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[January 2002]
Libbey Updates Earnings Expectations for Q4 2001
Libbey Inc (Toledo, OH, USA) - whose subsidiaries include Syracuse China and World Tableware - announced on 22 January 2002 that it expected diluted earnings per share for the fourth quarter of 2001 to be between 44 cents and 47 cents. Sales are expected to be approximately US$112 million compared to the US$123.7 million in the same period in 2000. For the full year, diluted earnings per share are expected to be in the range of US$2.52 to US$2.55 and sales are expected to approach US$420 million.As a result of the soft economy, the company reduced production in the fourth quarter and plans further reductions early in 2002. This curtailment, adds Libbey, impacts the company's profitability but improves working capital management and cash flow, while positioning the company to operate at higher levels of capacity if sales improve later in 2002.
ENDS