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Libbey Announces Positive Second Quarter Results (posted 8/8/07)

August 8, 2007
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Libbey Inc. recently announced that sales increased 31.1% to $207.1 million in the second quarter ended June 30, 2007, up from $158.0 million in the prior-year second quarter. Libbey reported net income of $4.0 million, or $0.27 per diluted share, for the second quarter of 2007, compared to a net loss of $9.6 million, or $0.68 per diluted share, in the prior-year quarter.

For the quarter ended June 30, 2007, sales increased 31.1% to $207.1 million from $158.0 million in the year-ago quarter. North American Glass sales increased 39.9% to $147.0 million from $105.0 million in the year-ago quarter. The increase in sales was attributable to the consolidation of the sales of Crisa, the company’s former joint venture in Mexico; a 16% increase in shipments to export customers outside of North America; and a more than 7% increase in shipments to foodservice, retail and industrial glassware customers.

In addition, North American “other” sales increased 6.1%, as shipments of Syracuse China products increased 9.6% and sales of World Tableware products were up 5%. International sales increased 26.0% as a result of increased shipments to customers of Royal Leerdam and Crisal, and the first full quarter of shipments from Libbey China.

For the six months ended June 30, 2007, sales increased 32.0% to $386.6 million from $292.9 million in the year-ago period. North American Glass sales increased 43.2% to $271.7 million from $189.7 million in the year-ago quarter.

“We are pleased with the strength of our North American Glass business performance,” said John F. Meier, chairman and chief executive officer. “We experienced healthy increases in foodservice, retail and industrial glassware shipments during the quarter. Sales to European glassware customers were also very strong. Crisa, our Mexican glass tableware operation, continued to contribute as planned during the completion of the consolidation of the facilities in Mexico. We are also pleased with the performance of our international operations. For our total business, we achieved during the quarter the highest income from operations margins and EBITDA margins that we have achieved since the second quarter of 2004. In the face of some weakness in select U.S. market niches, we expect third quarter sales to continue to be solid and to be in the range of $200 million to $205 million, and EBITDA to be between $23 million and $25 million in the third quarter of 2007.”

Additional details are available at www.libbey.com.

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