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[August 2004]
Sales and Income Up at Libbey
Libbey Inc (Toledo, OH, USA) - the parent company of Syracuse China and World Tableware, amongst others - reported sales increased by 5.8% for the second quarter of 2004, up from US$128.3 million in the second quarter of 2003 to US$135.8 million this time. Shipments to foodservice customers of Syracuse China, World Tableware and Traex were all higher than the year-ago period. Sales to retail customers increased by over 8%.
The company recorded income from operations of US$16.1 million during Q2 2004. This compares with US$12.8 million in Q2 2003. Factors contributing to the 25.9% increase were higher sales to customers, improved capacity utilisation and efficiencies in the manufacturing operations.
John Meier, Libbey's Chairman and CEO, said: "We are pleased that we were able to deliver solid increases in sales and earnings during the second quarter. The continued increase in sales to our customers is encouraging.
"We are reviewing our expectations for the balance of 2004 and will provide guidance around the middle of August for the third and fourth quarters."
ENDS