revolving line of credit. And we have achieved 
  significant success in each of these areas. 