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[February 2007]
Libbey All Time Record Quarterly Sales
Libbey Inc (Toledo, OH, USA) has announced that sales increased 34.8% to an all-time record US$213.4 million in the fourth quarter of 2006 from US$158.2 million in the prior year fourth quarter. Libbey reported a net loss of US$8.5 million for Q4 2006 compared to a net loss of US$21.0 million in Q4 2005.Shipments from Syracuse China - the ceramic tableware manufacturing company owned by Libbey - in Q4 were down approximately 6%.
The company reported income from operations of US$9.5 million during the quarter, compared to a loss from operations of US$21.5 million in the year-ago quarter. Income from operations, excluding special charges was US$12.8 million during Q4 2006 compared to a loss from operations excluding special charges of US$4.1 million in QA 2005. Factors contributing to the increase in the adjusted income from operations and higher operating margins were the consolidation of Crisa, higher sales, improved sales mix and significantly higher production activity. Partially offsetting these improvements were higher selling, general and administrative expenses, higher distribution costs of US$1.6 million, primarily related to the increased sales, and US$1.0 million in increased pension and postretirement welfare expenses.
www.libbey.com
ENDS