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Libbey Announces 10% Sales Increase for 2010 1st Qtr

May 6, 2010
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Libbey Inc. recently announced that its sales for the first quarter of 2010 were $173.9 million, compared to $157.9 million in the first quarter of 2009, an improvement of 10.2%. Libbey reported net income of $55.4 million, or $2.76 per diluted share, for the first quarter ended March 31, 2010, compared to a net loss of $27.9 million, or $1.89 per diluted share, in the prior-year quarter.

Sales in the North American Glass segment for the 2010 first quarter were $120.6 million, an increase of 10.9%, compared to $108.7 million in the first quarter of 2009. Primary contributors to the increased sales included a 32.2% increase in sales of Crisa products and a 12.8% increase in sales to U.S. and Canadian retail customers, compared to the prior-year quarter. Sales to U.S. and Canadian foodservice glassware customers decreased approximately 4.5%, partially attributable to the impact of severe winter weather in January and February.

North American Other sales were $19.6 million, compared to $21.4 million in the prior-year quarter, as shipments of Syracuse China products were off by 33.4%, primarily due to the closure of the Syracuse China facility in April 2009 and the decision to reduce the Syracuse China product offering. Sales of Traex products were lower by 5.6% vs. the prior year. Sales to World Tableware customers increased 8.1% during the quarter. International segment sales increased 25.7% to $36.3 million, compared to $28.9 million in the year-ago quarter. The increase in International sales was led by a 56.2% increase in sales at Libbey China, a 23.4% increase in sales to Royal Leerdam customers and a 16.1% sales growth at Crisal in Portugal.

“We were pleased with the double-digit sales improvements we saw in both the North American Glass and International segments in the first quarter,” said John F. Meier, chairman and CEO. “We were also pleased that the higher sales and capacity utilization resulted in a $16.9 million improvement in adjusted EBITDA, compared to the prior-year first quarter.”

Additional details are available at www.libbey.com.

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