01—Abstract
Summary
Summary of the 10-K/A filed March 21, 2014. Cited figures are marked; the original filing is the authoritative source.
This filing is an amendment (10-K/A) to Corning Incorporated's 2013 Annual Report, specifically addressing the omission of three exhibits: Form of Officer Severance Agreement, Form of Officer Change in Control Agreement, and Subsidiaries of the Registrant.
The amendment does not alter the previously reported financial statements or other disclosures from the original filing on February 10, 2014. Investors should note that this filing is administrative in nature and does not introduce new financial performance information or strategic updates for the fiscal year 2013. The company's status as a large accelerated filer and well-known seasoned issuer is reiterated.
For investors seeking substantive information, this amendment highlights the company's commitment to corporate governance through the inclusion of standard officer agreements and transparency regarding its corporate structure via the subsidiary list. While no new financial data is presented, the filing confirms the completeness of the previous 10-K filing regarding these specific exhibits.
02—Key points
Key Highlights
- Amendment No. 1 to the Form 10-K for the fiscal year ended December 31, 2013, filed to include inadvertently omitted exhibits.
- Key omitted exhibits include: Form of Officer Severance Agreement, Form of Officer Change in Control Agreement, and a list of Subsidiaries.
- This amendment is administrative and does not revise or update the financial statements or other disclosures from the original Form 10-K filed on February 10, 2014.
- Corning Incorporated is classified as a large accelerated filer and a well-known seasoned issuer.
- The aggregate market value of common stock held by non-affiliates was approximately $21 billion as of June 28, 2013.
- As of January 31, 2014, there were 1,392,124,762 shares of common stock issued and outstanding.
- New certifications from the principal executive officer and principal financial officer are included as required by Rule 12b-15.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2013, Corning kept $0.25.
- Revenue$7.82B100.0%
- Cost of revenue−$4.50B57.5%
- Gross profit$3.32B42.5%
- Operating costs−$1.95B25.0%
- Operating income$1.37B17.5%
- Interest, other & tax$590.0M7.5%
- Net income$1.96B25.1%
Where FY2013 revenue went
$7.82B- Cost of revenue: $4.50B, 57% of revenue
- Operating income: $1.37B, 18% of revenue
- SG&A: $1.13B, 14% of revenue
- R&D: $613.0M, 7.8% of revenue
- Other operating costs: $214.0M, 2.7% of revenue
Kept 18% as operating income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2013filed March 21, 2014Financial Statements
FY2013 against FY2012
| Line item | FY2013FY2012 | Change |
|---|---|---|
| Revenue | $7.82B$8.01B | −2.4% |
| Cost of Revenue | $4.50B$4.69B | −4.2% |
| Gross Profit | $3.32B$3.32B | +0.2% |
| R&D Expenses | $613.00M$651.00M | −5.8% |
| SG&A Expenses | $1.13B$1.21B | −6.6% |
| Operating Income | $1.37B$1.18B | +16.3% |
| Net Income | $1.96B$1.64B | +19.9% |
| EPS (Basic) | $1.35$1.10 | +22.7% |
| EPS (Diluted) | $1.34$1.09 | +22.9% |
| Shares Outstanding (Basic) | 1.45B1.49B | −2.8% |
| Shares Outstanding (Diluted) | 1.46B1.51B | −2.9% |
05—Questions
Frequently Asked Questions
What is the purpose of this 10-K/A filing?
This filing is an amendment to Corning Incorporated's original 2013 Annual Report (Form 10-K) to include three exhibits that were inadvertently omitted from the initial filing. These exhibits are the Form of Officer Severance Agreement, the Form of Officer Change in Control Agreement, and the list of Subsidiaries of the Registrant. It also includes updated certifications from the principal executive and financial officers.
Does this amendment change Corning's financial performance for 2013?
No, this amendment is purely administrative and does not alter, update, or amend the financial statements or any other disclosures contained in the original Form 10-K filed on February 10, 2014. It does not reflect any events that occurred after the original filing date.
What information is provided in the newly included exhibits?
The newly included exhibits provide details on standard governance practices for senior management: the Form of Officer Severance Agreement outlines terms for executives upon termination, and the Form of Officer Change in Control Agreement details provisions in the event of a merger or acquisition. The list of Subsidiaries provides transparency into Corning's corporate structure.
Is Corning considered a significant company based on this filing?
Yes, the filing indicates that Corning Incorporated is a 'large accelerated filer' and a 'well-known seasoned issuer,' signifying its substantial size and reporting history with the SEC. The market value of its common stock held by non-affiliates was approximately $21 billion as of June 28, 2013, further underscoring its significant market presence.
06—Continue