Libbey Inc. Announces Third Quarter Results

11/01/2007
  • Sales Increase 10.5 Percent
  • Net Income of $0.4 Million, or $0.03 Per Share
  • Income From Operations of $14.7 Million, Up 35.4 Percent Versus Prior-Year Quarter
  • EBITDA of $28.0 Million, $3.0 Million Better Than Upper End of Guidance

TOLEDO, Ohio, Nov. 1 /PRNewswire-FirstCall/ -- Libbey Inc. (NYSE: LBY) announced today that sales increased 10.5 percent to $202.4 million from $183.3 million in the third quarter of 2006. Libbey reported net income of $0.4 million, or $0.03 per diluted share, for the third quarter ended September 30, 2007, compared to a net loss of $3.3 million, or a loss of $0.23 per diluted share, in the prior year quarter.

Third Quarter Results

For the quarter-ended September 30, 2007, sales increased 10.5 percent to $202.4 million from $183.3 million in the year-ago quarter. The increase in sales was broad-based and included a 27.3 percent increase in International sales, as shipments to Royal Leerdam and Crisal glassware customers increased more than 14 percent and Libbey China had a full quarter of shipments. In addition, North American Glass sales increased 7.6 percent, benefiting from more than a 9 percent increase in shipments to U.S. and Canadian foodservice and retail glassware customers. Shipments of Crisa glassware were up over 5 percent. North American Other sales increased 5.7 percent on the strength of increases of more than 7 percent in shipments of World Tableware and Traex products.

The Company reported income from operations of $14.7 million during the quarter, compared to income from operations of $10.8 million in the year-ago quarter. Factors contributing to the increase in income from operations were higher sales and related margins, savings from the capacity realignment at Crisa and higher production activity. Partially offsetting these improvements were $1.0 million in increased natural gas costs.

Libbey reported that EBITDA, as detailed on Table 4, increased to $28.0 million in the third quarter of 2007, compared to EBITDA of $20.2 million in the year-ago quarter. The increase in EBITDA was driven by higher sales and production activity, a foreign currency exchange rate gain of $1.9 million and the savings realized from the capacity realignment at Crisa in Mexico.

Interest expense increased $1.4 million compared to the year-ago period as a result of higher debt and higher average interest rates.

The effective tax rate was -162 percent for the quarter and was primarily driven by tax incentives and interest expense benefits related to the refinancing completed on June 16, 2006. Libbey reported its net income was $0.4 million, or $0.03 per diluted share, compared to a diluted loss per share of $0.23 in the third quarter of 2006.

Nine-Month Results

For the nine months ended September 30, 2007, sales increased 23.7 percent to $589.0 million from $476.1 million in the year-ago period. The increase in sales was primarily attributable to the consolidation of the sales of Crisa, a 17 percent increase in sales to export customers outside of North America and increases of more than 5 percent in shipments to U.S. and Canadian foodservice and retail glassware customers resulting in 28.7 percent growth in North American Glass. International sales grew 26.5 percent as sales for the first nine months of 2007 included Libbey China shipments and sales to Royal Leerdam customers and Crisal customers each increased over 19 percent as compared to the first nine months of 2006. North American Other sales increased 4.7 percent on the strength of higher sales of World Tableware products. On a pro forma basis, giving effect to the consolidation of Crisa, as detailed in the attached Table 3, sales increased 7.1 percent in total.

Libbey reported income from operations of $45.6 million during the first nine months of 2007, compared to income from operations of $9.8 million during the year-ago period. Adjusted income from operations, excluding special charges (see Table 2), was $45.6 million for the first nine months of 2007, compared to $24.9 million for the year-ago period. Primary contributors to the increase in adjusted income from operations were the consolidation of Crisa, higher sales and related margins and higher production activity.

For the first nine months of 2007, EBITDA, as detailed on Table 4, was $81.3 million, compared to EBITDA of $36.5 million for the first nine months of 2006 and a 16.6 percent increase over pro forma adjusted EBITDA of $69.7 million during the first nine months of 2006, as detailed on Table 3.

Interest expense increased $19.6 million compared to the year-ago period. Contributing to the increase in interest expense were higher debt and higher average interest rates resulting from the refinancing completed on June 16, 2006.

The effective tax rate for the first nine months of 2007 was -290 percent, primarily driven by tax incentives and interest expense benefits related to the refinancing completed on June 16, 2006. The Company recorded net income of $2.6 million for the first nine months of 2007, or $0.18 per diluted share, compared to a net loss of $12.4 million, or a loss of $0.87 per diluted share, in the year-ago period.

Cash Flow

Cash flow from operations during the third quarter of 2007 increased to $11.4 million as compared to $11.1 million in the year-ago period, primarily as the result of the higher earnings during the quarter.

Working capital, defined as inventories and accounts receivable less accounts payable, increased by $27.1 million from $195.9 million at September 30, 2006, to $223.0 million at September 30, 2007. Key drivers of the higher working capital were higher inventories and higher receivables, as the result of seasonal working capital needs, higher sales and working capital requirements of the new Libbey China operations.

Libbey reported that it had available capacity of $105.0 million under its Asset Based Loan (ABL) credit facility as of September 30, 2007, compared to availability of $84.0 million at June 30, 2007 and availability of $39.5 million at September 30, 2006.

Outlook for 2007

John F. Meier, chairman and chief executive officer, commenting on the quarter, said, "We are pleased with the strength of our core business performance as shipments to U.S. and Canadian foodservice and retail glassware customers were strong and sales to European glassware customers were especially robust." He added, "We expect fourth quarter sales to be in the range of $218 million to $223 million, an increase of 2.2 to 4.5 percent compared to fourth quarter sales in 2006. Earnings before interest, taxes, depreciation and amortization (EBITDA) are expected to be between $25 million and $28 million in the fourth quarter of 2007, resulting in EBITDA for the full year 2007 of approximately $106 million to $109 million on projected sales of $807 million to $812 million."

Libbey announced that sales from its new Chinese production facility to foodservice glassware customers within China were in line with its expectations and that Libbey will be adding manufacturing capacity to its existing facility in China. The additional capacity is expected to be available in March 2008.

Webcast Information

Libbey will hold a conference call for investors on Thursday, November 1, 2007, at 11 a.m. Eastern Daylight Time. The conference call will be simulcast live on the Internet on both http://www.libbey.com and http://phx.corporate- ir.net/phoenix.zhtml?p=irol-eventDetails&c=64169&eventID=1673087. To listen to the call, please go to the website at least 10 minutes early to register, download and install any necessary software. A replay will be available for 30 days after the conclusion of the call.

This press release includes forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such statements only reflect the Company's best assessment at this time and are indicated by words or phrases such as "goal," "expects," " believes," "will," "estimates," "anticipates," or similar phrases. Investors are cautioned that forward- looking statements involve risks and uncertainty, that actual results may differ materially from such statements, and that investors should not place undue reliance on such statements. These forward-looking statements may be affected by the risks and uncertainties in the Company's business. This information is qualified in its entirety by cautionary statements and risk factor disclosures contained in the Company's Securities and Exchange Commission filings, including the Company's report on Form 10-K filed with the Commission on March 16, 2007. Important factors potentially affecting performance include but are not limited to increased competition from foreign suppliers endeavoring to sell glass tableware in the United States and Mexico; the impact of lower duties for imported products; major slowdowns in the retail, travel or entertainment industries in the United States, Canada, Mexico, Western Europe and Asia, caused by terrorist attacks or otherwise; significant increases in per unit costs for natural gas, electricity, corrugated packaging, and other purchased materials; higher indebtedness related to the Crisa acquisition; higher interest rates that increase the Company's borrowing costs; protracted work stoppages related to collective bargaining agreements; increases in expense associated with higher medical costs, increased pension expense associated with lower returns on pension investments and increased pension obligations; devaluations and other major currency fluctuations relative to the U.S. dollar and the Euro that could reduce the cost competitiveness of the Company's products compared to foreign competition; the effect of high inflation in Mexico and exchange rate changes to the value of the Mexican peso and the earnings and cash flow of Crisa, expressed under U.S. GAAP; the inability to achieve savings and profit improvements at targeted levels in the Company's operations or within the intended time periods; and whether the Company completes any significant acquisition and whether such acquisitions can operate profitably. With respect to its expectations regarding the Crisa acquisition, these factors also include the ability of Vitro to supply necessary services to Crisa.

    Libbey Inc.:
    -- is the largest manufacturer of glass tableware in the western
       hemisphere and one of the largest glass tableware manufacturers in the
       world;
    -- is expanding its international presence with facilities in China,
       Mexico, the Netherlands and Portugal;
    -- is the leading manufacturer of  tabletop products for the U.S.
       foodservice industry; and
    -- supplies products to foodservice, retail, industrial and business-to-
       business customers in over 100 countries.

Based in Toledo, Ohio, the Company operates glass tableware manufacturing plants in the United States in Louisiana and Ohio, as well as in Mexico, China, Portugal and the Netherlands. Its Crisa subsidiary, located in Monterrey, Mexico, is the leading producer of glass tableware in Mexico and Latin America. Its Royal Leerdam subsidiary, located in Leerdam, Netherlands, is among the world leaders in producing and selling glass stemware to retail, foodservice and industrial clients. Its Crisal subsidiary, located in Portugal, provides an expanded presence in Europe. Its Syracuse China subsidiary designs, manufactures and distributes an extensive line of high- quality ceramic dinnerware, principally for foodservice establishments in the United States. Its World Tableware subsidiary imports and sells a full-line of metal flatware and holloware and an assortment of ceramic dinnerware and other tabletop items principally for foodservice establishments in the United States. Its Traex subsidiary, located in Wisconsin, designs, manufactures and distributes an extensive line of plastic items for the foodservice industry. In 2006, Libbey Inc.'s net sales totaled $689.5 million.

    Table 1
    Summary of Special Charges
    (Dollars in thousands)
                                     Three Months ended    Nine Months ended
                                          September 30,      September 30,
                                          2007    2006      2007      2006

    Crisa Restructuring:
    Inventory write-down                    $-      $-      $-       $2,543
         Included in Cost of sales           -       -       -        2,543

    Fixed asset related                     $-      $-      $-      $12,587
         Included in Special charges         -       -       -       12,587

         Crisa Restructuring                $-      $-      $-      $15,130


    In June 2006, Libbey announced plans to consolidate Crisa's two principal
    manufacturing facilities and recorded a pretax charge of $15,130 in the
    second quarter of 2006.



    Write-off of finance fees:
    Write-off of finance fees                -       -       -       $4,906
         Included in Interest expense       $-      $-      $-       $4,906


    In June 2006, Libbey wrote off unamortized finance fees related to debt
    refinancing at Libbey and Crisa.


    Total Special charges                   $-      $-      $-      $20,036


    Special charges classifications as shown in the Condensed Consolidated
     Statement of Operations:

    Cost of sales                           $-      $-      $-       $2,543
    Special charges                          -       -       -       12,587
    Interest expense                         -       -       -        4,906
         Total special charges              $-      $-      $-      $20,036



    In accordance with the SEC's Regulation G, the following tables 2, 3, 4
    and 5 provide non-GAAP measures used in the earnings release and the
    reconciliation to the most closely related Generally Accepted Accounting
    Principles (GAAP) measure. Libbey believes that providing supplemental
    non-GAAP financial information is useful to investors in understanding
    Libbey's core business and trends. In addition, it is the basis on which
    Libbey's management internally assesses performance. Although Libbey
    believes that the non-GAAP financial measures presented enhance investors'
    understanding of Libbey's business and performance, these non-GAAP
    measures should not be considered an alternative to GAAP.



    Table 2
    Reconciliation of Non-GAAP Financial Measures for Special Charges
    (Dollars in thousands)

                                         Three months ended  Nine months ended
                                             September 30,     September 30,
                                             2007     2006     2007     2006

    Income from operations                 $14,679  $10,839  $45,582   $9,788

    Special charges (excluding write-off
     of finance fees) - pre-tax                -        -        -     15,130

    Adjusted income from operations        $14,679  $10,839  $45,582  $24,918



    Table 3
    Summary Consolidated Pro-forma Results
    (Dollars in thousands)

    The following table presents the impact of the Crisa acquistion (closed on
    June 16, 2006) as if it occurred on January 1, 2006.

                                                                  Nine months
                                                                     ended
                                                           September 30, 2006
    Libbey
    Net sales                                                        $428,254

    Earnings before interest and tax (EBIT)                            21,641
    Less: minority interest (5% for Crisal)                               (66)

    EBIT                                                               21,575

    Pro forma adjustments:
    Equity earnings                                                    (1,986)

    Libbey pro forma EBIT                                              19,589

    Depreciation & amortization (adjusted for minority interest)       23,890
    Libbey pro forma earnings before interest, tax, depreciation
     and amortization (EBITDA)                                        $43,479

    Crisa
    Net sales                                                        $145,625

    Earnings (loss) before interest and tax (EBIT)                     (4,200)
    Add:  special charges                                              15,130

    Adjusted EBIT                                                      10,930

    Pro forma adjustments:
    Pension expense                                                     2,638
    Profit sharing expense                                              1,560
    Vitro corporate tax                                                 1,286
    Rent expense                                                          470
    Other                                                                 (36)
    Total Crisa pro forma adjustments                                   5,918

    Crisa adjusted pro forma EBIT                                      16,848

    Depreciation & amortization                                         9,408

    Crisa adjusted pro forma earnings before interest, tax,
     depreciation and amortization (EBITDA)                           $26,256

    Net sales adjustments and eliminations                            (23,687)

    Libbey consolidated
    Pro forma net sales                                              $550,192

    Pro forma adjusted EBIT                                           $36,437

    Pro forma adjusted EBITDA                                         $69,735



    Table 4
    Reconciliation of Net Income to Earnings Before Interest, Taxes,
    Depreciation and Amortization (EBITDA) and Adjusted EBITDA
    (Dollars in thousands)

                                      Three Months ended    Nine Months ended
                                          September 30,       September 30,
                                          2007     2006      2007      2006

    Reported net income (loss)             $445  $(3,307)   $2,647   $(12,361)

    Add:
    Interest expense                     16,956   15,551    48,949     29,360
    Benefit for income taxes             (1,161)  (3,116)   (1,969)    (7,535)
    Depreciation and amortization (2006
     adjusted for minority interest)     11,785   11,060    31,711     27,048
    EBITDA                              $28,025  $20,188   $81,338    $36,512

    Add:
    Special charges                         -        -         -      $15,130

    Adjusted EBITDA                     $28,025  $20,188   $81,338    $51,642



    Table 5
    Reconciliation of Net Cash Provided
     by Operating Activities to Free
     Cash Flow
    (Dollars in thousands)

    Net cash provided by operating
     activities                         $11,352  $11,149   $15,677    $31,524
    Capital expenditures                 (9,366) (20,301)  (31,992)   (54,557)
    Acquisitions and related costs          -       (424)      -      (77,995)
    Proceeds from asset sales and other     678      -       2,631        -
    Free cash flow                       $2,664  $(9,576) $(13,684) $(101,028)



    Table 6
    Summary Business Segment information
    (Dollars in thousands)

                                      Three months ended    Nine months ended
                                           September 30,       September 30,
                                          2007      2006      2007      2006
    Net Sales:
    North American Glass               $140,983  $131,005  $412,672  $320,669
    North American Other                 29,410    27,821    87,335    83,381
    International                        35,783    28,108    97,801    77,289
    Eliminations                         (3,745)   (3,678)   (8,758)   (5,219)
    Consolidated Net Sales             $202,431  $183,256  $589,050  $476,120


    Earnings (Loss) Before Interest &
     Taxes (EBIT):
    North American Glass                $11,318    $8,144   $38,802    $1,650
    North American Other                  3,243     1,681    11,293     4,822
    International                         1,679      (719)     (468)    3,058
    Consolidated EBIT                   $16,240    $9,106   $49,627    $9,530

    Depreciation & Amortization:
    North American Glass                 $7,638    $7,219   $19,841   $17,005
    North American Other                    831       805     2,592     2,534
    International                         3,316     2,647     9,278     7,673
    Consolidated Depreciation &
     Amortization                       $11,785   $10,671   $31,711   $27,212

    Reconciliation of EBIT to Net
     Income (Loss):
    Segment EBIT                        $16,240    $9,106   $49,627    $9,530
    Interest Expense                    (16,956)  (15,551)  (48,949)  (29,360)
    Benefit for Income Taxes              1,161     3,116     1,969     7,535
    Minority Interest                       -          22       -         (66)
    Net Income (Loss)                      $445   $(3,307)   $2,647  $(12,361)

    Note:
    North American Glass - includes sales of glass tableware from
    subsidiaries throughout the United States, Canada and Mexico.

    North American Other - includes sales of ceramic dinnerware, metal
    tableware, holloware and serveware and plastic items.

    International - includes worldwide sales of glass tableware from
    subsidiaries outside the United States, Canada and Mexico.



                                   LIBBEY INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                (Dollars in thousands, except per-share amounts)
                                   (unaudited)

                                                  THREE MONTHS ENDED
                                        September 30, 2007  September 30, 2006

    Net sales                                     $202,431          $183,256
    Freight billed to customers                        507             1,004
    Total revenues                                 202,938           184,260

    Cost of sales                                  164,688           152,692
    Gross profit                                    38,250            31,568

    Selling, general and administrative expenses    23,571            20,729
    Income from operations                          14,679            10,839
    Other income (expense)                           1,561            (1,733)

    Earnings before interest, income
     taxes and minority interest                    16,240             9,106

    Interest expense                                16,956            15,551

    Loss before income taxes and minority interest    (716)           (6,445)

    Benefit for income taxes                        (1,161)           (3,116)

    Income (loss) before minority interest             445            (3,329)

    Minority interest                                  -                  22

    Net income (loss)                                 $445           $(3,307)

    Net income (loss) per share:
    Basic                                            $0.03            $(0.23)
    Diluted                                          $0.03            $(0.23)

    Weighted average shares:
    Outstanding                                     14,535            14,254
    Diluted                                         15,158            14,254




                                   LIBBEY INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                (Dollars in thousands, except per-share amounts)
                                   (unaudited)

                                                  NINE MONTHS ENDED
                                        September 30, 2007  September 30, 2006
                                                                       (2)

    Net sales                                     $589,050          $476,120
    Freight billed to customers                      1,531             2,387
    Total revenues                                 590,581           478,507

    Cost of sales (1)                              475,727           396,621
    Gross profit                                   114,854            81,886

    Selling, general and administrative expenses    69,272            59,511
    Special charges (1)                                -              12,587
    Income from operations                          45,582             9,788
    Equity earnings -- pretax                          -               1,986
    Other income (expense)                           4,045            (2,244)

    Earnings before interest, income
     taxes and minority interest                    49,627             9,530

    Interest expense (1)                            48,949            29,360

    Income (loss) before income taxes and
     minority interest                                 678           (19,830)

    Benefit for income taxes                        (1,969)           (7,535)

    Income (loss) before minority interest           2,647           (12,295)

    Minority interest                                  -                 (66)

    Net income (loss)                               $2,647          $(12,361)

    Net income (loss) per share:
    Basic                                            $0.18            $(0.87)
    Diluted                                          $0.18            $(0.87)

    Weighted average shares:
    Outstanding                                     14,445            14,139
    Diluted                                         15,021            14,139


    (1) Refer to Table 1 for special charges detail.
    (2) Crisa results for January 1, 2006 through June 15, 2006 are reflected
        in equity earnings.  Crisa results for
        June 16, 2006 through September 30, 2006 are included in the
        consolidated statement of operations above.



                                   LIBBEY INC.
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                             (Dollars in thousands)

                                           September    December   September
                                            30, 2007    31, 2006    30, 2006
                                          (unaudited)             (unaudited)
    ASSETS

    Cash                                     $13,406     $41,766     $37,804
    Accounts receivable - net                108,993      96,783     101,570
    Inventories - net                        185,776     159,123     167,859
    Deferred taxes                             4,120       4,120       3,529
    Other current assets                      11,329      19,052      17,213
    Total current assets                     323,624     320,844     327,975

    Other assets                              45,190      38,674      55,058

    Goodwill and purchased intangibles -
     net                                     207,829     206,372     196,755

    Property, plant and equipment - net      320,440     312,241     309,777

    Total assets                            $897,083    $878,131    $889,565


    LIABILITIES AND SHAREHOLDERS' EQUITY


    Notes payable                             $1,637        $226        $422
    Accounts payable                          71,824      67,493      73,559
    Accrued liabilities                       86,355      78,946      77,308
    Payable to Vitro                          19,471         -           -
    Pension liability (current portion)        1,389       1,389         -
    Nonpension postretirement benefits
     (current portion)                         3,252       3,252         -
    Other current liabilities                  2,992       1,487       3,509
    Long-term debt due within one year           794         794         825
    Total current liabilities                187,714     153,587     155,623

    Long-term debt                           489,311     490,212     484,035
    Pension liability                         75,372      77,174      78,061
    Nonpension postretirement benefits        37,608      38,495      43,673
    Payable to Vitro                             -        19,673      19,479
    Other liabilities                          8,809      11,140       4,290
    Total liabilities                        798,814     790,281     785,161
    Minority interest                            -           -           100
    Total liabilities and minority interest  798,814     790,281     785,261

    Common stock, treasury stock, capital
     in excess of par value and warrants     178,408     174,141     172,698
    Retained deficit                         (38,750)    (40,282)    (31,388)
    Accumulated other comprehensive loss     (41,389)    (46,009)    (37,006)
    Total shareholders' equity                98,269      87,850     104,304

    Total liabilities and shareholders'
     equity                                 $897,083    $878,131    $889,565



                                   LIBBEY INC.
                  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
                              (Dollars in thousands)
                                   (unaudited)

                                                  THREE MONTHS ENDED
                                        September 30, 2007  September 30, 2006
    Operating activities
    Net income (loss)                                 $445            $(3,307)
    Adjustments to reconcile net income
     (loss) to net cash provided by
     operating activities:
    Depreciation and amortization                   11,785             10,671
    Change in accounts receivable                     (197)            (2,624)
    Change in inventories                           (8,750)            (5,600)
    Change in accounts payable                       5,390             17,373
    Pension & nonpension postretirement             (5,042)             3,225
    Other operating activities                       7,721             (8,589)
    Net cash provided by operating activities       11,352             11,149

    Investing activities
    Additions to property, plant and equipment      (9,366)           (20,301)
    Business acquisition and related
     costs - net of cash acquired                        -               (424)
    Proceeds from asset sales and other                678                -
    Net cash used in investing activities           (8,688)           (20,725)

    Financing activities
    Net borrowings                                  (4,579)            21,036
    Debt financing fees                                  -             (1,112)
    Dividends                                         (364)              (356)
    Other                                             (138)             1,078
    Net cash (used in) provided by
     financing activities                           (5,081)            20,646

    Effect of exchange rate fluctuations on cash       247                 73

    (Decrease) increase in cash                     (2,170)            11,143

    Cash at beginning of period                     15,576             26,661

    Cash at end of period                          $13,406            $37,804




                                   LIBBEY INC.
                  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
                              (Dollars in thousands)
                                   (unaudited)

                                                   NINE MONTHS ENDED
                                        September 30, 2007  September 30, 2006

    Operating activities
    Net income (loss)                               $2,647           $(12,361)
    Adjustments to reconcile net income
     (loss) to net cash provided by
     operating activities:
    Depreciation and amortization                   31,711             27,212
    Equity earnings - net of tax                         -             (1,378)
    Gain on asset sales                             (1,268)                 -
    Change in accounts receivable                   (6,476)             5,030
    Change in inventories                          (24,128)            (2,678)
    Change in accounts payable                       2,635              2,061
    Special charges                                   (767)            18,859
    Pension & nonpension postretirement             (2,805)             9,428
    Other operating activities                      14,128            (14,649)
    Net cash provided by operating activities       15,677             31,524

    Investing activities
    Additions to property, plant and equipment     (31,992)           (54,557)
    Business acquisition and related
     costs - net of cash acquired                        -            (77,995)
    Proceeds from asset sales and other              2,631                  -
    Net cash used in investing activities          (29,361)          (132,552)

    Financing activities
    Net borrowings                                 (13,877)           150,666
    Debt financing fees                                  -            (15,468)
    Dividends                                       (1,083)            (1,059)
    Other                                             (138)             1,273
    Net cash (used in) provided by
     financing activities                          (15,098)           135,412

    Effect of exchange rate fluctuations on cash       422                178

    (Decrease) increase in cash                    (28,360)            34,562

    Cash at beginning of period                     41,766              3,242

    Cash at end of period                          $13,406            $37,804

SOURCE Libbey Inc.

CONTACT: Kenneth Boerger, VP-Treasurer of Libbey Inc., +1-419-325-2279

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