 |
 |
||||||
[May 2004]
China and Glassware Sales Make Strong Showing for Libbey
First quarter 2004 sales for Libbey Inc (Toledo, OH, USA) increased by 10% to stand at US$123.1 million as against US$111.9 million in the first quarter of 2003. The increase in sales was largely attributable to solid growth in sales to foodservice customers.
Shipments of Syracuse China dinnerware, World Tableware products and Libbey glassware to foodservice customers were all at least 10% higher than a year ago. Sales to retail customers increased approximately 5%, sales of Royal Leerdam brand glassware were also up 10% and sales to industrial customers were up more than 15%.
The company recorded income from operations of US$6 million for Q1 2004, compared with US$5.5 million for Q1 2003. EBIT was US$4.4 million compared with US$5.5 million in Q1 2003. Libbey explained that pre-tax equity loss from Vitrocrisa - its joint venture in Mexico - was US$1.4 million on a pre-tax basis, as compared with a pre-tax loss of US$0.2 million in Q1 2003 as the result of higher natural gas costs, increased repair expenses and an unfavourable translation loss.
ENDS