text: C O R N I N G T E L E C O M M U N I C A T I O N S 
  
  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. 