Corning, Newport feeling bite from Asia

Sept. 1, 1998
Effects of the Asian financial crisis are beginning to be seen in quarterly reports of companies with revenues from Asia. Corning Incorporated (Corning, NY), for instance, reported a 25% drop in earnings for its second quarter, ended June 30. Net income from continuing operations, before special items, was $92.7 million on sales of $855.9 million, down from $125 million on sales of $905.5 million in the second quarter of 1997. Newport Corp. (Irvine, CA), meanwhile, reported a 28% decrease in rev

Corning, Newport feeling bite from Asia

Effects of the Asian financial crisis are beginning to be seen in quarterly reports of companies with revenues from Asia. Corning Incorporated (Corning, NY), for instance, reported a 25% drop in earnings for its second quarter, ended June 30. Net income from continuing operations, before special items, was $92.7 million on sales of $855.9 million, down from $125 million on sales of $905.5 million in the second quarter of 1997. Newport Corp. (Irvine, CA), meanwhile, reported a 28% decrease in revenues from Asia for its second quarter. On the other hand, Newport`s fiberoptic communications business had 79% higher sales and 127% more orders than last year`s quarter, leading to net income of $2.2 million on sales of $33.8 million, up 49% from $1.5 million on sales of $31.9 million last year.

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