Market Newsdesk

Expected to Create Key Active Battery Material Directly from AquaRefining

Process Intended to Generate Savings While Further Improving Environmental Impact

MCCARRAN, Nev., Jan. 27, 2021 (GLOBE NEWSWIRE) — Aqua Metals, Inc. (NASDAQ: AQMS) (“Aqua Metals” or the “Company”), which is reinventing lead recycling with its AquaRefining™ technology, announced today that initial testing of a new methodology for producing battery manufacturing ready active material directly from the AquaRefining process has demonstrated promising results. A provisional patent has been filed to protect the new process, which is expected to provide added economic and environmental benefits for AquaRefining licensees.

The active material, lead oxide, is the key ingredient used in a battery and comprises over half of a battery’s lead content. The traditional method utilized to produce oxide for lead batteries is a four-step process: (1) smelting lead recovered from used batteries or AquaRefining into lead briquettes; (2) refining that lead to the proper purity; (3) casting the lead into ingots and (4) remelting those ingots to be placed in an oxide reactor for oxide manufacturing. Aqua Metals’ innovative approach would help the $65 billion lead acid battery industry bypass steps 2 and 3 (refining and ingoting), resulting in significant savings in time, money and emissions as the AquaRefined lead briquettes would transition directly to the melting stage at the oxide manufacturer.

“Because AquaRefining achieves such high purity (currently 99.996+%), it provides the opportunity to bypass the refining stage and take briquetted AquaRefined lead directly to the battery manufacturing process,” said Steve Cotton, President and CEO of Aqua Metals. “Bypassing the refining and ingoting steps would enable recyclers that license and deploy AquaRefining equipment to reduce costs from labor and processing time as well as reduce the environmental impact of recycling and manufacturing new batteries. By helping to efficiently bridge this resource-intensive gap between the battery recycling and the battery manufacturing processes, our new capability can potentially bring additional environmental and cost benefits for our future customers.”

“Aqua Metals worked with a well-established lead oxide manufacturer for testing. Results from our initial production are very promising and we are engaged in ongoing R&D for this new, innovative process,” Cotton added. “A provisional patent has been filed for this procedure and we have already engaged in discussions with some of our potential licensees for AquaRefining to consider utilizing this transformative process. We expect this development to be a very attractive added benefit, both to battery recyclers and manufacturers.”

Figure 1: New process illustrates reduced processing and materials handling that results in reduction in resources and cost for recyclers and battery manufacturers: https://www.globenewswire.com/NewsRoom/AttachmentNg/5f2496c8-53e4-4c49-9a48-091afc3fa665

Figure 2: Ultrapure spongy metal from the AquaRefining electrolyzers are then compressed into briquettes which the Company believes can now go directly to new battery manufacturing: https://www.globenewswire.com/NewsRoom/AttachmentNg/516964b5-c21a-4d63-af9a-12ac120bcc01

Aqua Metals Webcast

Aqua Metals will host a webcast today, January 27, 2021 at 2:00 p.m. EST (11:00 a.m. PST). Company management will discuss today’s news and the BASF partnership announced on January 25, 2021. In addition, a comprehensive Company update will be provided. To access the webcast or to ask questions during the live event, please pre-register at the following link: https://event.webcasts.com/starthere.jsp?ei=1418041&tp_key=15848c88f4. An archived version of the webcast and presentation will be available on the investor relations section of the Company’s website (https://ir.aquametals.com/ir-calendar) following the event.

About Aqua Metals

Aqua Metals, Inc. (NASDAQ: AQMS) is reinventing lead recycling with its patented AquaRefining™ technology. Unlike smelting, AquaRefining is a room temperature, water-based process that emits less pollution. The modular systems are intended to allow the Company to vastly reduce environmental impact and scale lead acid battery recycling production capacity by supplying equipment, services and licensing the AquaRefining technology to partners. This could help meet the growing demand for lead to power new applications including stop/start automobile batteries which complement the vehicle’s main battery, lead acid batteries which are in electric vehicles, Internet data centers, alternative energy applications including solar, wind, and grid scale storage. Aqua Metals is based in McCarran, Nevada. To learn more, please visit www.aquametals.com.

Aqua Metals has used, and intends to continue using, its investor relations website (https://ir.aquametals.com), in addition to its Twitter, LinkedIn and YouTube accounts at https://twitter.com/AquaMetalsInc (@AquaMatalsInc), https://www.linkedin.com/company/aqua-metals-limited and https://www.youtube.com/channel/UCvxKNWcB69K0t7e337uQ8nQ respectively, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Safe Harbor

This press release contains forward-looking statements concerning Aqua Metals, Inc. Forward-looking statements include, but are not limited to, our plans, objectives, expectations and intentions and other statements that contain words such as “expects,” “contemplates,” “anticipates,” “plans,” “intends,” “believes”, “estimates”, “potential” and variations of such words or similar expressions that convey uncertainty of future events or outcomes, or that do not relate to historical matters. The forward-looking statements in this press release include our expectations for the benefits of our new methodology for producing battery manufacturing ready active material and the future of lead acid battery recycling via traditional smelters. Those forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially. Among those factors are: (1) the risk that we may not complete the development of our new methodology for producing battery manufacturing ready active material, (2) the risk that we may not realize the expected benefits from the new methodology; (3) the risk that we may not be able to satisfactorily demonstrate to potential licensees the technical and commercial viability of our V1.25 electrolyzer and AquaRefining process; (4) the risk that licensees may refuse or be slow to adopt our AquaRefining process as an alternative to smelting in spite of the perceived benefits of AquaRefining; (5) the risk that we may not realize the expected economic benefits from any licenses we may enter into; (6) the risk that we may not be able to access additional capital as and when needed; (7) the fact that we have not generated any significant revenue to date, thus subjecting us to all of the risks inherent in an early-stage company; (8) the risk that our patents and any other patents that may be issued may be challenged, invalidated, or circumvented; (9) changes in the federal, state and foreign laws regulating the recycling of lead acid batteries; (10) our ability to protect our proprietary technology, trade secrets and know-how and (11) those other risks disclosed in the section “Risk Factors” included in our Quarterly Report on Form 10-Q filed on October 22, 2020 and subsequent SEC filings. Aqua Metals cautions readers not to place undue reliance on any forward-looking statements. The Company does not undertake, and specifically disclaims any obligation, to update or revise such statements to reflect new circumstances or unanticipated events as they occur, except as required by law.

Contact: Glen Akselrod, Bristol Capital
(905) 326-1888, Ext. 1
[email protected]

RANCHO SANTA MARGARITA, Calif., Jan. 27, 2021 (GLOBE NEWSWIRE) — Melissa, a leading provider of global data quality and address management solutions, today announced its 2021 Melissa Solutions Catalog series featuring healthcare data quality tools and services, ideal to cleanse healthcare and life science data crucial to unlocking drug discovery and collaboration, clinical research, and precision medicine. Incorporating machine reasoning and advanced semantic strategies, Melissa’s healthcare data quality tools help uncover deeper connections within the unusually complex and diverse datasets common to real-world clinical research.

“With more agile and optimized data tools, healthcare professionals can enable new intellectual property and grow fresh revenue by making the most of their historical research data,” said Robert Stanley, Director of Special Projects at Melissa. “Utilizing our patented semantic technology to harmonize and link databases, researchers can ensure interoperability, resolve drug name and compound ambiguities, and standardize and reconfigure drug information regardless of format or language.”

Semantic technology is optimized for data management environments rich in variables, diversity, and complexity. For example, a single medication may be referenced in hundreds of different ways, even in the same set of electronic health records. Context-based reasoning can connect and standardize these references to optimize data for analytics. Extracting significantly greater value from data held by pharma and healthcare leaders, this process can significantly reduce cost of data acquisition for clinical trials and for other applications that require clean, connected, real-world data. Melissa’s healthcare data quality tools can be harnessed via API or server-based workflows to unlock the true value hidden in complex, changing clinical data.

The full Solutions Catalog series from Melissa offers tools and capabilities that span the entire data lifecycle, driving smarter and more profitable business operations with better customer insight. Additional catalogs feature enterprise and direct marketing solutions, providing insight on data quality, enrichment and identity verification tools powering compliance, fraud prevention, sales, customer engagement, and analytics.

Click here to download Melissa’s healthcare data quality solutions catalog. To connect with members of Melissa’s global intelligence team, visit www.Melissa.com or call 1-800-MELISSA.

Click here for images to accompany this release.

About Melissa 
Since 1985, Melissa has specialized in global intelligence solutions to help organizations unlock accurate data for a more compelling customer view. More than 10,000 clients worldwide in arenas such as retail, education, healthcare, insurance, finance, and government, rely on Melissa for full spectrum data quality and ID verification software, including data matching, validation, and enhancement services to gain critical insight and drive meaningful customer relationships. For more information or free product trials, visit www.Melissa.com or call 1-800-MELISSA (635-4772). 

Media contacts

Greg Brown
Vice President, Global Marketing, Melissa
[email protected]
+1-800-635-4772 x1130

Jacqueline Zerbst
MPowered PR for Melissa
[email protected]
+1-877-794-6777

TAMPA, Fla., Jan. 27, 2021 (GLOBE NEWSWIRE) — Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a deep-ocean exploration pioneer engaged in the discovery, development and extraction of deep-ocean minerals, has been notified that the First Memorial filed by Odyssey in September 2020 in its pending North American Free Trade Agreement (NAFTA) case against Mexico has now been published by the International Centre for Settlement of Investment Disputes (ICSID) and is available on its website at icsidfiles.worldbank.org/icsid/ICSIDBLOBS/OnlineAwards/C8573/DS15772_En.pdf. The Memorial is also available on Odyssey’s website at www.odysseymarine.com/nafta.  

The $2.3 billion claim against Mexico under NAFTA relates to the unlawful denial of the environmental permit for subsidiary Exploraciones Oceanicas’ (ExO’s) offshore phosphate project. The First Memorial filing is supported by documentary evidence and 20 expert reports and witness statements. In summary, this evidence includes:

• MERITS:  Testimony from independent environmental experts that the environmental impact of ExO’s phosphate project is minimal and readily mitigated by measures proposed by ExO.  Witnesses with first-hand knowledge also testified that the denial of environmental approval by Mexico’s prior administration was politically motivated and not justified on environmental grounds. Evidence was also submitted demonstrating that Mexico granted environmental permits to similar dredging projects in areas that are considered more environmentally sensitive than ExO’s project location.
• RESOURCE:  An independent certified marine geologist testified as to the size and character of the resource which underpins the value of the claim, commercial viability and strategic importance of the mineral concession.
• OPERATIONAL VIABILITY:  Engineering experts testified that the project uses established dredging technology that is commonly used in Mexico and around the world.
• VALUE:  A Phosphate market analyst testified that the project’s projected CAPEX and OPEX would make the project one of the lowest cost phosphate rock resources in the world, and damages experts testified the project would be commercially viable and profitable.

“Before investing in Odyssey’s registered direct offering last year, we conducted significant due diligence on the company and carefully reviewed this NAFTA claim,” explained John Addis, Founder and CIO of FourWorld Capital Management. “This First Memorial amplifies our strong belief in the merits and evidence presented in the case, and we are looking forward to a very positive outcome.” FourWorld Capital Management, LLC is an SEC registered, litigation focused hedge fund based in New York. Since its launch in 2015, FourWorld has deployed over $1 billion globally in investments where litigation was the primary driver of value. FourWorld currently owns over 1.2 million shares (9.4%) of Odyssey common stock.

About Odyssey Marine Exploration

Odyssey Marine Exploration, Inc. (Nasdaq:OMEX) is engaged in deep-ocean exploration using innovative methods and state-of-the-art technology to provide access to critical resources worldwide. Our core focus is the discovery, development and extraction of deep-ocean minerals. Odyssey also provides marine services for private clients and governments. For additional details, please visit www.odysseymarine.com. Additional background on the ExO phosphate deposit is available at https://ir.odysseymarine.com/news-releases/news-release-details/odyssey-marine-exploration-prepared-strong-2021-increased-nafta

Forward Looking Information

Odyssey Marine Exploration believes the information set forth in this Press Release may include “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the Securities and Exchange Commission on March 30, 2020. The financial and operating projections as well as estimates of mining assets are based solely on the assumptions developed by Odyssey that it believes are reasonable based upon information available to Odyssey as of the date of this release. All projections and estimates are subject to material uncertainties and should not be viewed as a prediction or an assurance of actual future performance. The validity and accuracy of Odyssey’s projections will depend upon unpredictable future events, many of which are beyond Odyssey’s control and, accordingly, no assurance can be given that Odyssey’s assumptions will prove true or that its projected results will be achieved.

Cautionary Note to U.S. Investors

The U.S. Securities and Exchange Commission (SEC) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, such as “measured”, “indicated,” “inferred” and “resources,” which the SEC guidelines strictly prohibit us from including in our filings with the SEC. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. U.S. investors are cautioned not to assume that part or all of the inferred mineral resource exists, or is economically or legally mineable, and are urged to consider closely the disclosures in our Form 10-K which may be secured from us or from the SEC’s website at http://www.sec.gov/edgar.shtml.

CONTACT:
Laura Barton 
Odyssey Marine Exploration, Inc.
(813) 876-1776 x 2562
[email protected]

 

WINNIPEG, Manitoba, Jan. 27, 2021 (GLOBE NEWSWIRE) — People Corporation (the “Company”) (TSX Venture: PEO) today announced financial results for the quarter ended November 30, 2020.

Laurie Goldberg, Executive Chairman and Chief Executive Officer commented, “People Corporation continued to perform very well, both operationally and financially, in the first quarter of fiscal 2021 despite the continued evolution of the COVID-19 pandemic. The steady execution of our strategy generated revenue growth of 22.4%, including organic revenue growth of 7.0%, and growth in Adjusted EBITDA of 23.1%, compared to the same period last year. I would like to thank every member of our team for their continued efforts to ensure People Corporation’s clients have access to a consistent, best-in-class product and service offering, across our national network.”

Announced the sale of the Company

On December 13, 2020, the Company entered into a definitive arrangement agreement (the “Arrangement Agreement”) pursuant to which investment funds managed by the Merchant Banking business of Goldman Sachs & Co. LLC (collectively, “Goldman Sachs”) have agreed to indirectly acquire, through an entity controlled by Goldman Sachs (the “Purchaser”), all of the issued and outstanding common shares of the Company (the “common shares”). Under the terms of the Arrangement (as defined below), holders of common shares will receive $15.22 in cash per common share, other than certain senior management shareholders and their affiliates and associates (the “Rollover Shareholders”) who will receive, in respect of certain of their common shares, consideration consisting of cash and shares of the direct parent of the Purchaser (the “Transaction”).

The Transaction will be effected by way of a plan of arrangement (the “Arrangement”) under the Business Corporations Act (Ontario). The Transaction will constitute a “business combination” for the purposes of Multilateral Instrument 61-101 (“MI 61-101”) and therefore requires approval by (i) at least 66 2/3% of the votes cast by the Company’s shareholders present in person or represented by proxy and entitled to vote at the special meeting of Company shareholders called to consider the Arrangement (the “Meeting”) and (ii) a simple majority of the votes cast by the Company’s shareholders at the Meeting, excluding those votes cast by the Rollover Shareholders. The Meeting is expected to take place on February 11, 2021. In addition to shareholder approval, closing of the Transaction is subject to approval by the Ontario Superior Court of Justice (Commercial List) and to the other conditions set forth in the Arrangement Agreement.

Highlights of Financial Results for the Quarter Ended November 30, 2020

Financial Results from Operations

The Company’s financial results for the three months ended November 30, 2020, fully reflect the impact of last year’s acquisitions of Collage Technologies Inc. (“Collage”), Apri Group of Companies (“Apri”), Robin Veilleux Assurances et Rentes Collectives Inc. (“RVARC”), and Integrated Benefit Consultants Ltd. (“IBC”). In addition, the partial effect of the current fiscal year acquisitions of Encompass Benefits & HR Solutions Inc. (“Encompass”), and Watermark Benefit Consulting Inc. (“WBC”) are reflected in the current period.

	Three months ended November 30
(In 000’s)	2020		2019
Revenue	$54,227		$44,307
Adjusted EBITDA	$13,304		$10,804
Adjusted net earnings	$2,087		$1,226
Net income (loss)	($4,203)		($2,750)
Net income (loss) per share (basic)	($0.06)		($0.04)
Adjusted net earnings per share (basic)	$0.03		$0.02

The Company realized revenue growth for the three months ended November 30, 2020, of $9.9 million (22.4%). Organic growth of $3.1 million (7.0%) was primarily due to the result of gaining new clients and increasing product and service penetration with existing clients. The Company recognized acquired growth of $6.8 million (15.4%) resulting from the acquired operations of Collage, Apri, RVARC, IBC, Encompass and WBC.

Adjusted EBITDA for the three months ended November 30, 2020 was $13.3 million, representing an increase of $2.5 million (23.1%), as compared to the same period in fiscal year 2020. Growth in Adjusted EBITDA for the first quarter was primarily driven by contributions from acquired operations and organic revenue growth. The factors increasing Adjusted EBITDA were partially offset by higher variable compensation expenses tied directly to the higher revenue and an expanded staff complement to accommodate growth in operations. In addition, the Company incurred higher administration fees related to the continued growth of services launched in the prior fiscal year.

The Company reported Net loss for the three months ended November 30, 2020 of $4.2 million. Net loss increased by $1.4 million as compared to the prior fiscal year due to increased fair value adjustments related to non-controlling interest and contingent consideration obligations included in finance expenses, and higher depreciation and amortization expense. This is partially offset by an increase in Adjusted EBITDA of $2.5 million as described above, as well as a decrease in acquisition, integration and reorganization costs.

Strategic and Operational Highlights

The Company continues to make significant progress on executing its strategic plan, while at the same time making investments to position the Company for ongoing future growth.  Some notable milestones include:

Completed the following strategic acquisitions:

• Encompass, a regional group benefits and group retirement consulting firm headquartered in Kelowna, British Columbia;
• WBC, a group benefits and group retirement solutions provider with deep expertise serving organizations with international employee bases headquartered in Calgary, Alberta; and
• Subsequent to the end of the quarter, on December 1, 2020, Alliance Pour La Santé Etudiante Au Quebec Inc. (“ASEQ”), a provider of student health and dental benefits as well as wellness solutions headquartered in Montreal, Quebec.

Continued to invest in talent to support a growing client base and enhance our strategic capabilities:

• Expanded the regional leadership team with enhanced coverage for the Prairies and Western Canada;
• Expanded the multi-employer consulting team to enhance client service in Eastern Canada; and
• Realigned the Group Retirement Services team and appointed new leaders for the consulting team and the actuarial and investment management team.

Continued to execute integration initiatives to leverage the benefits of the scale of the platform:

• Broadened our third party consultant solution set by launching the expanded MGA+ offering combining BenefitsHQ, CollageHR, Sirius Small Group and our MGA back office and our Guaranteed Standard Issue disability solution;
• Entered into an agreement with a service provider to integrate and transform our omni-channel client communications solution; and
• Advanced development our new multi-employer and single employer billing and administration platforms to a client ready / pilot state.

Summary Financial Position

The Company had cash balances of $37.8 million as at November 30, 2020. As of November 30, 2020, the Company has $33.2 million available capacity on the credit facility.

The complete Financial Statements and Management’s Discussion and Analysis for the three months ended November 30, 2020, along with additional information about the Company and all of its public filings are available at www.SEDAR.com.

Grant of Long-term Equity Incentive Awards

During the first quarter, the Company has granted long-term equity incentive awards to its senior officers. These incentive awards were granted under the Company’s Security Based Compensation Plan (the “Plan”), established to reward directors and senior officers and employees, based on individual and corporate performance, to align their interests with that of the Company and to provide long-term incentives.

In particular:

• The Company issued 6,593 restricted stock units to its executives, vesting after three years and otherwise subject to the terms of the plan and performance conditions.

About People Corporation

People Corporation (https://www.peoplecorporation.com) is a leading provider of group benefits, group retirement and human resource services with approximately 1,150 talented professionals serving organizations across Canada. Bringing deep industry and subject matter expertise, proprietary technology platforms and an innovative suite of services to each client engagement, we deliver uniquely valuable insights and solutions to make a positive difference to your people and your bottom line. Further information is available at www.peoplecorporation.com.

Forward-Looking Information

This news release contains “forward-looking statements” within the meaning of applicable securities laws, such as statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Use of words such as “may”, “will”, “expect”, “believe”, “intends”, “likely”, or other words of similar effect may indicate a “forward-looking” statement. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including those described in the Company’s publicly filed documents (available on SEDAR at www.SEDAR.com). Those risks and uncertainties include the ability to maintain profitability and manage organic or acquisition growth, reliance on information systems and technology, reputation risk, dependence on key clients, reliance on key professionals, general economic conditions and the risk factors set out in the Company’s Notice of Special Meeting and Management Information Circular dated January 14, 2021 (the “January 2021 Circular”) and set out in the “Risk Factors” section of the Company’s annual information form (“AIF”) filed in respect of the fiscal year ended August 31, 2020. Many of these risks and uncertainties can affect the Company’s actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statement made by the Company or on its behalf. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. All forward-looking statements in this news release are qualified by these cautionary statements. These statements are made as of the date of this news release and, except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Company, its financial or operating results or its securities.

Non-IFRS Financial Measures

The Company reports non-IFRS financial measures, including Standardized EBITDA, REI, Adjusted EBITDA, Adjusted EBITDA before REI, Adjusted Net Earnings, Operating Income before Corporate Costs, and Operating Working Capital as key measures used by Management to evaluate performance of the business, to compensate employees and to facilitate a comparison of quarterly and annual results of ongoing operations. Adjusted EBITDA is also a concept utilized in measuring compliance with debt covenants. The Adjusted EBITDA measure is commonly reported and widely used by investors and lending institutions as an indicator of a company’s operating performance, ability to incur and service debt, and as a valuation metric. While used to assist in evaluating the operating performance and debt servicing ability of the Company, readers are cautioned that Adjusted EBITDA as reported by the Company may not be comparable in all instances to Adjusted EBITDA as reported by other companies. For a detailed explanation of how the Company’s non-IFRS measures are calculated, please refer to the Company’s MD&A filing for the three months ended November 30, 2020, which can be accessed via the SEDAR Web site (www.SEDAR.com).

Investor Relations Inquiries:

Jonathan Ross, CFA
Investor Relations – People Corporation
(416) 283-0178
[email protected]

Dennis Stewner, CPA, CA
CFO and COO – People Corporation
(204) 940-3988
[email protected] 
www.peoplecorporation.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release. 

CORNING, N.Y., Jan. 27, 2021 (GLOBE NEWSWIRE) — Corning Incorporated (NYSE: GLW) today announced results for the fourth quarter and full year ended Dec. 31, 2020.

Fourth-quarter financial performance:

• GAAP sales of $3.4 billion and GAAP EPS of $0.28
• Core sales of $3.3 billion, up 11% sequentially and 17% year over year
• Core EPS of $0.52, up 21% sequentially and 13% year over year
• Free cash flow of $464 million and $948 million cumulatively for the year
• Strong execution across the company’s focused portfolio drove sales and net income growth in all segments:
  • Sequentially, core sales grew 11% and operating margin grew 18%, both above expectations
  • Core operating margin was 19.4%, up 110 basis points sequentially 
  • Life Sciences and Environmental Technologies delivered the largest sequential sales growth, with 23% and 17% growth respectively
  • Organic sales, which exclude $163 million in consolidated sales from Hemlock Semiconductor, grew 11% year over year  
  • Year over year, Specialty Materials sales grew 20%, Environmental Technologies sales grew 19% – both strongly outperforming their underlying markets – and Optical Communications returned to growth with continued growth expected

                         

Wendell P. Weeks, chairman and chief executive officer, said:

“We delivered outstanding fourth-quarter results, as each of our businesses grew sales and profits year over year.” Weeks continued, “2020 was an incredibly difficult year as the world dealt with the pandemic, economic uncertainty, and social unrest. Throughout the year, we focused on serving our customers, executing our strategic priorities, and protecting our people. We gained sales-growth momentum, expanded margins in the second half, and generated significant free cash flow. Our investments in our people and technology, along with our deep relevance across key markets, are creating opportunities for ‘more Corning.’”

Weeks added, “We continue to strengthen the company and remain committed to our employees, communities, customers, and shareholders. Corning is proud to be creating life-changing technologies that contribute to keeping people safe and that help society address the challenges of the pandemic.”

Financial Outlook

Tony Tripeny, executive vice president and chief financial officer, said, “In 2020, we successfully navigated a very challenging year. We strengthened our balance sheet, achieved growth in the second half, and generated free cash flow of $948 million for the year.”

Tripeny continued, “We expect year-over-year growth to accelerate in the first quarter of 2021. We expect core sales of $3.0 billion to $3.2 billion – compared with $2.5 billion in the first quarter last year – and EPS of $0.40 to $0.44, which is double last year’s first-quarter EPS at the low end of the range. We will continue to focus on operational excellence, cash-flow generation, and prudent capital allocation.”

Market-Access Platform Highlights

Corning holds a leadership position in each of the markets addressed by its five Market-Access Platforms. Throughout 2020, the company advanced important growth initiatives and reported the following highlights:

• Life Sciences – Corning deployed its broad Life Sciences capabilities to combat the pandemic by supplying technologies that help customers develop novel treatments and vaccines, provide mass testing, and accelerate vaccine production. In the second quarter, Corning was awarded $204 million in funding from the Biomedical Advanced Research and Development Authority to substantially expand domestic manufacturing capacity for Corning Valor^® Glass vials. In the fourth quarter, Corning shipped Valor Glass vials to multiple COVID-19 vaccine manufacturers that support more than 100 million doses. Corning also received a $15 million award from the U.S. Department of Defense and U.S. Department of Health and Human Services to further expand domestic production capacity for robotic pipette tips used in support of COVID-19 diagnostic testing. The company was also recognized by BioNTech for its role in the successful development of its COVID-19 vaccine.
   
• Mobile Consumer Electronics – Innovation adoption drove Specialty Materials sales up 18% year over year despite the declining smartphone market. The company launched Corning^® Gorilla^® Glass Victus^™, the toughest Gorilla Glass yet, which is featured on six Samsung devices. Corning also invented the world’s first transparent, color-free glass-ceramic, which is featured on the front cover of the latest iPhone. Apple and Corning partnered to develop and scale manufacturing of Ceramic Shield, which offers unparalleled durability and toughness. Strength in the IT market contributed to sales growth as work- and learn-from-home trends remained pervasive throughout the year, driving demand for tablets and touch-screen laptops.
   
• Automotive – Environmental Technologies is recovering faster than its markets, driven by more Corning content in both automotive and diesel. Fourth-quarter results were highlighted by year-over-year growth in gasoline particulate filter sales as adoption expanded in Europe and China. Additionally, Groupe Renault honored Corning with a 2020 Supplier Award for innovation for Corning^® FLORA^® substrates. Mercedes-Benz recently debuted the MBUX Hyperscreen dashboard display system featuring Gorilla Glass for Automotive.
   
• Optical Communications – Optical Communications returned to growth – and expects growth to continue – as customers increase spending to support growing bandwidth requirements. In 2020, the company introduced new and innovative solutions that help speed the deployment of 5G. Corning launched its Evolv™ 5G-ready connectivity solutions featuring compact, easy-to-install terminals that connect the fiber network to neighborhoods and businesses. Operators can save up to $500 at each terminal site by dramatically lowering installation costs and speeding deployment. By collaborating with Verizon, Corning is enabling 5G mmWave indoor deployments for enterprise customers. Additionally, Corning is working with Qualcomm Technologies to deliver indoor networks that are 5G-ready, easy-to-install, and affordable and with EnerSys to simplify the delivery of fiber and electrical power to small-cell wireless sites.
   
• Display – Retail demand for TV and IT products remains strong. Demand for large-size TVs continues to grow – 75-inch sets were up more than 60% for the full year. Large TVs are most efficiently made on Gen 10.5 fabs and Corning is well-positioned to capture that growth with its Gen 10.5 plants in China, including its two newest Gen 10.5 facilities, in Wuhan and Guangzhou, which are now expanding production to meet customer demand.

Fourth-Quarter and Full-Year 2020 Results and Comparisons
(In millions, except per-share amounts)

		Q4 2020			Q3 2020			% change			Q4 2019			% change				Full-year 2020			Full-year 2019		% change
GAAP Net Sales		$	3,350		$	3,001		12	%		$	2,817		19	%		$	11,303		$	11,503		(2	%)
GAAP Net Income		$	252		$	427		(41	%)		$	32		**			$	512		$	960		(47	%)
GAAP Diluted EPS		$	0.28		$	0.48		(42	%)		$	0.01		**			$	0.54		$	1.07		(50	%)
Core Sales*		$	3,328		$	3,007		11	%		$	2,851		17	%		$	11,452		$	11,656		(2	%)
Core Net Income*		$	462		$	380		22	%		$	406		14	%		$	1,237		$	1,578		(22	%)
Core EPS*		$	0.52		$	0.43		21	%		$	0.46		13	%		$	1.39		$	1.76		(21	%)

*Core performance measures are non-GAAP financial measures. The reconciliation between GAAP and non-GAAP measures is provided in the tables following this news release, as well as on the company’s website. The largest difference between our GAAP and core results stemmed from restructuring charges, which are primarily non-cash, as well as non-cash, mark-to-market losses associated with the company’s currency-hedging contracts.

**Not Meaningful

Fourth-Quarter Segment Results

Display Technologies

		Q4 2020			Q3 2020			% change			Q4 2019			% change				Full-year 2020			Full-year 2019	% change
Net Sales		$	841		$	827		2	%		$	795		6	%		$	3,172		$	3,254		(3	%)
Net Income Before Tax		$	274		$	248		10	%		$	227		21	%		$	907		$	993		(9	%)
Net Income		$	217		$	196		11	%		$	180		21	%		$	717		$	786		(9	%)

In Display Technologies, fourth-quarter sales were $841 million, up 2% sequentially and 6% year over year, and net income was $217 million, up 11% sequentially and 21% year over year. Corning’s volume grew by a low-single digit percentage sequentially. Sequential price declines were very moderate, as expected.

Optical Communications

		Q4 2020			Q3 2020			% change			Q4 2019			% change				Full-year 2020			Full-year 2019	% change
Net Sales		$	976		$	909		7	%		$	903		8	%		$	3,563		$	4,064		(12	%)
Net Income Before Tax		$	179		$	147		22	%		$	81		121	%		$	467		$	639		(27	%)
Net Income		$	141		$	115		23	%		$	62		127	%		$	366		$	489		(25	%)

Optical Communications fourth-quarter sales were $976 million, up 7% sequentially and 8% year over year, driven by strength in both carrier and enterprise businesses. Fourth-quarter net income was $141 million, up 23% sequentially and 127% year over year, driven by increased volume and favorable cost performance. Management expects Optical Communications to grow in 2021 as customers increase investments in their optical networks.

Environmental Technologies

		Q4 2020			Q3 2020			% change			Q4 2019			% change				Full-year 2020			Full-year 2019		% change
Net Sales		$	445		$	379		17	%		$	374		19	%		$	1,370		$	1,499		(9	%)
Net Income Before Tax		$	118		$	87		36	%		$	81		46	%		$	249		$	333		(25	%)
Net Income		$	93		$	69		35	%		$	64		45	%		$	197		$	263		(25	%)

Environmental Technologies fourth-quarter sales were $445 million, up 17% sequentially and 19% year over year driven by improving markets and more Corning content. Greater adoption of GPFs and diesel filters to meet regulations in China increased Corning’s total addressable market.

Specialty Materials

		Q4 2020			Q3 2020			% change			Q4 2019			% change				Full-year 2020			Full-year 2019		% change
Net Sales		$	545		$	570		(4	%)		$	453		20	%		$	1,884		$	1,594		18	%
Net Income Before Tax		$	173		$	184		(6	%)		$	119		45	%		$	536		$	383		40	%
Net Income		$	136		$	146		(7	%)		$	94		45	%		$	423		$	302		40	%

Specialty Materials fourth-quarter sales were $545 million, up 20% year over year, due to strong demand for premium cover materials, strength in the IT market, and demand for semiconductor-related materials. Full-year sales increased 18% to $1.9 billion.  

Life Sciences

		Q4 2020			Q3 2020			% change			Q4 2019			% change				Full-year 2020			Full-year 2019		% change
Net Sales		$	274		$	223		23	%		$	256		7	%		$	998		$	1,015		(2	%)
Net Income Before Tax		$	53		$	36		47	%		$	49		8	%		$	176		$	190		(7	%)
Net Income		$	42		$	28		50	%		$	38		11	%		$	139		$	150		(7	%)

Life Sciences fourth-quarter sales grew 23% sequentially and 7% year over year to $274 million. Segment results reflect strong demand for research consumables and bioproduction products.

Upcoming Investor Events (Virtual)

On Feb. 11, Corning will attend the Goldman Sachs 2021 Virtual Tech and Internet Conference. On Feb. 23, Corning will attend the UBS West Coast Conference. And on Mar. 1, Corning will attend the Morgan Stanley Technology, Media, and Telecom Conference.

Fourth-Quarter Conference Call Information

The company will host a fourth-quarter conference call on Wednesday, Jan. 27, at 8:30 a.m. EST. To participate, please call toll free (877) 710-0209 or for international access, call (315) 625-3068 approximately 10 to15 minutes prior to the start of the call. The Access Code is 128 5416. To listen to a live audio webcast of the call, go to Corning’s website at http://www.corning.com/investor_relations, click “Events,” and follow the instructions.

Presentation of Information in this News Release

This news release includes non-GAAP financial measures. Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP. Corning’s non-GAAP financial measures exclude the impact of items that are driven by general economic conditions and events that do not reflect the underlying fundamentals and trends in the company’s operations. The company believes presenting non-GAAP financial measures assists in analyzing financial performance without the impact of items that may obscure trends in the company’s underlying performance. Definitions of these non-GAAP financial measures and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found on the Company’s website by going to the Investor Relations page and clicking “Quarterly Results” under the “Financials and Filings” tab. These reconciliations also accompany this news release.

Caution Concerning Forward-Looking Statements

The statements in this release that are not historical facts or information and contain words such as “will,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “seek,” “see,” “would,” and “target” and similar expressions are forward-looking statements.  These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include estimates and assumptions related to economic, competitive and legislative developments. Such statements relate to future events that by their nature address matters that are, to different degrees, uncertain.  These forward-looking statements relate to, among other things, the Company’s future operating performance, the Company’s share of new and existing markets, the Company’s revenue and earnings growth rates, the Company’s ability to innovate and commercialize new products, and the Company’s implementation of cost-reduction initiatives and measures to improve pricing, including the optimization of the Company’s manufacturing capacity. These statements are subject to change and uncertainty which are, in many instances, beyond our control. There can be no assurance that future developments will be in accordance with management’s expectations. Actual results could differ materially from those expected by us, depending on the outcome of various factors. We do not undertake to update forward-looking statements.

Although the Company believes that these forward-looking statements are based upon reasonable assumptions regarding, among other things, current estimates and forecasts, general economic conditions, its knowledge of its business, and key performance indicators that impact the Company, actual results could differ materially.  The Company does not undertake to update forward-looking statements.  Some of the risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements include, but are not limited to: the duration and severity of the COVID-19 pandemic, and its ultimate impact across our businesses on demand, operations and our global supply chains; the effects of acquisitions, dispositions and other similar transactions; global business, financial, economic and political conditions; tariffs and import duties; currency fluctuations between the U.S. dollar and other currencies, primarily the Japanese yen, new Taiwan dollar, euro, Chinese yuan and South Korean won; product demand and industry capacity; competitive products and pricing; availability and costs of critical components and materials; new product development and commercialization; order activity and demand from major customers; the amount and timing of our cash flows and earnings and other conditions, which may affect our ability to pay our quarterly dividend at the planned level or to repurchase shares at planned levels; possible disruption in commercial activities due to terrorist activity, cyber-attack, armed conflict, political or financial instability, natural disasters, or major health concerns; loss of intellectual property due to theft, cyber-attack, or disruption to our information technology infrastructure; unanticipated disruption to equipment, facilities, IT systems or operations; effect of regulatory and legal developments; ability to pace capital spending to anticipated levels of customer demand; rate of technology change; ability to enforce patents and protect intellectual property and trade secrets; adverse litigation; product and components performance issues; retention of key personnel; customer ability, most notably in the Display Technologies segment, to maintain profitable operations and obtain financing to fund ongoing operations and manufacturing expansions and pay receivables when due; loss of significant customers; changes in tax laws and regulations including the 2017 Tax Cuts and Jobs Act; the impacts of audits by taxing authorities; the potential impact of legislation, government regulations, and other government action and investigations; and other risks detailed in Corning’s SEC filings. 

For a complete listing of risks and other factors, please reference the risk factors and forward-looking statements described in our annual reports on Form 10-K and quarterly reports on Form 10-Q.

Web Disclosure

In accordance with guidance provided by the SEC regarding the use of company websites and social media channels to disclose material information, Corning Incorporated (“Corning”) wishes to notify investors, media, and other interested parties that it uses its website (http://www.corning.com/worldwide/en/about-us/news-events.html) to publish important information about the company, including information that may be deemed material to investors, or supplemental to information contained in this or other press releases. The list of websites and social media channels that the company uses may be updated on Corning’s media and website from time to time. Corning encourages investors, media, and other interested parties to review the information Corning may publish through its website and social media channels as described above, in addition to the company’s SEC filings, press releases, conference calls, and webcasts.

About Corning Incorporated

Corning (www.corning.com) is one of the world’s leading innovators in materials science, with a 170-year track record of life-changing inventions. Corning applies its unparalleled expertise in glass science, ceramic science, and optical physics along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people’s lives. Corning succeeds through sustained investment in RD&E, a unique combination of material and process innovation, and deep, trust-based relationships with customers who are global leaders in their industries. Corning’s capabilities are versatile and synergistic, which allows the company to evolve to meet changing market needs, while also helping our customers capture new opportunities in dynamic industries. Today, Corning’s markets include optical communications, mobile consumer electronics, display, automotive, and life sciences.

Media Relations Contact:    
Gabrielle Bailey                                             
(607) 974-6394                                              
[email protected]
           
Investor Relations Contact:
Ann H.S. Nicholson
(607) 974-6716
[email protected]

Attachments

• Q4 2020 Earnings Release Financials
• Q4_Earnings_2020_Infographic