UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934



        Date of Report: (Date of earliest event reported) April 26, 2005



                              CORNING INCORPORATED
             (Exact name of registrant as specified in its charter)



New York                               1-3247                16-0393470
(State or other jurisdiction           (Commission           (I.R.S. Employer
of incorporation)                      File Number)          Identification No.)


One Riverfront Plaza, Corning, New York                      14831
(Address of principal executive offices)                     (Zip Code)


(607) 974-9000
(Registrant's telephone number, including area code)


N/A
(Former name or former address, if changed since last report)


Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

[ ]  Written  communications  pursuant to Rule 425 under the  Securities Act (17
     CFR 230.425)

[ ]  Soliciting  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)

[ ]  Pre-commencement   communications  pursuant  to  Rule  14d-2(b)  under  the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement   communications  pursuant  to  Rule  13e-4(c)  under  the
     Exchange Act (17 CFR 240.13e-4(c))






Item 2.02.  Results of Operations and Financial Condition

Item 7.01.  Regulation FD Disclosure

The Corning  Incorporated  press  release  dated April 26, 2005,  regarding  its
financial  results for the quarter ended March 31, 2005,  and its second quarter
2005 earnings guidance, is attached hereto as Exhibit 99.

The information in this report,  being furnished  pursuant to Item 2.01 and 7.01
of Form 8-K, shall not be deemed to be "filed" for purposes of Section 18 of the
Securities  and  Exchange  Act of 1934,  as amended  (the  "Exchange  Act"),  or
otherwise subject to the liabilities of that Section, and is not incorporated by
reference in any filing under the  Securities  Act of 1933,  as amended,  or the
Exchange  Act,  except as  expressly  set forth by  specific  reference  in such
filing.

Safe Harbor Statement

Statements  contained in the Item 7.01  Regulation FD Disclosure and the exhibit
to this report that state the  Company's  or its  management's  expectations  or
predictions of the future are forward-looking  statements intended to be covered
by the safe harbor  provisions  of the  Securities  Act of 1933 and the Exchange
Act. The Company's  actual results could differ  materially from those projected
in such  forward-looking  statements.  Factors that could  affect those  results
include  those  mentioned in the  documents  that the Company has filed with the
Securities and Exchange Commission.

Item 9.01.  Financial Statements and Exhibits

(c)   Exhibit

      99   Press Release dated April 26, 2005, issued by Corning Incorporated.








                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.



                                CORNING INCORPORATED
                                Registrant



Date: April 26, 2005            By    /s/  KATHERINE A. ASBECK
                                           ------------------------------------
                                           Katherine A. Asbeck
                                           Senior Vice President and Controller






                                                                      Exhibit 99
                                                                      ----------





FOR RELEASE -- APRIL 26, 2005

Media Relations Contact:                Investor Relations Contact:
Daniel F. Collins                       Kenneth C. Sofio
(607) 974-4197                          (607) 974-7705
collinsdf@corning.com                   sofiokc@corning.com


                      Corning Reports First-Quarter Results
                  Earnings per share of $0.17 exceeds guidance
                       Sales strong over year-ago results

CORNING, N.Y. -- Corning Incorporated (NYSE: GLW) today announced  first-quarter
sales of $1.05 billion, with net income of $249 million, or $0.17 per share. The
company's first-quarter results exceeded its sales guidance and far exceeded its
guidance for earnings.

"We are  extremely  pleased with our overall  results and we believe that we are
well positioned to take advantage of continuing growth  opportunities," James R.
Houghton, chairman and chief executive officer, said.

First-Quarter Operating Results
Corning's  first-quarter  sales of $1.05  billion  increased 2 percent over last
year's  fourth-quarter  sales of $1.033  billion,  and increased 24 percent over
last year's  first-quarter  sales of $844  million.  Gross  margin for the first
quarter improved to 41 percent versus 35 percent in the previous quarter.  About
half of the  first-quarter  sequential  improvement  in gross  margin was due to
stronger  operating   performance  in  all  the  company's  operating  segments,
particularly Display Technologies and Environmental Technologies.  The remainder
was due to the absence of a number of unusual items which occurred in the fourth
quarter.

Equity  earnings  for the first  quarter  were $166  million,  an increase of 25
percent over  fourth-quarter  equity  earnings of $133 million.  The  sequential
increase was primarily due to Dow Corning Corporation,  which experienced strong
volume growth,  improved pricing and favorable exchange rates.  Corning's equity
earnings from Dow Corning were $68 million in the first quarter, nearly doubling
fourth-quarter equity earnings of $35 million.


                                     (more)





Corning Reports First-Quarter Results
Page Two


Corning recorded $320 million in first-quarter sales in its Display Technologies
segment,  a 3 percent  increase  over last year's  fourth-quarter  sales of $311
million.  The  sequential  sales  increase was  primarily  driven by a 5 percent
volume  increase and a favorable  Japanese yen exchange rate,  offset by average
glass pricing declines of less than 4 percent.  Sequential  first-quarter volume
and pricing were within the company's  guidance.  Volume grew  approximately  35
percent and average pricing was flat in comparison to a year ago.

Samsung Corning  Precision Glass Co. Ltd., a 50-percent equity venture in Korea,
increased its sequential glass volume by 6 percent. In comparison to a year ago,
volume at Samsung  Corning  Precision  was up 44  percent in the first  quarter.
Equity  earnings from Samsung  Corning  Precision were $80 million for the first
quarter, compared to $73 million last quarter.

Total  volume in the Display  Technologies  segment,  including  both  Corning's
wholly-owned  business  and  Samsung  Corning  Precision,  increased  6  percent
sequentially  in the first  quarter.  Net  income for the  Display  Technologies
segment was $161 million in the first  quarter,  compared to $151 million in the
fourth quarter.

Wendell P. Weeks,  president and chief  operating  officer,  said, "In the first
quarter, we saw increased indications that panel manufacturers are continuing to
ramp up capacity for  larger-generation  (Gens.  5, 6 and 7) panel sizes. We are
pleased  to  report  that  we  have  signed  four  additional  long-term  supply
agreements  for  liquid  crystal  display  (LCD)  glass  that  include  customer
deposits. We now have five long-term supply agreements with customer deposits, a
clear indication that our customers  continue to see Corning as the first choice
for meeting their large-size glass needs."

Telecommunications  segment  sales  were $427  million  for the  first  quarter,
consistent with the previous  quarter's  sales of $423 million,  and higher than
the company's expectations. The better-than-expected sales were primarily due to
higher   volumes  of  hardware  and  equipment   products  to  support   Verizon
Communication's  fiber-to-the-premises  (FTTP)  build-out  in North  America and
continued  strong  demand in Europe.  The  segment  recognized  net income of $9
million  compared  to a net loss of $9 million in last  year's  fourth  quarter.
Optical   fiber   volume  in  the  first   quarter   decreased  6  percent  from
fourth-quarter  volume, while fiber pricing declined approximately 2 percent for
the quarter.  In comparison to a year ago, fiber volumes  increased more than 50
percent.

Weeks said,  "We were pleased  with the  performance  of our  Telecommunications
segment in North America,  but we continue to be challenged by the overall lower
demand and strong pricing pressures for fiber in China."


                                     (more)





Corning Reports First-Quarter Results
Page Three


Environmental  Technologies  segment  sales  were  $148  million  for the  first
quarter,  a 14 percent  sequential sales increase.  These results were driven by
seasonal  increases and strong volume for both the automotive and diesel product
lines, the latter related to a Korean diesel engine retrofit  program  underway.
Enhanced manufacturing  performance also drove improved segment results in first
quarter compared to the fourth quarter.

The company's Life Sciences segment recorded first-quarter sales of $74 million,
an increase over fourth-quarter sales of $71 million.

Special Items
Corning's  first-quarter  results included special items netting to a $3 million
charge,  which had no impact on the  company's  earnings per share.  The special
items  include a charge of $19  million to impair the  company's  investment  in
Avanex Corporation,  and a $16 million gain to reflect the decline in the market
value  of  Corning  common  stock  to be  contributed  to  settle  the  asbestos
litigation related to Pittsburgh Corning Corporation.

Cash Flow/Liquidity Update
Corning  ended  the  first  quarter  with $1.5  billion  in cash and  short-term
investments, a decline from the previous quarter's balance of $1.9 billion. This
decline was due to capital spending in excess of operating cash flow and the net
repayment  of $146  million  of debt in the  first  quarter.  Also in the  first
quarter, Corning converted nearly $100 million in debentures into Corning stock.
These items resulted in the company's  debt-to-capital  ratio  improving to 36.4
percent  compared to the  previous  quarter's  ratio of 41 percent.  The company
expects to redeem the  remaining  $191  million of its 3.5  percent  debentures,
subject to market conditions, by the end of 2005.

James B. Flaws, vice chairman and chief financial officer, said, "We continue to
make progress on all of our financial goals. We are carefully  managing our cash
flow,  reducing  the  company's  overall debt levels and making  strides  toward
achieving investment-grade ratings."

Second-Quarter Outlook
Corning  said that it expects  second-quarter  sales to be in the range of $1.08
billion to $1.13  billion and EPS in the range of $0.17 to $0.19 before  special
items.  This EPS  estimate  is a non-GAAP  financial  measure and  excludes  any
possible special items. This and all non-GAAP  financial measures are reconciled
on the company's  investor  relations Web site and in  attachments  to this news
release.  The company  expects  gross  margins  will be about 40 percent for the
quarter and equity earnings will be consistent  with the first quarter.  Corning
expects that the  second-quarter  corporate  tax rate will be between 20 percent
and 25 percent.  For the second half of the year,  the company  believes the tax
rate will be between 20 percent and 30 percent.


                                     (more)





Corning Reports First-Quarter Results
Page Four


In the Display  Technologies  segment,  Corning  anticipates that second-quarter
sequential  volume  growth for its  wholly-owned  business  and Samsung  Corning
Precision  will be in the range of 10 percent to 20 percent,  both  individually
and in the  aggregate.  Corning said that the actual rate of glass volume growth
could vary by geographic market. In addition, the level of volume growth will be
influenced  by  the  industry's  ability  to  efficiently  bring  on  new  panel
manufacturing capacity during the quarter and the level of end market demand for
LCD  products.  Pricing  pressures  are  expected to be slightly  less than what
occurred in the first quarter.

"We believe that in the second quarter our panel customers will continue to ramp
up capacity at their Gen 6 and Gen 7 plants in  anticipation  of increasing  LCD
television demand," Weeks, said. "There are indications that the retail price of
LCD  televisions  will continue to drop  throughout the year and we believe that
overall LCD  television  penetration  could reach 10 percent of the TV market in
2005." He said that the second quarter should also see sustained strength in LCD
monitor  demand.  The company  continues  to  forecast  that the total LCD glass
market volume will grow in excess of 50 percent for the year.

Telecommunications   segment   second-quarter   sales  are   expected   to  grow
approximately 5 percent,  led primarily by the seasonal strength in hardware and
equipment  products.  The  company's  second-quarter  fiber  volume  increase is
expected  to be in the range of flat to a 10  percent  increase.  Second-quarter
fiber pricing is expected to decline less than 5 percent  sequentially.  Corning
believes  that  second-quarter  volumes of FTTP products sold to Verizon will be
similar to the very strong  first  quarter.  The company  also expects that FTTP
sales will  decline in the second  quarter with the  implementation  of expected
price reductions as the Verizon project enters its second year.

The company also expects equity  earnings from Dow Corning to be in the range of
$50 million to $60  million in the second  quarter,  and it  believes  this is a
reasonable expectation per quarter for the remainder of the year.

Weeks  said,  "We have had an  outstanding  start to the year and we are excited
about our  prospects.  We believe we have  excellent  momentum  coming into this
quarter and we are well positioned for growth in 2005."

Annual Shareholders Meeting
Corning will hold its annual  shareholder  meeting on  Thursday,  April 28, 2005
beginning at 11 a.m., EDT, at The Corning Museum of Glass Auditorium in Corning,
N.Y.

First-Quarter Conference Call Information
The  company  will host a  first-quarter  conference  call at 8:30  a.m.  EDT on
Wednesday, April 27. To access the call, dial (630) 395-0017.


                                     (more)





Corning Reports First-Quarter Results
Page Five


The password is RESULTS. A replay of the call will begin at approximately  10:30
a.m. EDT and will run through 5 p.m.  EDT,  Wednesday,  May 11. To listen,  dial
(203) 369-2041,  no pass code is required.  To listen to a live audio webcast of
the  call  please  go  to  Corning's  Web  site  and  follow  the  instructions:
http://www.corning.com/investor_relations.  The audio  webcast  will be archived
for one year following the call.

Presentation of Information in this News Release
Non-GAAP  financial  measures are not in accordance  with, or an alternative to,
GAAP.  Corning's  non-GAAP  net income and EPS measures  exclude  restructuring,
impairment  and  other  charges  and  adjustments  to prior  estimates  for such
charges.  Additionally,  the company's non-GAAP measures exclude  adjustments to
asbestos  settlement  reserves  required by movements in Corning's  common stock
price,  gains and losses arising from debt  retirements,  charges resulting from
the  impairment  of  equity  or cost  method  investments  and  gains or  losses
recognized in equity earnings from restructuring, impairment or other charges or
credits  taken by equity  method  companies.  The  company  believes  presenting
non-GAAP net income and EPS measures is helpful to analyze financial performance
without  the impact of unusual  items that may obscure  trends in the  company's
underlying performance.  These non-GAAP measures are reconciled on the company's
Web site at www.corning.com/investor_relations and accompany this news release.

About Corning Incorporated
Corning Incorporated  (www.corning.com) is a diversified technology company that
concentrates its efforts on high-impact growth  opportunities.  Corning combines
its  expertise  in  specialty  glass,   ceramic  materials,   polymers  and  the
manipulation of the properties of light,  with strong process and  manufacturing
capabilities  to develop,  engineer  and  commercialize  significant  innovative
products  for  the  telecommunications,   flat  panel  display,   environmental,
semiconductor, and life sciences industries.


                                     (more)





Corning Reports First-Quarter Results
Page Six


Forward-Looking and Cautionary Statements
This news release contains forward-looking  statements that involve a variety of
business risks and other uncertainties that could cause actual results to differ
materially.  These risks and uncertainties include the possibility of changes or
fluctuations in global economic and political conditions; tariffs, import duties
and currency  fluctuations;  product demand and industry  capacity;  competitive
products and pricing; manufacturing efficiencies; cost reductions;  availability
and costs of critical  components and  materials;  new product  development  and
commercialization;  order  activity  and demand  from major  customers;  capital
spending by larger  customers in the liquid crystal  display  industry and other
businesses;  changes  in the  mix  of  sales  between  premium  and  non-premium
products;  facility expansions and new plant start-up costs; possible disruption
in commercial  activities due to terrorist activity,  armed conflict,  political
instability or major health concerns; ability to obtain financing and capital on
commercially  reasonable terms; adequacy and availability of insurance;  capital
resource and cash flow activities;  capital spending; equity company activities;
interest costs;  acquisition and divestiture activities;  the level of excess or
obsolete  inventory;  the rate of  technology  change;  the  ability  to enforce
patents;  product and components  performance issues;  changes in key personnel;
stock price  fluctuations;  and adverse  litigation or regulatory  developments.
These and other risk  factors  are  identified  in  Corning's  filings  with the
Securities and Exchange Commission.  Forward-looking statements speak only as of
the day that they are made, and Corning  undertakes no obligation to update them
in light of new information or future events.

                                       ###










                  CORNING INCORPORATED AND SUBSIDIARY COMPANIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
               (Unaudited; in millions, except per share amounts)




                                                                                            For the three months ended
                                                                                                     March 31,
                                                                                          -----------------------------
                                                                                             2005                2004
                                                                                          ---------           ---------
                                                                                                        
Net sales                                                                                 $   1,050           $     844
Cost of sales                                                                                   621                 544
                                                                                          ---------           ---------

Gross margin                                                                                    429                 300

Operating expenses:
   Selling, general and administrative expenses                                                 184                 160
   Research, development and engineering expenses                                                98                  84
   Amortization of purchased intangibles                                                          5                  10
   Restructuring, impairment and other charges and (credits)                                     19                  34
   Asbestos settlement                                                                          (16)                 19
                                                                                          ---------           ---------

Operating income (loss)                                                                         139                  (7)

Interest income                                                                                  10                   6
Interest expense                                                                                (37)                (36)
Loss on repurchases and retirement of debt, net                                                                     (23)
Other expense, net                                                                               (9)                 (4)
                                                                                          ---------           ---------

Income (loss) before income taxes                                                               103                 (64)
(Provision) benefit for income taxes                                                            (19)                 12
                                                                                          ---------           ---------

Income (loss) before minority interests and equity earnings                                      84                 (52)
Minority interests                                                                               (1)
Equity in earnings of associated companies                                                      166                 107
                                                                                          ---------           ---------

Net income                                                                                $     249           $      55
                                                                                          =========           =========

Basic earnings per common share                                                           $    0.18           $    0.04
                                                                                          =========           =========
Diluted earnings per common share                                                         $    0.17           $    0.04
                                                                                          =========           =========

Shares used in computing per share amounts for:
   Basic earnings per common share                                                            1,411               1,358
                                                                                          =========           =========
   Diluted earnings per common share                                                          1,503               1,437
                                                                                          =========           =========







                  CORNING INCORPORATED AND SUBSIDIARY COMPANIES
                           CONSOLIDATED BALANCE SHEETS
          (Unaudited; in millions, except share and per share amounts)




                                                                                           March 31,         December 31,
                                                                                             2005                2004
                                                                                         -----------        -------------
                                                                                                        
Assets

Current assets:
   Cash and cash equivalents                                                              $     847           $   1,009
   Short-term investments, at fair value                                                        700                 872
                                                                                          ---------           ---------
     Total cash, cash equivalents and short-term investments                                  1,547               1,881
   Trade accounts receivable, net of doubtful accounts and allowances                           621                 585
   Inventories                                                                                  562                 535
   Deferred income taxes                                                                         90                  94
   Other current assets                                                                         208                 188
                                                                                          ---------           ---------
       Total current assets                                                                   3,028               3,283

Investments                                                                                   1,485               1,484
Property, net                                                                                 4,096               3,941
Goodwill and other intangible assets, net                                                       387                 398
Deferred income taxes                                                                           478                 472
Other assets                                                                                    159                 166
                                                                                          ---------           ---------

Total Assets                                                                              $   9,633           $   9,744
                                                                                          =========           =========

Liabilities and Shareholders' Equity

Current liabilities:
   Short-term borrowings, including current portion of long-term debt                     $     288           $     478
   Accounts payable                                                                             667                 682
   Other accrued liabilities                                                                  1,001               1,178
                                                                                          ---------           ---------
       Total current liabilities                                                              1,956               2,338

Long-term debt                                                                                2,125               2,214
Postretirement benefits other than pensions                                                     595                 600
Other liabilities                                                                               740                 747
                                                                                          ---------           ---------
       Total liabilities                                                                      5,416               5,899
                                                                                          ---------           ---------

Commitments and contingencies
Minority interests                                                                               29                  29
Shareholders' equity:
   Preferred stock - Par value $100.00 per share; Shares authorized: 10 million
     Series C mandatory convertible preferred stock - Shares issued: 5.75 million;
     Shares outstanding: 633 thousand and 637 thousand                                           63                  64
   Common stock - Par value $0.50 per share; Shares authorized: 3.8 billion;
     Shares issued: 1,437 million and 1,424 million                                             719                 712
   Additional paid-in capital                                                                10,484              10,363
   Accumulated deficit                                                                       (7,060)             (7,309)
   Treasury stock, at cost; Shares held: 15 million and 16 million                             (155)               (162)
   Accumulated other comprehensive income                                                       137                 148
                                                                                          ---------           ---------
       Total shareholders' equity                                                             4,188               3,816
                                                                                          ---------           ---------

Total Liabilities and Shareholders' Equity                                                $   9,633           $   9,744
                                                                                          =========           =========


Certain amounts for 2004 were reclassified to conform to 2005 classifications.





                  CORNING INCORPORATED AND SUBSIDIARY COMPANIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                            (Unaudited; in millions)



                                                                                            For the three months ended
                                                                                                     March 31,
                                                                                          -----------------------------
                                                                                             2005                2004
                                                                                          ---------           ---------
                                                                                                        
Cash Flows from Operating Activities:
   Income from continuing operations                                                      $     249           $      55
   Adjustments to reconcile income from continuing operations to net
    cash provided by operating activities:
     Depreciation                                                                               120                 120
     Amortization of purchased intangibles                                                        5                  10
     Asbestos settlement                                                                        (16)                 19
     Restructuring, impairment and other charges and (credits)                                   19                  34
     Loss on repurchases and retirement of debt                                                                      23
     Undistributed earnings of associated companies                                             (23)                (29)
     Deferred taxes                                                                               3                 (40)
     Restructuring payments                                                                      (9)                (34)
     Customer deposits                                                                           20
     Changes in certain working capital items:
        Trade accounts receivable                                                               (54)                (17)
        Inventories                                                                             (39)                (32)
        Other current assets                                                                    (16)                  3
        Accounts payable and other current liabilities, net of restructuring payments          (151)                (66)
     Other, net                                                                                  34                  (1)
                                                                                          ---------           ---------
Net cash provided by operating activities                                                       142                  45
                                                                                          ---------           ---------

Cash Flows from Investing Activities:
   Capital expenditures                                                                        (323)               (134)
   Short-term investments - acquisitions                                                       (314)               (544)
   Short-term investments - liquidations                                                        486                 421
   Other, net                                                                                     2                  11
                                                                                          ---------           ---------
Net cash used in investing activities                                                          (149)               (246)
                                                                                          ---------           ---------

Cash Flows from Financing Activities:
   Repayments of short-term borrowings and current portion of long-term debt                   (192)                 (2)
   Proceeds from issuance of long-term debt, net                                                 48                 396
   Retirements of long-term debt                                                                 (2)               (141)
   Proceeds from issuance of common stock, net                                                   12                  11
   Proceeds from the exercise of stock options                                                    9                  12
   Other, net                                                                                    (5)                 (2)
                                                                                          ---------           ---------
Net cash (used in) provided by financing activities                                            (130)                274
                                                                                          ---------           ---------
Effect of exchange rates on cash                                                                (25)                 (1)
                                                                                          ---------           ---------
Net (decrease) increase in cash and cash equivalents                                           (162)                 72
Cash and cash equivalents at beginning of period                                              1,009                 688
                                                                                          ---------           ---------

Cash and cash equivalents at end of period                                                $     847           $     760
                                                                                          =========           =========


Certain amounts for 2004 were reclassified to conform to 2005 classifications.





                              CORNING INCORPORATED
                           QUARTERLY SALES INFORMATION
                            (Unaudited; in millions)




                                           2005                                       2004
                                         --------         ------------------------------------------------------------
                                            Q1               Q1           Q2           Q3           Q4          Total
                                         --------         -------      -------      --------     --------     --------
                                                                                            

Display Technologies                     $    320         $   230      $   277      $    295     $    311     $  1,113

Telecommunications
   Fiber and cable                            212             149          192           202          212          755
   Hardware and equipment                     215             163          200           210          211          784
                                         --------         -------      -------      --------     --------     --------
                                              427             312          392           412          423        1,539

Environmental Technologies
   Automotive                                 127             125          121           119          114          479
   Diesel                                      21              16           20            17           16           69
                                         --------         -------      -------      --------     --------     --------
                                              148             141          141           136          130          548

Life Sciences                                  74              79           79            75           71          304

Other                                          81              82           82            88           98          350
                                         --------         -------      -------      --------     --------     --------

Total                                    $  1,050         $   844      $   971      $  1,006     $  1,033     $  3,854
                                         ========         =======      =======      ========     ========     ========


The above  supplemental  information  is  intended  to  facilitate  analysis  of
Corning's businesses.






                  CORNING INCORPORATED AND SUBSIDIARY COMPANIES
     RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE
                        Three Months Ended March 31, 2005
           (Unaudited; amounts in millions, except per share amounts)

- --------------------------------------------------------------------------------
Corning's  net income and earnings per share (EPS)  excluding  special items for
the first quarter of 2005 are non-GAAP  financial measures within the meaning of
Regulation G of the  Securities  and  Exchange  Commission.  Non-GAAP  financial
measures are not in accordance  with, or an alternative to,  generally  accepted
accounting  principles  (GAAP).  The company  believes  presenting  non-GAAP net
income and EPS is helpful to analyze financial performance without the impact of
unusual items that may obscure trends in the company's underlying performance. A
detailed  reconciliation  is provided below  outlining the  differences  between
these non-GAAP measures and the directly related GAAP measure.
- --------------------------------------------------------------------------------

                                                Per     Income Before     Net
                                               Share    Income Taxes    Income
                                              -------   -------------   -------

Earnings per share (EPS) and net income,
  excluding special items                     $  0.17     $   106       $   252

Special items:
     Restructuring, impairment and other
       (charges) and credits (a)                (0.01)        (19)          (19)

     Asbestos settlement (b)                     0.01          16            16
                                              -------     -------       -------

Total EPS and net income                      $  0.17     $   103       $   249
                                              =======     =======       =======


(a)  In the first quarter of 2005,  Corning recorded an impairment charge of $19
     million  for an other  than  temporary  decline  in the  fair  value of its
     investment in Avanex  Corporation  (Avanex).  At March 31, 2005,  shares of
     Avanex were trading at $1.30 per share  compared to Corning's  average cost
     basis of $2.40 per share.  Corning  believes  it will not  recover its cost
     basis in Avanex shares given the significant decline in its stock price.

(b)  As part of Corning's  asbestos  settlement  arrangement to be  incorporated
     into the Pittsburgh Corning Corporation  reorganization  plan, Corning will
     contribute, if the reorganization plan becomes effective, 25 million shares
     of Corning common stock to a trust. This portion of the asbestos  liability
     requires  quarterly  adjustment  based upon  movements in Corning's  common
     stock price prior to  contribution of the shares to the trust. In the first
     quarter of 2005, Corning recorded a credit of $16 million for the change in
     its common stock price of $11.13 at March 31, 2005 compared to $11.77,  the
     common stock price at December 31, 2004.






                  CORNING INCORPORATED AND SUBSIDIARY COMPANIES
     RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE
                      Three Months Ended December 31, 2004
           (Unaudited; amounts in millions, except per share amounts)

- --------------------------------------------------------------------------------
Corning's  net income and earnings per share (EPS)  excluding  special items for
the fourth quarter of 2004 are non-GAAP financial measures within the meaning of
Regulation G of the  Securities  and  Exchange  Commission.  Non-GAAP  financial
measures are not in accordance  with, or an alternative to,  generally  accepted
accounting  principles  (GAAP).  The company  believes  presenting  non-GAAP net
income and EPS is helpful to analyze financial performance without the impact of
unusual items that may obscure trends in the company's underlying performance. A
detailed  reconciliation  is provided below  outlining the  differences  between
these non-GAAP measures and the directly related GAAP measure.
- --------------------------------------------------------------------------------

                                               Per     Income Before     Net
                                              Share    Income Taxes    Income
                                             -------   -------------   -------

Earnings per share (EPS) and net income,
  excluding special items                    $  0.12     $    79       $   177

Special items:
     Restructuring, impairment and other
       (charges) and credits (a)                               5             3

     Asbestos settlement (b)                   (0.01)        (17)          (17)
                                             -------     -------       -------

Total EPS and net income                     $  0.11     $    67       $   163
                                             =======     =======       =======


(a)  Corning  recorded  net  credits of $5 million  ($3  million  after-tax  and
     minority  interest) for  adjustments  to prior periods'  restructuring  and
     impairment charges, primarily in the Telecommunications segment.

(b)  As part of Corning's  asbestos  settlement  arrangement to be  incorporated
     into the Pittsburgh Corning Corporation  reorganization  plan, Corning will
     contribute,  when the  reorganization  plan becomes  effective,  25 million
     shares of Corning  common  stock to a trust.  This  portion of the asbestos
     liability requires  quarterly  adjustment based upon movements in Corning's
     common stock price prior to contribution of the shares to the trust. In the
     fourth  quarter of 2004,  Corning  recorded a charge of $17 million for the
     change in its common stock price of $11.77 at December 31, 2004 compared to
     $11.08, the common stock price at September 30, 2004.






                  CORNING INCORPORATED AND SUBSIDIARY COMPANIES
     RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE
                        Three Months Ended March 31, 2005
                        (Unaudited; amounts in millions)

- --------------------------------------------------------------------------------
Corning's free cash flow financial measures for the three months ended March 31,
2005 and December 31, 2004 are non-GAAP financial measures within the meaning of
Regulation G of the  Securities  and  Exchange  Commission.  Non-GAAP  financial
measures are not in accordance  with, or an alternative to,  generally  accepted
accounting principles (GAAP). The company believes presenting non-GAAP financial
measures  is helpful  to analyze  financial  performance  without  the impact of
unusual items that may obscure trends in the company's underlying performance. A
detailed  reconciliation  is provided below  outlining the  differences  between
these non-GAAP measures and the directly related GAAP measures.
- --------------------------------------------------------------------------------


                                              For the three     For the three
                                               months ended      months ended
                                              March 31, 2005   December 31, 2004
                                              --------------   -----------------

Operating cash flow                              $     142         $     366

Less:  Investing cash flow                            (149)             (359)

Plus: Short-term investments - acquisitions            314               284

Less: Short-term investments - liquidations           (486)             (217)
                                                 ---------         ---------

Free cash flow                                   $    (179)        $      74
                                                 =========         =========







                  CORNING INCORPORATED AND SUBSIDIARY COMPANIES
     RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE
                        Three Months Ended June 30, 2005
           (Unaudited; amounts in millions, except per share amounts)

- --------------------------------------------------------------------------------
Corning's  earnings  per share  (EPS)  excluding  special  items for the  second
quarter of 2005 is a non-GAAP financial measure within the meaning of Regulation
G of the Securities and Exchange Commission. Non-GAAP financial measures are not
in  accordance  with,  or  an  alternative  to,  generally  accepted  accounting
principles  (GAAP). The company believes  presenting  non-GAAP EPS is helpful to
analyze  financial  performance  without  the impact of  unusual  items that may
obscure   trends  in  the   company's   underlying   performance.   A   detailed
reconciliation is provided below outlining the differences between this non-GAAP
measure and the directly related GAAP measure.
- --------------------------------------------------------------------------------

                                                                Range
                                                        ----------------------
Guidance: EPS excluding special items                   $ 0.17          $ 0.19

Special items:
     Restructuring, impairment and other
       (charges) and credits (a)

     Asbestos settlement (b)

     (Loss) gain on repurchases and retirements
       of debt, net (c)                                 ------          ------

Earnings per share

        ----------------------------------------------------------------
        This schedule will be updated as additional announcements occur.
        ----------------------------------------------------------------

(a)  From time to time,  Corning may need to make  adjustments to estimates used
     in the determination of prior year  restructuring  and impairment  charges,
     which could result in a gain or loss during the quarter.

(b)  As part of Corning's  asbestos  settlement  arrangement to be  incorporated
     into the Pittsburgh Corning Corporation  reorganization  plan, Corning will
     contribute,  when the  reorganization  plan becomes  effective,  25 million
     shares  of  Corning  common  stock to a trust.  The  common  stock  will be
     contributed to the trust,  after the plan has been approved by the asbestos
     claimants and bankruptcy court. The portion of the asbestos liability to be
     settled  in common  stock  requires  adjustment  each  quarter  based  upon
     movements in  Corning's  common  stock price prior to  contribution  of the
     shares to the trust.  In the second quarter of 2005,  Corning will record a
     charge or credit for the change in its  common  stock  price as of June 30,
     2005 compared to $11.13, the common stock price at March 31, 2005.

(c)  From time to time,  Corning  may  repurchase  or retire  debt,  which could
     result in a gain or loss during the quarter.


Please note that the  company  may pursue  other  financing,  restructuring  and
divestiture  activities at any time in the future, and that the potential impact
of these events is not included within Corning's second quarter 2005 guidance.

This schedule  contains  forward  looking  statements  within the meaning of the
Private  Securities   Litigation  Reform  Act  of  1995.  Such  forward  looking
statements  are based on current  expectations  and  involve  certain  risks and
uncertainties.  Actual  results may differ from those  projected  in the forward
looking statements.  Additional  information concerning factors that could cause
actual results to materially differ from those in the forward looking statements
is contained in the Securities and Exchange Commission filings of this Company.